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eBrief No. 60/2008

ROS 2007 Form 11 and foreign investment products

The purpose of this e-Brief is to provide clarification for practitioners in relation to the reporting requirements in the Foreign Income section of the Form 11 2007.

ROS Form 11 2007

In addition to requesting details of income/gain earned, there is a reporting requirement to provide information about investments in Foreign Life Policies, Offshore Funds, Other Offshore Products and Foreign Bank Accounts.

The information required includes the amount of monies invested in these products, the names and addresses of the foreign investment products, the terms and the names and addresses of intermediaries, where relevant.

The 2007 Form 11 provides space for the name and address details for one product in each of the four product categories. If a taxpayer has more than one investment in any of the product categories, the name and address details of the most valuable such product should be included in the Form 11. The taxpayer/ practitioner should also include a reference to the number of additional products the details of which cannot be included (but which can be provided to Revenue on request). This reference should be included in the Additional Notes field in ROS.

Where a reference is made on the Form 11 2007 to information on the additional products being available to Revenue on request, this satisfies the tax reporting requirement for those products.

On the Foreign Income panel of the ROS Form 11 the relevant questions are those referring to:

  • The name and address of the person who commenced the foreign life policy/the offshore fund/the offshore product or the deposit holder;
  • The terms of the policy/date material interest was acquired or date the account was opened; and
  • The name and address of the intermediary through whom the foreign life policy or material interest was acquired, or through whom the account was opened.

It is emphasised that taxpayers/practitioners should include the aggregate amount of money invested in foreign investment products, even if name and address details of all of the products cannot be included in the return.

Form 11 2008

The 2008 ROS Form 11, which will be available this year from 6 December, will provide additional entries to include the name and address details of 10 such foreign investment products on the return.