We are tax payers in the Republic of Ireland. How can we invest in the UK using money from a UK bank account?

24 August 2021

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Question by Carol

Myself and my husband are UK citizens and moved to Rep. Ireland in 2003 and intend to stay here. We own a property in the UK which is let and the rent is paid into a UK bank account. There is a sum of money in the account we would like to invest in the UK and be able to add to and earn interest. How can we invest this money in the UK?

Answered by Tim Blowers

If you are tax resident in the Republic of Ireland then this may reduce the providers available for an investment account, you would also not be able to open an ISA for example. With the changes as a result of Brexit, some banks stopped offering their services to existing EU based customers and similarly for investments and new customers it can be difficult to open a new account.

It is not insurmountable and some providers can facilitate this but you may find it easier (and cheaper) to send the money back to Ireland and invest there, leaving enough in the UK towards costs for the rental property.

Moving the money to Ireland would also remove one element of risk relating to currency. If you need the money for a purpose in future and find that your pounds in the UK drop against the Euro right before you need them this could have a big impact (although it could also work the other way for your benefit).

Important Information

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication.

Capital at risk. The value of investments and the income from them can fall as well as rise and the investor may not receive back the original amount invested.

Tax legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate tax advice before making decisions. HMRC Tax Year 2021/22.

Answered by

Tim Blowers

Financial Planner

Tim has always wanted to help people and his psychology background has allowed him to combine a love of numbers and understanding behaviours in financial planning, with various degrees and qualifications to prove it. Tim is a born and bred Bristolian and other than a couple of stints further north as part of University degrees, has lived in various parts of his fantastic hometown his whole life.