Taxes Consolidation Act 1997 section 1005

Unremittable gains

Section 1005 allows Revenue to postpone collection of capital gains tax where chargeable gains arising from the disposal of foreign assets cannot be remitted to the State due to legal or governmental restrictions in the source country.

• Where capital gains tax has been assessed on gains from assets situated outside the State and the tax remains unpaid, Revenue may suspend collection of the portion of the assessment attributable to those gains if the taxpayer proves they cannot be remitted to Ireland
• The restriction on remittance must arise from legislation or executive action of the government of the country in which the gains accrued, and the suspension of collection ends if Revenue cease to be satisfied that the restriction remains in place
• Revenue may request any information they consider necessary to verify whether the gains are genuinely unremittable
• A person who is aggrieved by a Revenue decision on unremittable gains may appeal to the Appeal Commissioners within 30 days of the date of that decision