It is proposed in the Bill that the remittance basis for foreign investment income should no longer apply to non-ordinarily resident individuals.
Prior to this amendment, non-ordinarily resident individuals (i.e. had been non resident in Ireland for three consecutive years), who qualified for the remittance basis, could avoid Irish tax on foreign income by leaving the income outside of Ireland. Section 8 of the Bill provides that from 1 January 2010, the remittances basis of taxation will only be available to individuals who are not domiciled in Ireland.