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Whilst some of the information is outdated, you may still find this article useful. Moving to Ireland from the UKAppendicesComparison Of The Tax Due In Ireland Or The UKAppendix 2 - Comparison Of The Cost Of Living Betweeen Ireland And The UKAppendix 1B
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| IRISH FINANCE ACT 2001 IR£ | UK FINANCE ACT 2001 STG£ | |||
|---|---|---|---|---|
| Gross Salary | 40000.00 | 40000.00 | ||
| Personal Allowance | 4535.00 | |||
| Taxable Income | 40000.00 | 35465.00 | ||
| Tax | ||||
| 29000@20% | 5800.00 | 1880@10% | 188.00 | |
| 11000@42% | 4620.00 | 27520@22% | 6054.40 | |
| 6065@40% | 2426.00 | |||
| 10420.00 | 8668.40 | |||
| Tax Credits | ||||
| Married Persons's Allowance | 11000@20% | 2200.00 | ||
| PAYE Allowance | 2000@20% | 400.00 | ||
| 7820.00 | 8668.40 | |||
| Insurance Contributions | ||||
| 28250@6% | 1695.00 | 52@45.90 | 2386.8.80 | |
| 6550@2% | 131.00 | |||
| Total Deductions | 9646.00 | 11055.20 | ||
| Net Salary after Tax and Insurance | 30354.00 | 28944.80 | ||
Conclusion
The current exchange rate between Ireland and the UK is IR£1:STG£0.80. A married couple with a single income of STG£40,000 in the UK would earn IR£5826 less take home pay in Ireland under current tax laws in both countries.
The real effect of this cannot be measured until the cost of living is examined in both countries. Sterling cost of living expenses will be 25% more when converted to Irish pounds at the current exchange rate and the difference in living costs between both countries could be greater than this.
Appendix 1 - A Single Person With A Salary
Of £40,000 Per Annum
Appendix 1A - A Couple Both With A Salary
Of £40,000 Per Annum
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