Wealth tax declaration

[Aly]

I understand there is a five year exemption. But I have two conflicting views abt the need to declare upfront.

My accountant says it is not required until the fifth year but I am certain that I have read that you need to tell them in advance?

[Sunday Driver]

The applicable date for determining net assets for the purpose of ISF is 1st Jan each year, so how can you tell them in advance of that date?

 

[Aly]

I understand the applicable date. My point is that there is a five year exemption under the double tax treaty.

Do I have to advise them of my assets now based on what they were in January and then make a declaration in five years or do I simply do it in five years.

[Sunday Driver]

Your assets as at this January are not declarable for ISF, either now or in five years time.  If you are exempt from ISF until year 20XX, then your first declaration will be your assets as at 1 January 20XX.