A number of clients contacted us during filing season regarding the tax treatment of CRH shares since they moved their listing to the New York stock exchange.
CRH delisted on the Dublin stock exchange in September 2023, and are now listed on the New York exchange.
As CRH is an Irish incorporated company, it must hold its share register in Ireland. This is normal for most states. Therefore it’s shares are deemed to be Irish Shares.
Dividend Income.
CRH have declared a number of dividends since they were listed on the NYC
- As they are Irish shares 25% DWT is deducted from the payment
- Credit is given on the F11 for the DWT
However the US tax authorities (IRS) impose a further non-treaty withholding tax of 24% unless the Irish taxpayer has filled out a W8BEN form to certify Irish residence.
No credit is given for this on the Irish Tax Return.
Therefore the taxpayer could be taxed initially at 49% – before relief is given for DWT.
It is also important to note that CRH dividend income should be included in the Irish source income section on the F11 rather than Overseas Income section
CGT
The remittance basis cannot be claimed by Irish resident non domiciled taxpayers on the disposal of CRH shares.
CAT
For CAT purposes the CRH share will be an Irish situate asset, therefore it is potentially liable to CAT regardless of the residence or domicile of the parties.
