First of all, sincere apologies if this is all addressed elsewhere -- I have read key posts etc. but I am still confused. Main problem is I am unsure of some definitions and can't find anything related on revenue.ie site.
I am invested in a Rabo investment fund. At some point I will be cashing out. I am currently assessed for PAYE tax.
Here's some things I'm not sure about and would appreciate confirmation/correction.
1) Most of the Rabo funds are something called a UCITS (Undertaking for Collective Investment in Transferable Securities ... or somesuch?).
2) I can find no reference to anything called a UCITS on the Revenue site. I'm led to believe (from Rabo site) that the tax rate is 28% as of April 2009, but where do I get Revenue confirmation of this? Is this the same or different from the normal CGT rate? If it's a special rate, what other sorts of things does it apply to. Why can't I find any reference at all to "special rates" on the Revenue site for anything, let alone a "UCITS"?
3) As soon as I cash in this investment I am liable for self-assessment tax. I am assuming I have to do nothing whatsoever until that point, or notify Revenue of anything.
4) I am REALLY confused about applicable dates. The Revenue site talks about gains made up to 30-Sep and 31-Dec being due for preliminary tax in December and January respectively. The key posts here say different. What's the up-to-date situation, and how do I get it "from the horse's mouth"?
5) Before I do anything do I have to notify Revenue that I want to be assessed on a self-assessment basis? Do I have to tell them again when I want to go back to straight PAYE (since this is probably a once-off for me)?
6) I'm in the fortunate position of having made some profit (at the moment), but some or all of it is going to charity. If I'm self-assessed I believe I reclaim tax on donations myself, rather than the PAYE approach of filling out a CHY2 form for the charity and having them claim it. Is this correct? Can I put that claim in along with preliminary tax return, so that it all nets out in one go? (rather than paying first and reclaiming later). What documentation is required as evidence from the charity?
7) Last year I got caught (in a minor way) by DIRT increases when I got some deposit interest credited on 02-Jan. I don't want to find that the tax rate on this investment suddenly doubles in next December's budget. If that's going to happen, I'd prefer to cash out before the increase (assuming it only applies from Jan 2010). Can I afford to wait for the budget before cashing in? (not sure if I wouldn't anyway).
Many thanks in advance for any info.
I am invested in a Rabo investment fund. At some point I will be cashing out. I am currently assessed for PAYE tax.
Here's some things I'm not sure about and would appreciate confirmation/correction.
1) Most of the Rabo funds are something called a UCITS (Undertaking for Collective Investment in Transferable Securities ... or somesuch?).
2) I can find no reference to anything called a UCITS on the Revenue site. I'm led to believe (from Rabo site) that the tax rate is 28% as of April 2009, but where do I get Revenue confirmation of this? Is this the same or different from the normal CGT rate? If it's a special rate, what other sorts of things does it apply to. Why can't I find any reference at all to "special rates" on the Revenue site for anything, let alone a "UCITS"?
3) As soon as I cash in this investment I am liable for self-assessment tax. I am assuming I have to do nothing whatsoever until that point, or notify Revenue of anything.
4) I am REALLY confused about applicable dates. The Revenue site talks about gains made up to 30-Sep and 31-Dec being due for preliminary tax in December and January respectively. The key posts here say different. What's the up-to-date situation, and how do I get it "from the horse's mouth"?
5) Before I do anything do I have to notify Revenue that I want to be assessed on a self-assessment basis? Do I have to tell them again when I want to go back to straight PAYE (since this is probably a once-off for me)?
6) I'm in the fortunate position of having made some profit (at the moment), but some or all of it is going to charity. If I'm self-assessed I believe I reclaim tax on donations myself, rather than the PAYE approach of filling out a CHY2 form for the charity and having them claim it. Is this correct? Can I put that claim in along with preliminary tax return, so that it all nets out in one go? (rather than paying first and reclaiming later). What documentation is required as evidence from the charity?
7) Last year I got caught (in a minor way) by DIRT increases when I got some deposit interest credited on 02-Jan. I don't want to find that the tax rate on this investment suddenly doubles in next December's budget. If that's going to happen, I'd prefer to cash out before the increase (assuming it only applies from Jan 2010). Can I afford to wait for the budget before cashing in? (not sure if I wouldn't anyway).
Many thanks in advance for any info.