Ok. Let me try and clarify what i've said/ seen /submitted on this as i'm conscious i'm getting some terminology mixed up which might be confusing people on this thread....me included.
So in 2016, based off some information from another thread on askaboutmoney.com and a revenue guidance note from 2015, I emailed a spreadsheet of transactions for which there was a gain to the named individual at revenue. I provided ISINs for the transactions (Rabo funds -
not etfs, UCITs/IE domiciled funds). I received the following response
The taxation regime for unit holders in Irish domiciled funds (including ETFs) is provided for in sections 739B- 739H of the Taxes Consolidation Act (TCA) 1997. There is no annual tax on income and gains arising to an investment undertaking. The unit holder funds roll up tax free within the investment undertaking and the investment undertaking must deduct exit tax from payments made to certain unit holders on the happening of a chargeable event – e.g. annual payment from, or disposal of units in, the investment undertaking. The exit tax deducted by the investment undertaking is a final liability to Irish tax for individual unit holders – i.e. payment from the investment undertaking do not form part of a unit holder’s income for the purposes of the Income Tax Acts nor do not give rise to a chargeable gain for the purposes of the Capital Gains Tax Acts. However, as ETFs cannot deduct exit tax at source, the unit holder must declare same under self-assessment and file a Form 11.
You should completed Panel E of Form 11 in relation to the disposals in your spreadsheet. As per the ETF guidance note, such gains do not attract PRSI or USC.
I hope the above helps clarify the issue.
So I did. Rightly or wrongly, I put in the gain under line 317 (a) "Income from all other Foreign Non-Deposit Interest, Royalties, Annuities, dividends, etc. on which no foreign tax deducted". Again I also attached the spreadsheet detailing transactions & ISINs.
That was the place that I thought best suited the return (as no specifics were given by Revenue). I didnt use 321/322/323 as this was named "Foreign Life Policies/Offshore Funds/Other Offshore Products" and I didn't feel it was the right place to put it.
Also gave them a cheque for the tax amount. This was cashed and initially put against the CGT amount due...and i was told 0 outstanding. Later this cheque was then applied vs Income tax and I was told a CGT amount was outstanding
so at this point I rang revenue, got somebody who advised things were applied wrong in their system and said submit a mail via myRevenue to advise that Revenue should apply the cheque again vs CGT. At this point it got messy and the response from the myRevenue mail was that it was to be treated like equity gains and at 33%. When I queried that and provided above email response re Irish domiciled funds that i was then requested to complete a full Form 11.
Now I think re-reading the ETF guidance note &
The funds distributed by Rabo were not ETFs.
In any event, your gains are taxable at 41% and should be reported on Form 11 (line 322(c)).
I should have advised using this line and not 317.
I've attached the guidance notes for other people.
But i do think that most of the people I've dealt with in revenue did not have a clue on this and while trying to help, probably should not have made any comment or should know where to direct the query.
So long story short -partly my fault for not knowing exactly what to submit (but I couldn't find clear guidance on how to report the income -and their contact only said use schedule E) and partly revenue for not really knowing what to advise/incorrectly advising.
So I'm going to resubmit a Form 11 schedule E using line 322(c) and hope to God this is all resolved.