It probably depends on whether the second €10k was a separate policy or a top -up to the existing oneFrom reading the other threads, I think I've got the tax treatment understood but I'm hoping someone can confirm the following. Or if anyone knows of any revenue documents talking about this people point me in their direction.
Year1 - buy 10k
Year2 - buy 10k
Year8 - Value 25k
Deemed disposal is
acquisition cost of 20k, disposal of 25k
So 5k libel for tax? Or is the year2 amount not counted until year 9.
Zero.Secondly what happens in the follow situation
Year1 - buy 10k
Year8 - Value 8k
No tax liability
Year16 - Value 10k
Is the liability zero or 2k?
4.1 When must the investment undertaking deduct exit tax ?
In general, exit tax must be deducted on the occurrence of a chargeable event. Such chargeable events happen: -
- on the making of a regular payment by a fund to a unit holder (e.g. an annual dividend) including where a payment is made on the death of a unit holder;
- on the making of any other payment by a fund to a unit holder (e.g. on redemption of units);
- on the transfer by a unit holder of his or her entitlement to units in a fund including where a payment is made on the death of a unit holder;
- on the appropriation or cancellation of units by a fund to discharge tax payable on a gain arising from a transfer of units by a unit holder;
- on the ending of an 8-year period beginning with the acquisition of a unit in a fund, and each subsequent 8-year period beginning when the previous one ends.
jpd, much obliged.Yes, although the deemed disposal is ignored for the calculation of the exit tax due, he should have got credit for the tax paid on the deemed disposal.
I believe that the gains are exempt from the USC
Of course, the vast majority of ETFs are not, in practice, gross roll-up funds, and it is a joke they way our Revenue treats them from a tax perspective. No other country taxes them like that.
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