Are you referring to the eight year gross roll up tax due on EU/Irish ETFs. I am about to purchase a few of these for the first time and I'm wondering how you go about paying the 41% tax. If you purchase them now in 2015 do you pay the 41% tax on the profits in November 2023 and then file the payment for the 2023 tax year (the following year) ?
You do not need to complete a Form 11 on each occasion that you have a deemed disposal, rather you will total all payments and/or all gains for the year of assessment and enter the relevant details at (a) – (f) of line 319 of Form 11
Great info Landlord. Having re-read this thread I realise I am confused about a rather important point. Im a PAYE worker, and have never done a form 11 or self declared anything, so apologies if the following question is very stupid....but how do I actually pay the money to Revenue? AFAIK filling out the form 11 is just declaring it, but how does the money actually move from my bank account into Revenue's? Is it deducted from my tax credits in the following year or what?
I did say it was a silly question
Very useful info landlord , thank you, ( and your revenue source ).
If my (limited ) information is correct , treatment of non EEC domiciled ETF's are different , these seem now to be treated the same as shares --- no 8 year roll up, CGT payable on sale , losses allowed against any gains . As a downside , interest seems to be liable for 41% tax , plus USC and PRSI.
Thanks again for this information. Nodo.
This is an excellent question...I am also a PAYE worker however I use a form 11 due rental income. But I will be investing in my other halfs name who like you is a PAYE worker who has never filled out a form 11. I have recently registered her for ROS, for paying CGT and am wandering if this is a necessary step to eventually filing a form 11 for her. I am dreading fill out an entire form 11 (its v.v. long) just to declare exit tax relating to sale of ETFs!!! Will look into this soon !!
In terms of actually paying it there are 2 ways.
1. Through ROS you can use your debit card.
2. Through ROS you can set up your bank account details and instruct them to take the money out.
"....When you sell an ETF or part of an ETF, you must calculate any gain arising and return it on Form 11 appropriate to the year of the sale."
Hi landlord,
Thanks for the helpful info around the payment of tax on ETFs. I disposed of some shares in an ETF a few months ago so am due to pay tax on the gain at 41% this year. However all of the forms on revenue.ie are related to 2014 still? I assume the forms will be updated closer to October. I wonder whether the whole form will need to be filled out or just section 318 (e) for the actual disposal. [On a side note I believe Section 408 (a) is more appropriate for deemed disposals after 8 years]
According to [broken link removed] on revenue.ie, returns are due by 31 July for any chargeable events between 1 January and 30 June..... yet there are no 2015 forms available online.
As clear as mud then!
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