This has been mentioned a few times before, specifically in regard to Rabodirect, and sometimes by me, but has never really been answered.
It's quite clear that funds (offshore or otherwise) have a liability for gains when disposed of.
However the Form 11 suggests that even purchases, where there has been no sale and no gain, must be declared. There is one line for this... "in respect of any such material interest acquired in 2009 state...name/address/date/amount". Now say I have 5 different fund purchases per month with Rabodirect, that would be 60 different items to enter. Rabo's tax advice is vague since it's example is of a user buying and selling one fund in one year. Again one might imply from the phrasing that the purchases must be declared, however while they have a tax tool to give a list of sales and gains, you cannot generate a report of purchases in a year.
The guide to completing form 11 is clearer. "Individuals resident or ordinarily resident in the State must include details of acquisitions of material interests in all offshore funds during the period 1 January 2009 to 31 December 2009."
So, are people really detailing all separate offshore funds purchases in the form 11, I assume with an attachment? And if Rabo are listening, why does your tax advice section not offer a generated report of such purchases for inclusion?
Ix.
It's quite clear that funds (offshore or otherwise) have a liability for gains when disposed of.
However the Form 11 suggests that even purchases, where there has been no sale and no gain, must be declared. There is one line for this... "in respect of any such material interest acquired in 2009 state...name/address/date/amount". Now say I have 5 different fund purchases per month with Rabodirect, that would be 60 different items to enter. Rabo's tax advice is vague since it's example is of a user buying and selling one fund in one year. Again one might imply from the phrasing that the purchases must be declared, however while they have a tax tool to give a list of sales and gains, you cannot generate a report of purchases in a year.
The guide to completing form 11 is clearer. "Individuals resident or ordinarily resident in the State must include details of acquisitions of material interests in all offshore funds during the period 1 January 2009 to 31 December 2009."
So, are people really detailing all separate offshore funds purchases in the form 11, I assume with an attachment? And if Rabo are listening, why does your tax advice section not offer a generated report of such purchases for inclusion?
Ix.