ETF return to revenue form 12?

I

Ixlandia

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Hi all, I know this has been a long and winding road before, apologies, but I am now filing a return to revenue for some etf's that I had disposed of last year.

Is it correct that I use a form 12? I see chargable gains are in section 80, is this the area that needs to be filled in?

This is my first time doing this.

Thanks

Ix
 
Can you use Form CG1 instead?
If your only filing for capital gains it's a lot easier than Form 11 or 12.
 
ETFs do not always generate a CGT liability but an Exit tax

It depends on the individual ETF

Most of the ETFs available in the EU are Exit tax ETfs not CGT

In this case it is Form 11 Foreign funds - one line for the disposal (deemed or otherwise) and one for the income from dividends, if any

Form 12 does not have a space for ETF Exit tax - Section 80 is for CGT only
 
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AJAM said:
Can you use Form CG1 instead?
If your only filing for capital gains it's a lot easier than Form 11 or 12.
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Piggybacking on this, if an otherwise PAYE individual needs to file a CGT return (not ETF related), can they do it via Form CG1 rather than Form 12 and, if so, where do they send the Form CG1?

Thanks.
 
That time of year !

I had some trouble getting into Revenue’s ROS and then MyAccount sites to declare a small ETF profit from a disposal i made last year. I couldn’t do it via the Form 11 but I stuck it in on “other income” on MyAccount to get it done in good time.

Received a revised Tax Credit Cert today so it looks like they will be taking the amount owed off me via my PAYE income as opposed to paying the amount in a once off lump sum. They have adjusted my bands to recover the “underpayment”. Does that sound kosher?

It was around €60 that I owed net (gain of circa €145) at the 41% rate. Far from a king’s ransom but want to ensure I am doing the right thing…

g
 
garbanzo said:
I had some trouble getting into Revenue’s ROS and then MyAccount sites to declare a small ETF profit from a disposal i made last year. I couldn’t do it via the Form 11 but I stuck it in on “other income” on MyAccount to get it done in good time.
Click to expand...
Wouldn't that mean you were taxed at your marginal rate instead of the exit tax rate, i.e. 52% instead of 41%?
 
Corola said:
Wouldn't that mean you were taxed at your marginal rate instead of the exit tax rate, i.e. 52% instead of 41%?
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I don’t honestly know Corola. The amount was small (mid two digits) and I was just keen to get it done.

g
 
garbanzo said:
That time of year !

I had some trouble getting into Revenue’s ROS and then MyAccount sites to declare a small ETF profit from a disposal i made last year. I couldn’t do it via the Form 11 but I stuck it in on “other income” on MyAccount to get it done in good time.

Received a revised Tax Credit Cert today so it looks like they will be taking the amount owed off me via my PAYE income as opposed to paying the amount in a once off lump sum. They have adjusted my bands to recover the “underpayment”. Does that sound kosher?

It was around €60 that I owed net (gain of circa €145) at the 41% rate. Far from a king’s ransom but want to ensure I am doing the right thing…

g
Click to expand...

What section under "other income" in the online Form 11 did you put your ETF profit in? Thanks.
 
It should not go into the Other Income section, but into the Foreign Income, Offshore fund
 
jpd said:
It should not go into the Other Income section, but into the Foreign Income, Offshore fund
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Thanks but I don't have that option under foreign income.

The options I have under foreign income are:
Foreign Pensions
Foreign Salary
Other Foreign Income Including Rents
UK Deposit Interest
EU Deposit Interest (excluding UK interest)
UK ‘Other’ Interest
EU ‘Other’ Interest (excluding UK interest)
Other UK Income

Do you know where offshore fund is? Thanks.
 
Are you in Form 11? Those are the options in Form 12, i.e. the MyAccount income tax return. Form 11 is on ROS.

Is your ETF income more or less than €5,000?
 
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Corola said:
Are you in Form 11? Those are the options in Form 12, i.e. the MyAccount income tax return. Form 11 is on ROS.

Is your ETF income more or less than €5,000?
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Sorry - I'm using My Account. I have no ROS access. ETF income is less than 5k. How do I declare it?
 
Additional non-PAYE income under 5k can be declared through MyAccount, instead of ROS.

But officially, any ETF income makes you a chargeable person who should register for ROS.

Pragmatically, if it's very much less than 5k I would put it through Other Foreign Income in MyAccount but you'll be taxed at your marginal rate, instead of 41%.
 
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