I'm Irish and have been living in the US for a few years and am US tax resident. I am moving back to Ireland next year. I have two Irish investments - a Quinn Life Freeway fund and an Irish Life Consensus fund. The capital gains on the Freeway is Euro 7,000, the capital gains on the Consensus is Euro 14,000. I am registered as non-resident for both products.
Capital gains tax in the US is 15% and, in Ireland on these funds is, I think, 33%.
Therefore, I want to cash in the Consensus before I leave the US and pay 15% rather than 33%.
As for the Freeway, I have about 5,000 in losses from an ill-advised Bank of Ireland purchase a few year ago (I sold the shares in 2010) and that, combined with the 1270 personal allowance should mean that I can cash in the Freeway next year, when I'm back in Ireland and Irish tax resident, and pay less tax than I would if I cashed it in while living in the US.
I'd appreciate comments on any flaws in this plan. Am I missing anything?
Can I double the personal allowance of 1270 by putting the Freeway fund in the joint names of me and my wife before I sell?
I don't really follow the distinction between a 41% and 33% rate on certain ETFs, but am I right in thinking it has no relevance and neither of these products are ETFs.
Thanks in advance.
Capital gains tax in the US is 15% and, in Ireland on these funds is, I think, 33%.
Therefore, I want to cash in the Consensus before I leave the US and pay 15% rather than 33%.
As for the Freeway, I have about 5,000 in losses from an ill-advised Bank of Ireland purchase a few year ago (I sold the shares in 2010) and that, combined with the 1270 personal allowance should mean that I can cash in the Freeway next year, when I'm back in Ireland and Irish tax resident, and pay less tax than I would if I cashed it in while living in the US.
I'd appreciate comments on any flaws in this plan. Am I missing anything?
Can I double the personal allowance of 1270 by putting the Freeway fund in the joint names of me and my wife before I sell?
I don't really follow the distinction between a 41% and 33% rate on certain ETFs, but am I right in thinking it has no relevance and neither of these products are ETFs.
Thanks in advance.