Source?
It looks like just one of those figures is accurate.
LAET does not = All Exit Tax
As far as reported amounts it's all we have to go off. Given the low amount of household wealth invested in ETFs I'd be very surprised if the figure is material.LAET does not = All Exit Tax
I think you can include pascal donohue in that about needing to improve his financial literacy. He was patently wrong in an answer to a parliamentary question about ETF taxatation a few years ago, or else dileberately misleadingThere are a lot more intangible benefits such as improvements in financial literacy, wealth effects, increased spending (VAT) as people spend their gains etc. I've lost count of the amount of people who've talked about investing but end up just doing nothing
Sure revenue should have the data for self declared ETFs and exit tax since you have to complete that on form11, if they haven't got that data that's their own fault. In any case as already mentioned it is likely to be immaterial anyway since the numbers are so small probably in the 10s of millions at most.Theres' no accurate data on how much is invested in ETFs (last time Central Bank looked at it was 2019) and no one can tell you how much Exit Tax is collected on EFTs. Not a really sound basis for the review team to be working off.
Nonsense, having an ISA means you don't need to concern yourself with the tax treatment of any instrument you have within it. That's the epitome of simplification and harmonization....it is the firm view of the Review Team that the measures proposed for amending the existing taxation of investment funds and life assurance products should be prioritised as these proposals address the most substantive issues raised by the COTW, the public consultation and during stakeholder engagement. Adding an additional tax regime for savings and investment to an already complex framework would not on its own assist in simplification and harmonisation for taxpayers.
For Life Assurance policies, revenue get details of all the premiums paid from the life assurance levy returns and details of the exit tax is also returned by the life companies. For EFTs and the likes, they rely on self declaration which is never going to capture everything.Sure revenue should have the data for self declared ETFs and exit tax since you have to complete that on form11, if they haven't got that data that's their own fault.
It's an additional investment type. While the product itself would have simple taxation, it adds additional complication to the whole picture. You would be adding an ISA tax regime to:That's the epitome of simplification and harmonization.
But they have the data of those self declarations of exit tax as you have to enter it on the form11, are you suggesting that revenue don't have the where with all to harvest this themselves from their own data?For Life Assurance policies, revenue get details of all the premiums paid from the life assurance levy returns and details of the exit tax is also returned by the life companies. For EFTs and the likes, they rely on self declaration which is never going to capture everything
Well if they got rid of deemed disposal and exit tax and combined it with CGT and dividend taxes you would remove most of those complexities. All of this "complexity " is self inflicted and easily rectified ,it's not quantum mechanics we are dealing with hereYou would be adding an ISA tax regime to:
- LAET
- Old basis life policies
- Pension products
- Direct share investment
- ETFs domiciled in EU, EEA or OECD
- ETFs domiciled in other territories
- EIIS schemes
I'm suggesting their data is likely incomplete.are you suggesting that revenue don't have the where with all to harvest this themselves from their own data?
CGT and income tax would be more complicated than LAET for the end user.Well if they got rid of deemed disposal and exit tax and combined it with CGT and dividend taxes you would remove most of those complexities.
Except that wasn't the point the Review Team were making, the beneficiaries of the 'simplification and harmonization' are apparently the individual taxpayers. As an individual myself (!), having access to an ISA where I don't need to be concerned about what the tax treatment of the product contained within it is, meets that brief in a way that self declaring CGT and PAYE/USC/PRSI on dividends simply doesn't.it adds additional complication to the whole picture.