Is an Irish-domiciled ETF considered an "offshore fund" or a "domestic fund"?
I know that the answer doesn't affect the amount of tax due or the way it's calculated. But it may affect the reporting requirements. Revenue's TDM 27-04-01 states:
Where a person acquires a material interest in an ‘equivalent’ offshore fund in the
EU/EEA/OECD, that person is a chargeable person for that period. This means that
they must file a Form 11 / CT1 as appropriate and must include details of the
offshore fund in that return.
If an Irish-domiciled EFT is considered a "domestic fund", does that mean either or both:
1) The person who purchases an Irish-domiciled ETF does not necessarily need to use Form 11. They could use Form 12 if other conditions are met (e.g. income under €5,000 etc.)
2) The who purchases an Irish-domiciled ETF does not need to declare the purchase of the ETF in Form 11 (assuming that they have to use Form 11 for other reasons). They just need to declare the (deemed) disposal in Form 11 as it is due.
It would make my life a lot simpler if I didn't have to declare each monthly purchase of a number of ETF shares in Form 11.
I know that the answer doesn't affect the amount of tax due or the way it's calculated. But it may affect the reporting requirements. Revenue's TDM 27-04-01 states:
Where a person acquires a material interest in an ‘equivalent’ offshore fund in the
EU/EEA/OECD, that person is a chargeable person for that period. This means that
they must file a Form 11 / CT1 as appropriate and must include details of the
offshore fund in that return.
If an Irish-domiciled EFT is considered a "domestic fund", does that mean either or both:
1) The person who purchases an Irish-domiciled ETF does not necessarily need to use Form 11. They could use Form 12 if other conditions are met (e.g. income under €5,000 etc.)
2) The who purchases an Irish-domiciled ETF does not need to declare the purchase of the ETF in Form 11 (assuming that they have to use Form 11 for other reasons). They just need to declare the (deemed) disposal in Form 11 as it is due.
It would make my life a lot simpler if I didn't have to declare each monthly purchase of a number of ETF shares in Form 11.