How soon is Exit tax payable

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nodo

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If I sell some ETFs , liable for the 41% exit tax , how soon is this tax due.

Can I declare the sale profits on my F11 form for the year of sale, and pay the amount due then . If this is the case I presume my Preliminary Tax payment for the year of sale should include my calculation of the exit tax due to avoid charges for late payment .

Or is there a requirement for early payment , as applies to CGT on shares.

Thanks to anyone who can advise me on this. Nodo
 
Exit tax @ 41% is due on the gains made when you dispose of the ETFs - note that losses cannot be offset against gains

Yes, you have to enter the gains on Form 11 - so for 2021 gains, this is due 31st October 2022

Preliminary tax can include the tax due but remember that preliminary tax must be equal to or more the minimum of the following calculations

1. 90% of tax due in the year 2021 - if this can be calculated or
2. 100% of tax paid in prior year ie tax paid on 2020 income in 2021 or
3. 105% of the tax due in the year 2019
 
What tax bracket on the revenue site do you select to pay "deemed disposal" tax or "exit tax", there is no actual category on the payments section of revenue to pay this? I only see CGT or "encashment tax", surely it can't be CGT since you might not have disposed of the asset if it is deemed disposal?
 
Presently the "exit tax" seems to be returned on the Foreign Income page of the F11 tax form , in the section dealing with Offshore Funds (Part27, Ch4) . There are 2 details to fill in --- Payments S747D ( if any interest earned, ) and Gains S 747 E , ( on any gains.) both taxable at 41% . I presume that the 8 year "roll up" tax would be returned here ( and a copy kept for yourself for a later final sale ). I use the term "8 year roll up tax" as the equivalent of "deemed disposal tax ".
I have made one or two returns for final sales of ETFs in the above manner , and have had no problems, but have no experience of paying a "8 year roll up payment", perhaps another commentator would be able to correct my statements above if necessary.
 
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Correct, S 747 E t - this is where you enter the gains, including gains on deemed disposals

Exit tax is an Income tax
 
jpd said:
Correct, S 747 E t - this is where you enter the gains, including gains on deemed disposals

Exit tax is an Income tax
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Thanks , what about actual disposal of a fund or etf, is that also paid as "income tax" or cgt
 
Mostly income tax - there may be some funds and ETFs which are taxed under the CGT rules but this is a very confusing issue
 
It's just peculiar that revenue don't have a separate category to pay this as it is not cgt or income tax , its a very specific 41% rate that doesn't apply to income or cgt tax rates
 
It is classified as income tax

PRSI and USC are taxes on income but they don't call them income tax either
 
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