Last edited: Aug 23, 2015 http://www.revenue.ie/en/about/publications/exchange-traded-funds-guidance-note.pdf It only applies to Exchange Traded Funds. It does not apply to other collective funds such as Investment Trusts. Read the full document, but here are the key extracts. 3. ETFs domiciled in the US, EEA and other OECD countries Revenue will accept that, in the case of investments made on or after 1 January 2014 in US ETFs, income payments (dividends) will be subject to income tax at the standard or higher rate as appropriate, and gains on disposals will be subject to capital gains tax. In other words, that such ETFs would not be regarded as having structures and regulation that would be similar in all material respects to Irish ETFs, which would then take them out of the tax regime applicable to offshore funds and instead bring them in to the mainstream income tax and capital gains tax treatment that would apply to share investments generally. And tax returns should be submitted, and appropriate tax payments should be made, accordingly. It should be noted that such amounts assessable as income will attract PRSI and USC. 1. Irish domiciled ETFs The relevant legislation, therefore, places the onus on the investor to make a self-assessment tax return of the income and gains, including gains arising under the deemed disposal provisions, and to account for income tax at the rate of 41% on all such Irish-domiciled ETF related income and gains. This 41% rate is applicable to income (dividends) and gains on disposals arising on or after 1 January 2014. Such income and gains do not attract Pay Related Social Insurance (PRSI) or Universal Social Charge (USC) liabilities. 2. ETFs domiciled in EU countries other than Ireland The tax treatment of such investments mirrors the tax treatment applicable to Irish ETFs.