# Tax Treatment of ETFs and Investment Companies (Trusts)



## Rory Gillen (10 Jan 2013)

Having enquired from an expert, the tax treatment of investment companies (trusts) and ETFs remains a tricky area for Irish investors. To summarise;

An offshore fund that is a good offshore fund (in the EU or part of a tax treaty with Ireland - say established under UK law and resident in the UK) will be taxed under our income tax regime (gross roll up) if subject to a regulatory regime. If a non-regulated fund, then taxed as a normal security. To determine whether a fund is subject to a regulatory regime would have to be done on a case by case basis and by drilling down into the original fund prospectus.

An offshore fund is a bad offshore fund if non-EU and not part of a tax treaty with Ireland. Such funds are taxed as securities, not funds and income and CGT applies, and loss relief available.

Most ETFs, but not all, fall under the good offshore fund rules and should be taxed under gross roll-up rules, with no tax relief. ETCs (exchange-traded commodities) are securities and taxed as such. US ETFs not constituted under the US Mutual Funds Act are more likely to be bad offshore funds and taxed as securities. Difficult to determine though.

UK listed investment trusts that are constituted under UK law and subject to a regulatory regime most likely fall under Part 13, Irish Companies Act, and subject to gross roll-up rules for Irish residents. But non-UK registered investment companies (Guernsey registered for example, of which there are many) probably should be categorised as bad offshore funds and taxed as normal securities (income tax on dividend and CGT on gains) with loss relief.

Tax returns: It is a minefield for the private investor, as none of us are experts and in a position to determine the above. My own read of it is that gross roll-up rules should be your default stance unless you can prove your fund is a bad offshore fund or a good offshore fund not regulated in which case normal security tax rules apply (with loss relief).

Best I can do.

*Rory Gillen*


----------



## Brendan Burgess (11 Jan 2013)

Hi Rory

That is a great bit of work.I had not realised that there were so many varieties and two different tax treatments. 

I have losses on my ISEQ ETF. I presume that this is a gross roll up fund and I can't use the losses against capital gains elsewhere? 

This sort of complexity and inflexibility is one of the reasons I don't like these funds.  

I am stuck with my ISEQ ETF.  Any gain it makes from the current level to the level at which I bought it, will be effectively tax free.  If I cashed it in and invested in something else, any gain it would make from this level would be taxable. 

Brendan


----------



## Rory Gillen (11 Jan 2013)

Brendan,

The tax laws are simply unfair. ETFs, in my view, are not gross roll-up vehicles in that there are no gains crystallised to roll up and most pay out the dividends. 

On funds in general, it is simply unfair to disallow loss relief when the flip side is taxed.

Not much we can do about it though. Makes it even more important that when you a fund you buy at good value levels so that by holding it you should eventually surpass the purchase price.

Funds, after all, are there to reduce risk for private investors, so why disadvantage them on the tax side. 

Rory


----------



## Olivetti (16 Jan 2013)

*ETFs Taxation*

Thanks Rory - this is very helpful. I had come to the same conclusion that it was best to assume an ETF (mine are mainly US-origin) would be taxed under gross roll-up.

Another element of unfairness is the 8-year deemed disposal rule. If, as I do, you accumulate these holdings piecemeal as funds allow (I have a few cheap US trading accounts) then you end up with dozens of "slices" of ETFs to record and account for.

One question, please. One of my US trading accounts withholds US tax at source from income. I have submitted a WBEN to get paid gross, but they haven't accepted it yet (and may not - they seem unconvinced about something). In that case what is liable to tax  in Ireland - (a) the net amount received, (b) the gross amount with a tax credit, or (c) the gross amount? In a normal world it would be one of the first two, but I have come to realise that little is normal in the poorly-thought out gross roll-up regime.

And a follow-on question, if I can't get the US firm to accept my WBEN request, I could always opt to have dividends reinvested on both shares and ETFs. Would that reinvestment get around the withholding tax, or would I just get fewer new shares than I would otherwise?

Thanks again for the helpful contribution.


----------



## Duke of Marmalade (18 Jan 2013)

Rory Gillen said:


> Brendan,
> 
> ETFs, in my view, are not gross roll-up vehicles in that there are no gains crystallised to roll up and most pay out the dividends.


This is technically correct but the _Boss_ was I presume referring to the Exit Tax aspect rather than GRU.

This regime has its origins when Charlie McCreavey was forced to put domestic life policies on a level footing with their IFSC counterparts. It was perceived to be a very generous regime compared to direct investment with an exit tax of only 23% and gross roll up along the way. An obvious negative was the lack of loss relief but the life industry didn't lobby too hard against it as they saw themselves as generally on a winner. 

So far as I am aware the ETF people and others lobbied to be put on a level playing field with the life companies and got what they wished for. 

Since then the sheen has gone something off with the exit tax now at 36% and with 8 year deemed disposal.

It seems to me that since ETFs don't even have the benefit of gross roll up they are a bit of a bummer from a tax perspective.


----------



## 3CC (18 Jan 2013)

Hi Duke,

If I understand it correctly, the situation is as follows:

1. ETF's are generally subject to the gross roll up regime (provided they meet certain conditions around UCITS, domicile etc)
2.  Most ETF's pay distributions and therefore are subject to exit tax on these, currently at 33%.
3.  Some ETF's are accumulating and therefore there would be no regular exit tax to be paid. The exit tax would only be payable at deemed disposal and at actual disposal, currently at 36%.

If the above assumptions are correct, I think that there is some case to be made for using an accumulating ETF as opposed to shares in terms of the gross roll up of regular distributions, especially for a higher rate tax payer.

Would you agree?

Regards,

3CC.


----------



## Duke of Marmalade (18 Jan 2013)

3CC said:


> Hi Duke,
> 
> If I understand it correctly, the situation is as follows:
> 
> ...


Yes, I missed the point that distributing ETFs would be taxed at 33% not 36%.


----------



## 3CC (18 Jan 2013)

Hi Duke,

The 33% vs 36% is s small difference. That was not really my point (I would be pedantic if is was).

My main point was that the accumulating ETF's are not subject to tax in respect of the fact that distributions are reinvested in the fund.

This is what I understand to be the case but I would be grateful if you or anyone could validate that view.

3CC


----------



## Duke of Marmalade (18 Jan 2013)

3CC said:


> Hi Duke,
> 
> The 33% vs 36% is s small difference. That was not really my point (I would pedantic if is was).
> 
> ...


Apologies for the confusion.  My "Yes" was a yes to all you had said in your earlier post.


----------



## 3CC (20 Jan 2013)

Hi all,

I suggested above that ETF's may be relatively tax efficient in some circumstances so I decided to check if this is correct. I have had a go at an Excel sheet to compare the outcome of investing in shares vs an ETF vs an Accumulating ETF.

https://docs.google.com/spreadsheet/ccc?key=0AlgkIxl5TNVUdGtQdTFtVExIX18xOHF4MDgtSG5UWHc

I have made a few assumptions as follows:

For the shares, the capital gain is 5% and the income from dividends is 4%. The dividends are taxed and reinvested each year.

For the 'distributing' ETF's, I have used a lower capital gain of 4.5% (to allow for annual management charges of say 0.5%) and a distribution income of 4% . Again, the distributions are taxed and reinvested each year.

For the accumulating ETF's, as the distributions are used to increase the fund price, I have put the 4.5% capital gain and the 4% distribution income all into the capital gain and thus this is assumed to be 8.5% with 0% distributions. 

I have also assumed that the investor is a top rate taxpayer (when calculating the tax on share dividends).

I have assumed that the fund is disposed of in full at the end of the term. I have calculated the result for an 8 year term and a 16 year term and compared the results.

For the ETF's, I have assumed that the fund is sold in full at 8 years and the tax paid and the remainder reinvested although in practice you would only sell part of the fund to pay the tax due.

I have ignored broker charges and stamp duty throughout.

The results (see the summary tab) show that the accumulating ETF gives the best return and the shares the worst  BUT the difference is small. The difference is small enough that the potential for future changes in tax treatment or personal circumstances, and the validity of the assumptions made etc mean that there is little to separate the approaches for me.

The simpler tax returns for the accumulating ETF and the potential for marginally higher returns gives this option a slight edge in my view.

I hope is of help to anyone else pondering this question.

Regards,

3CC.


----------



## Duke of Marmalade (20 Jan 2013)

Good stuff, _3CC_

There is however a new category of unfortunate investors including yours truly, those who are nursing substantial bank losses or indeed other capital losses.  These can be used to shelter capital gains on direct share investment and just possibly on foreign based Investment Companies and that to me tilts it against exit tax vehicles.  

For someone with a clean tax sheet, I agree with your comments.


----------



## Olivetti (23 Jan 2013)

*ETFs - Withholding Tax*

Hi folks,

Can anyone help with my specific question from above, please?

One of my US trading accounts withholds US tax at source from income on both ETFs and stocks. I have submitted a WBEN to get paid gross, but they haven't accepted it yet (and may not - they seem unconvinced about something).

On the stocks the position is clear. I declare the gross amount but get credit for the tax withheld. But I have no idea how to account for the ETFs. In that case what is liable to tax in Ireland - (a) the net amount received, (b) the gross amount with a tax credit, or (c) the gross amount? In a normal world it would be one of the first two, but I am worried that won't apply under gross roll-up. I don't know of any provision to allow for tax withheld.

And a follow-on question, for anyone who knows about the US withholding tax regime. If I can't get the US firm to accept my WBEN request, I could always opt to have dividends reinvested on the ETFs (and the shares). Would that reinvestment get around the withholding tax, or would I just get fewer new shares than I would otherwise?

As I am writing another question has occurred to me. Does the income levy allow for tax credits, or is that just the gross amount received? This is the problem, it seems to me, with the "make it up as you go along" tax system that has emerged over the past few years - lots of (potentially) unintended consequences.

Thanks for the help.


----------



## Duke of Marmalade (22 Feb 2013)

I decided the only way to resolve this was to write to my Tax Inspector. I stated that I owned shares in the Edinburgh UK Investment Trust, and asked how they were treated. I even referred her to the debate on Askaboutmoney which suggested that the issue was unclear.

I received a written reply (by snail mail) today. This is the key extract:



			
				Revenue said:
			
		

> If you have purchased shares in a quoted company then any income or gains are taxed in the usual manner.


 
That's good enough for me.


----------



## 3CC (23 Feb 2013)

Hi Duke,

Good idea to go straight to the horse's mouth. 

I understand that my ETF investments are also 'shares in a quoted company' so you have just shattered everything I thought I knew about the taxation of ETF's (I think). 

I had better just do as you and write to the Tax Inspector for a definitive answer. It would be good to have a response on file in any case. I think that would be better that trying to point to this thread in 10 or 20 years time!

Thanks for posting the result.

3CC


----------



## Duke of Marmalade (24 Feb 2013)

_3CC_

I think Rory Gillen has summed it up correctly.  Your ETF is probably a "good offshore" vehicle and therefore subject to the exit tax regime.  I don't know whether the Edinburgh UK IT is regulated or not.  I didn't get into that detail but I don't think I could be accused of hiding any facts.  I will keep this correspondence as in my case I am hoping to use up a bit of my bank losses.

If you ask the wrong question you might not get the answer you want, I think you would need to go into all that "good offshore"  stuff if you want to be sure of getting an exit tax reply.


----------



## 3CC (24 Feb 2013)

Thanks Duke,

I think you are right that the answer will depend on the question so I'll make sure to phrase it as correctly as I can.

I am hoping that Revenue will reply saying that the ETF's are subject to the exit tax regime which will reinforce my current understanding which based in part on what others have very kindly posted here on AAM.

If Revenue say that ETF's are subject to the same treatment as any other share (ie CGT), then I will be in a quandry - wondering if I have explained the issue sufficiently.

It's a real pity that Revenue would not publish a guide on their website to address this issue that many retail investors (and possibly tax advisors) are unsure about.

I'll post the response when it arrives in any case.

Many Thanks,

3CC.


----------



## 3CC (22 Mar 2013)

Hi All,

Just to confirm that I queried the taxation of ETF's with Revenue asking if these are subject to the same taxation regime as all other shares (ie dividends taxed as income and gains subject to CGT using the first in first out rule) OR if these are subject to the gross roll up and exit tax regime.

Revenue came back asking for more information about the specific ETF's and I supplied the Name, Ticker Code, ISIN, Currency for each of the ETF's that I propose to purchase. I also confirmed that all of the Exchange Traded Funds listed above are traded on the London Stock Exchange, are UCITS compliant and are domiciled in Ireland. I attached the fact sheet for each fund.

Revenue responded stating that the ETF's are subject to tax on dividends and CGT on disposal.

Given that there has been some very reliable information to the contrary and that tax advisors seem to differ on this, I wonder if this is a grey area. Maybe Revenue would prefer that ETF's were taxed under the gross roll up regime given that they behave like unitised investments but they must be taxed as shares given that they are shares.


3CC


----------



## Marc (22 Mar 2013)

It's no wonder people are confused about this when Revenue regularly respond to specific enquiries incorrectly.


----------



## SPC100 (23 Mar 2013)

3CC thank you for sharing. 

The constant confusion over the tax on this very useful investment vehicle is a disgrace. It seems that people who study the taxation rules are taking a different view from revenue. I have avoided using ETFs as there is so much conflicting advice.

I would love if there were treated as you described, as an accumulating fund would be a no-brainer to minimise tax for a long term buy and hold investor.

3CC, do you have any indication if your reply was from a senior revenue source? or from a less knowledgeable helpdesk/first line support type person? 

3CC, where any of your ETFs accumulating?

3CC, would you be willing to share your list of ETFs?

I think if someone else repeats this exercise it would be would putting in a "Bad" fund, and a commodity fund, to see if they are actually distinguishing on the tax due between different funds or not.

Maybe we need to send the requests higher up the chain, or via a TD, in order to feel secure about the tax situation.


----------



## 3CC (23 Mar 2013)

Hi SPC100,



SPC100 said:


> 3CC, do you have any indication if your reply was from a senior revenue source? or from a less knowledgeable helpdesk/first line support type person?



I have no way to know. They were simply signed the persons name and 'Fingal PAYE Customer Services'



SPC100 said:


> 3CC, where any of your ETFs accumulating?



Yes, they all were. In some cases this was very obvious as it was in the name of the fund and in some cases it was stated in the fact sheets that I sent in.



SPC100 said:


> 3CC, would you be willing to share your list of ETFs?



Sure, The ETF's I inquired about were:

Name of ETF
Ticker Code
ISIN
Currency

iShares S&P 500 Minimum Volatility
(SPMV)
IE00B6SPMN59
USD

iShares S&P 500 Monthly EUR Hedged
(IUSE)
IE00B3ZW0K18
Euro

iShares MSCI Europe Minimum Volatility
(MVEU)
IE00B86MWN23
Euro

iShares MSCI Europe (Acc)
(SMEA)
IE00B4K48X80
Euro

iShares MSCI World Minimum Volatility
(MVOL)
IE00B8FHGS14
USD

iShares MSCI Emerging Markets Minimum Volatility
(EMMV)
IE00B8KGV557
USD




SPC100 said:


> 3CC thank you for sharing.
> Maybe we need to send the requests higher up the chain, or via a TD, in order to feel secure about the tax situation.



In spite of having an unequivocal response from Revenue, I am still not sure about this. Personally, I would be happy to pay a tax consultant for a written opinion but it seems that even the tax experts differ on this. And in my view an incorrect opinion from a tax expert is not much comfort if I end up in a wrangle with the Revenue down the line.

I think Rory Gillen suggested that the default position should be the gross roll up regime. I presume this is because it is the most favourable for Revenue and therefore cannot result in a tax underpayment.

In my opinion, even you assume this worst case scenario assumption, ETF's are still an attractive vehicle for the buy and hold investor.

So I think my plan will be
1) Buy and hold some accumulating ETF's.
2) Declare their purchase on form 11.
3) Spend the next 8 years trying to figure out the tax position on them.
4) If there is any uncertainty, assume a deemed disposal in 8 years and pay the relevant tax accordingly.

3CC


----------



## SPC100 (24 Mar 2013)

Thanks again for sharing your experience and thoughts on this. I did not get satisfactory responses when I chased revenue, but I gave up on following it up.

Based on the sign off I would assume the response is a Junior/customer services role and despite the fact that they did the due diligence of asking for the ETF names, it would not make me feel secure on the correctness of the answer.

Would you feel bold and motivated enough to write back, explain the uncertainty that exists on the largest Irish financial discussion site, and ask them if you can get written confirmation from a senior person in revenue? (maybe someone else could advise a title or department to request sign off from http://www.revenue.ie/en/about/role/organisational-structure.html )

I personally hate uncertainty, but given where we are Your plan seems optimal to me.


----------



## 3CC (24 Mar 2013)

Hi SPC100,

On the face of it, they do appear to have been thorough in asking all the right questions etc but I too am a little concerned given the weight of opinion to contrary here on AAM.

I am quite happy to respond and refer to the uncertainty that exists here on AAM. When I do so, I will make it absolutely explicit that there are no dividends with these products as they are capitalising ETF's, just in case they did not pick that up from the information I sent them.

I will wait for a day or two in case that there are any further posts on this thread that may inform what I put into my email. 

In the meantime, if any other AAMer's know of a tax advisor that can give a definitive opinion on this, I would be grateful of their details.

Many thanks,

3CC


----------



## Rory Gillen (25 Mar 2013)

Duke of Marmalade said:


> I decided the only way to resolve this was to write to my Tax Inspector. I stated that I owned shares in the Edinburgh UK Investment Trust, and asked how they were treated. I even referred her to the debate on Askaboutmoney which suggested that the issue was unclear.
> 
> I received a written reply (by snail mail) today. This is the key extract:
> 
> ...


 
My own assessment of the tax situation above is not complete and income and gains on an unregulated offshore fund are likely taxed at your marginal income tax rate. I'll try and clarify but may have run out of favours with my contact if you know what I mean.

Duke, I see you went straight to the Revenue, and yet the answer from the Revenue was to short to be definitive. My own summation is that the grey area sourrounding the tax treatment of investment trusts (my preferred fund vehicle) is so large that you can probably pick whatever way you want to treat them. The line of least resistence may be to opt for consistency and assume same treatment as unit-linked funds. But it is not incorrect to assume they are companies and taxed as such as your reply from the Revenue has just said. This line allows for loss relief, and the Revenue would have a devil of a job saying why it should be otherwise.


----------



## SPC100 (25 Mar 2013)

Duke of Marmalade said:


> I stated that I owned shares in the Edinburgh UK Investment Trust, and asked how they were treated.
> <snip>
> Key extract of Revenue reply
> 
> ...


I have never got a concrete complete reply on how to tax an ETF from revenue. I openly admit I'm pedantic and I like precision.

You could read that extract of reply like this;

Revenue have simply re-stated how to tax shares in a normal quoted company. **IF* * you bought shares in a quoted company.  I fear the lack of a reference to your Trust leaves it somewhat open to interpretation. Did they say your Trust was a quoted company? I thought the whole point about the ETFs/ Trusts etc., is they are not a typical quoted company, they are investment funds.

I fear this answer maybe a bit like the student, who does not know the answer to the question, but knows the general subject area and responds with some information to show that they have done some study. What they are saying is correct, but if they are not answering your question it is pointless.


----------



## maturin (25 Mar 2013)

I had a look at the prospectus of one of the funds listed by 3CC above:
iShares S&P 500 Monthly EUR Hedged (IUSE).

The prospectus (iShares V Plc Prospectus) is available at: [broken link removed] 

Details on Irish taxations can be found starting on page 86.

Here's a short extract from Section 1 (you really need to read the full section though):

(i) Shareholders whose Shares are held in a recognised clearing system
Where Shares are held in a "recognised clearing system" such as CREST, the obligation falls on the Shareholder
(rather than the Company) to self-account for any tax arising on a taxable event. In the case of an individual,
tax currently at the rate of 30% should be accounted for by the Shareholder in respect of a distribution where
payments are made annually or at more frequent intervals. Similarly, tax currently at the rate of 33% should be
accounted for on any distribution or gain arising to the individual Shareholder on an encashment, redemption or
transfer of Shares by a Shareholder. Where the investment constitutes a personal portfolio investment
undertaking ("PPIU"), tax at the standard rate of tax (currently 20%) plus 33% should be accounted for.

So, it appears that the iShares prospectus is inconsistent with Revenue's opinion.

The lack of clarity in taxation of ETF's (even Dublin domiciled, UCITS compliant ones) makes me wary of investing in them.


----------



## maturin (25 Mar 2013)

> Quote:
> Originally Posted by *Duke of Marmalade* http://www.askaboutmoney.com/showthread.php?p=1316317#post1316317
> _I decided the only way to resolve  this was to write to my Tax Inspector. I stated that I owned shares in  the Edinburgh UK Investment Trust, and asked how they were treated. I  even referred her to the debate on Askaboutmoney which suggested that  the issue was unclear.
> 
> ...



I had always assumed that Investment Trusts were taxed in the same way as any other stock market quoted company.  I did a little digging once I saw the posts here in AAM suggesting that they may be subject to tax in the same way as UCITS funds. I think it would be nice if they were but I have seen no hard data (in finance acts, revenue documents, etc) that convince me. Without hard data, I think that assuming same treatment as unit-linked funds is not a good strategy. I don't think Revenue would be in any way understanding if you were audited.

With regard to loss relief, remember that IT's are around since the 1800's and loss relief was available in the old days. It's also available under the UK tax regime today. So, if the tax arrangements for IT's changed, when did they change, under what act,instrument, etc?


----------



## SPC100 (26 Mar 2013)

Hi Maturin, I had also noted that in the prospectus a couple of years ago when discussing etf taxation on AAM. 

Here is a revenue tech guide (written for the fund manager), which when i  read it appears to have the same details as you posted above from the prospectus. 
[broken link removed]


incidentally the same guide also says (bolding is mine)


> The ”gross roll-up” regime applies to certain categories of collective investment funds that
> fall within the definition of “investment undertaking”. These are: -
> * a unit trust scheme that is or is deemed to be a currently authorised unit trust scheme
> under the Unit Trusts Act, 1990 but not special investment schemes as defined in
> ...







[broken link removed]
appears to say that off-shore funds within section 743 are any of the following...


> This section lists the offshore funds to which the Chapter applies as being —
> • non-resident companies,
> • unit trusts with non-resident trustees, and
> • arrangements which, under the laws of a foreign territory, create rights in the nature
> of co-ownership


----------



## Brendan Burgess (19 Apr 2013)

Kieran Twomey has written an article in _The Professional _entitled 

_The Tax Adviser's Annual Puzzle - Investment Gains and Losses 

_which I have attached.


----------



## 3CC (19 Apr 2013)

Thanks for this Brendan.

There is one section that I cannot understand:



> *More capital gains?*
> Gains on EU investment funds have a tax rate of
> 36% in 2013. However, for a client with capital
> gains tax lossest carried forward, a gain on the
> ...



Is there a misprint here?


----------



## Sean Bateman (19 Apr 2013)

Rory Gillen said:


> UK listed investment trusts that are constituted under UK law and subject to a regulatory regime most likely fall under Part 13, Irish Companies Act, and subject to gross roll-up rules for Irish residents


 
In my view this is incorrect.

Investment trusts should be subject to "normal" CGT rules rather than the offshore funds rules.  An investment in such an entity does not constitute a "material interest" for tax purposes (basically because the investor cannot reasonably expect to realise his proportionate share of the underlying assets within seven years).


----------



## Duke of Marmalade (19 Apr 2013)

3CC said:


> Thanks for this Brendan.
> 
> There is one section that I cannot understand:
> 
> ...


Other than "lossest" I don't think there is a misprint, though the language is unwieldy.  Which bit do you think is a misprint?


----------



## 3CC (23 Apr 2013)

I think the language is is just a bit unwieldy.




> *More capital gains?*
> Gains on EU investment funds have a tax rate of
> 36% in 2013. However, for a client with capital
> gains tax lossest carried forward, a gain on the
> ...



I presume this just means that EU investment funds are taxed at 36% and you cannot offset capital gains losses against profits made in EU investment funds.


----------



## SPC100 (3 May 2013)

3CC said:


> Hi All,
> 
> Just to confirm that I queried the taxation of ETF's with Revenue asking if these are subject to the same taxation regime as all other shares (ie dividends taxed as income and gains subject to CGT using the first in first out rule) OR if these are subject to the gross roll up and exit tax regime.
> 
> ...







3CC said:


> Hi SPC100,
> <snip>
> Sure, The ETF's I inquired about were:
> <snip>
> ...



I got a reply from a named revenue employee about this ETF. It was a technical reply referencing tax code etc.,. so I would be inclined to believe it.

The reply confirmed the tax situation is different for different ETFs.

in summary, they said in relation to this fund; 

This ETF is listed on www.ifsra.ie as an authorised UCITS wef 3/7/2009
therefore, It is taxed under the "gross roll up" regime. i.e. exit tax on payments and 8 year rules apply
No annual tax is due as there is no annual payment from this ETF.
No CGT tax due, and therefore no loss offsetting allowed.
There is no requirement to declare the acquisition of units in an Irish authorised fund.
You need to submit a Form 11 for any year in which you receive a payment from the fund.



It would be worthwhile for some others to enquire about this same ETF fund, and look for a reply from a named individual.

3CC maybe you could follow up on your communications, referencing mine, and look for confirmation/explanation?


----------



## maturin (7 May 2013)

> This ETF is listed on [broken link removed] as an authorised UCITS wef 3/7/2009
I had never checked this useful register before. Were I investing in an ETF, I would try to choose one from it. It's available at:
http://registers.centralbank.ie/FundSearchPage.aspx

As an example, a search for "MSCI EMERGING" under "Collective Investment Schemes" generates 11 hits.


----------



## maturin (7 May 2013)

Interestingly, there's also a register of authorized investment companies (Authorised Designated Investment Companies, Companies Act 1990 Part XIII ). There's been an argument that UK registered Investment Trusts fall under Part XIII taxation provisions but no IT's are listed in the register at http://registers.centralbank.ie/DownloadsPage.aspx


----------

