I got an email from Rabo last week regarding a special offer with no entry fee in buying into an investment fund (I hope that's worded right!). I know nothing about investments but decided to invest the minimum of 100euro (and a further 100 euro every quarter) in the MLIIF World Gold Fund after reading about the different funds available. I plan on leaving that running for the next couple of years at least but just wondering how tax works on this. Do you have to pay tax every year on investments or just when you cash them in? I presume you are only taxed if you make money on it? I know I'm totally clueless!