Encashment Exit Charge ?

G

goose

Registered User
Messages
58
Hi there,

I have a china freeway investment fund with Quinn Life and I just checked this morning if I withdraw my funds I am charged 23% on the growth. My question is: Is this 23% for Capital Gains Tax ? and if So do I need to complete anything at year end for tax compliance ?

thanks Darragh.
 
23% is the tax that applies to growth on "gross roll up" unit linked funds and is the full extent of you tax liability. It is not DIRT and it is not CGT but a separate tax deducted at source. You may still need to detail the investment/returns when making certain tax returns but you should not need to make any return specifically for this event.
 
ok thanks, i think this solves my question. I always that it related to CGT.
 
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