Gov Consultation on Funds Sector

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smarts

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The Minister for Finance Michael McGrath TD, today (22 June) published a public consultation document as part of a review of Ireland’s funds sector entitled, “Funds Sector 2030: A Framework for Open, Resilient & Developing Markets”.

Minister McGrath launches public consultation on Ireland’s funds sector

www.gov.ie

"The review will also incorporate three recommendations from the Commission on Taxation and Welfare in relation to the taxation regime for investments products, the IREF and REIT regimes and the section 110 regime."

Terms of Reference:

Funds Sector 2030: A Framework for Open, Resilient & Developing Markets. - Terms of reference

www.gov.ie
 
This extract from the terms of reference makes it clear that there'll be no overall relief for taxpayers.:mad:
  • An examination of the taxation regime for funds, life assurance policies and other related investment products, with the goal of simplification and harmonisation where possible; and to do so with a net revenue-raising or neutral mandate
We need a UK style ISA regime where any product can be held tax free within a low cost, simple to understand, wrapper, subject only to a £20k per annum limit on investment into the ISA.
 
Reading the introduction makes me feel like I'm between a rock and a hard place in terms of what I want from this review.

On one hand, I really want a simplification of the taxation system. We are currently a mile away from horizontal equity.

On the other hand, the inclusion of the below from the COTW report makes it sound (if I'm interpreting it correctly) like this "simplification" could lead to me paying 52% tax on all of my gains and income.
In its 2022 Report, the Commission on Taxation and Welfare (COTW) expressed the view that, as a general principle the level of income of a taxpayer should determine the marginal rate payable, rather than the type of investment product used.
Click to expand...
 
The Government have already stated that there are parts of the COTW report that they would not implement. This is your chance to give input so make your feelings known.
 
I would encourage all of you to respond and express your support for scrapping the exit tax, and replacing it with CGT.
Section 5 Question 27 "Are there places where the taxation of investment income and gains need to be simplified or modernised? For example, in relation to the taxation of ETFs, the old basis of taxation for life products, or harmonising the exemptions from IUT and LAET."

The more people that complain the more likely we get rid of it.
 
Great to see submissions on this consultation has shot up from 1 on Sunday to 15 today! Please continue to make your thoughts heard. Also if you participate in other online investment forums in Ireland please share the details there.
 
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