Index funds with multiple vendors - CGT

[LexLuthor]

Hi,
I have 2 index fund investments (in the form of life assurance policies) with Quinn Life and New Ireland.

Question: If I encash both in a year when one is in profit and one is in loss, can I set the losses against the profits for the purposes of CGT? How would I do this?

Since a 'taxable event' happens both automatically every 8 years, if the start dates of the policies are offset by more than 1 year, I would always be paying tax on the one in profit without the benefit of the one in loss to reduce tax... is this correct, and if so is there a way to avoid it?

Thanks
Lex

 

[LexLuthor]

Re: Index funds with multiple vendors - exit tax

No replies - surprising, as I would have thought this would be a common issue considering a current general fear of being dependent on one vendor.

Correction, actually Exit Tax (not CGT) is due.

For the record, I just checked with revenue and the answer is no - exit tax on these policies is non refundable and thus you CANNOT net between them.

(..really bad, as it effectively ties people to one vendor.)