But the period of the audit was 2019-2022. Before 2022 it was the case that US ETFs were taxed under CGT. It's not clear from the post what disposals there were in 2022 that would fall under the new ambiguous guidance.
You said yourself that each ETF must be treated on a case-by-case basis. So in this case, and this case only, we can say this specific portfolio falls under CGT. We can't say the same for all US ETFs.
revenue were happy that all his portfolio of etfs that were us domiciled were correctly categorised as cgt shares under normal cgt taxation not deemed disposal during an audit. It was the first hard example of how revenue are actually dealing with us domiciled etfs
Equally, not all U.K. investment trusts are CGT you can’t make generalisations unfortunately
They're not? How so?
I wasn't generalising either but reading between the lines the revenue auditors weren't going through his portfolio with a fine tooth comb to differentiate between different us domiciled etfs, sure they obviously don't have their own specific differentiating criteria either. It's alot easier just to accept the simpler original classification.I agree you weren't generalising, I was replying to this specific comment that we cannot generalise:
Ok, so what defines an investment trust not subject to CGT?It’s always been the case but simply ignored or dismissed out of hand by some posters on here
Can you point to a single UK investment trust that is not taxable under general principles?Equally, not all U.K. investment trusts are CGT you can’t make generalisations unfortunately
Can you point to a single UK investment trust that is not taxable under general principles?
Do tell.
Do tell.
I’ve never heard of any situation where Revenue attempted to argue that any UK investment trust was not subject to general tax principles.
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