Wouldn't dividends normally be reinvested/accumulated internally in a unit linked fund like this rather than being paid to unit holders?You need to file a Form 11 or Form 12 return and pay Exit Tax of 41% on any dividends you received from the funds - also there is Exit tax on deemed disposal every 8 years from early 2000s
Thanks for reply, ya to be honest, it never seemed like I had a choice to receive any of the dividends. 'Original gift', would it be a gift? It was set up in my name, couple of hundred quid put in years and years ago...I dunno, I'm not too worried about historic stuff at this stage tbh, If I can sort out things into the future I will be happy enough!Wouldn't dividends normally be reinvested/accumulated internally in a unit linked fund like this rather than being paid to unit holders?
Could there be any capital acquisitions tax issue here from the original gift of the fund from uncle to nephew?
You need to file a Form 11 or Form 12 return and pay Exit Tax of 41% on any dividends you received from the funds - also there is Exit tax on deemed disposal every 8 years from early 2000s
From whom did you receive this letter? Was it from an Irish insurance company or from the UK? If from Ireland it should contain your policy number allowing you to contact the provider who is best placed to answer your questions., I'd get the odd letter but never really looked into it.
Thanks. Ya letters from the UK, directly from L&G & Thredneedle, outlining current total of my holding. Half yearly statements basically.Not necessarily. Aviva, for example, sells three L&G funds (but not this one), wrapped in their Investment Bond products. Tax liabilities are paid by Aviva when they arise, so there is no need for a holder to make a tax return. So if the OP’s funds are similarly structured, i.e. as part of an investment policy, he / she has no need to make a tax return. Also, the OP should receive an annual statement of benefits from the Irish insurance company.
From whom did you receive this letter? Was it from an Irish insurance company or from the UK? If from Ireland it should contain your policy number allowing you to contact the provider who is best placed to answer your questions.
If from the UK, you may have tax liabilities as outlined in post #3 above.
1) There’s no PRSI or USC.Not necessarily. Aviva, for example, sells three L&G funds (but not this one), wrapped in their Investment Bond products. Tax liabilities are paid by Aviva when they arise, so there is no need for a holder to make a tax return. So if the OP’s funds are similarly structured, i.e. as part of an investment policy, he / she has no need to make a tax return. Also, the OP should receive an annual statement of benefits from the Irish insurance company.
From whom did you receive this letter? Was it from an Irish insurance company or from the UK? If from Ireland it should contain your policy number allowing you to contact the provider who is best placed to answer your questions.
If from the UK, you may have tax liabilities for an offshore fund, as outlined in post #3 above, i.e. 41% income tax plus PRSI plus USC.
An investment policy would be an investment wrapped in an Irish life policy by a life company.Thanks for reply, when you say clearly not investment policy, what do you mean by that if you don't mind? Is there any information online that says 'Equity Income Funds' fall under the category of ETF as opposed to Investment Trust/Fund for Irish Tax? For example one thing I read about Investment Trusts/Funds was that one thing that defines them is that they are managed by fund managers, which the 2 funds I have linked to are...
I understand it might be obvious to you, but as I said in my first post I am a complete newbie in this regard.
Thanks.
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