Revenue and Polonia Property Fund II

H

Hurling

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Revenue have done a compliance risk review of the above and have concluded that any gain is subject to income tax and not cgt. But they have also stated if it transpires their position as outlined is incorrect and transactions are not considered a disposal of a material interest in offshore fund which is subject to income tax, prsi & usc, then my original assessment of cgt will stand.
I believe this letter is gone to all investors in the fund
It was a non distributing offshore fund, revenue saying I had a material interest in it. In memorandum, this was not the case, and cgt was advised would be payable.
Anyone else received this letter ?
 
I am also an investor who was advised that any gains would be subject to CGT, has any one any further updates as to where this investigation is at present.?
 
Hi, I am trying to track down details of this fund which has showed up in my elderly (90) father's papers. Do you know who sold it into Ireland, when that was and has it been wound up or is it still live? Any information would be a great help.
 
Hi Brendan, Thanks for the links. I am laughing here because AIB Capital Markets have told me it is nothing to do with them. I have a half dozen bad experiences with them. I'll let you know how I get on. Glenn
 
MFilan, Gatreacy
Polonia Property Fund II fund was set up by AIB (AIB Investment Managers Limited) in June 2007. AIB later sold their share in it, don't have exact date. At point of sale, we were advised it would CGT that would be payable. The fund was wound up and payments to investors made in 2017 + 2019.
Revenue have said that any gains made are assessable under income tax and not CGT.
William Fry solicitors in Dublin were disputing this with revenue for a number of investors.
Regards
H
 
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