I can occasionally avail of a similar exemption to the OP, albeit not a fixed amount so the tax benefits of a pension are also less beneficial to me but trying to find alternative investment here in Ireland is nigh on impossible - the ongoing palaver surrounding ETFs a case in point. The banks and life companies pretty much have it sewn up.
The whole thing is a mess. The Revenue don't know how to handle queries on deemed disposal outside of the life companies (which there shouldn't be any queries as the life companies pay it). Low cost providers aren't going to do it as they are low cost advisors for DIY investors. They aren't going to get involved in clients taxation issues.Would the palaver not be resolved if Government said to EFT providers, okay we'll reduce/amend the tax if you lads sort out the taxation for clients to ensure that there's no self-assessment and avoidance, and it's really up to yourselves if you want to charge clients for that?
Life companies didn't increase their fees when deemed disposal was introduced so why would they reduce them if it was removed?On the other hand, if deemed disposal was simplified or removed, would the life companies reduce their fees since the administrative burden would be lesser?
On the other hand, if deemed disposal was simplified or removed, would the life companies reduce their fees since the administrative burden would be lesser?
It wasn't too long ago that people wouldn't invest through their pensions because they were seen as such a rip off. Look at it now, on this site, the #1 bit of investment advice to people is to put as much money as possible into their pensions. Costs have come down a massive amount and the commission structures have changed so much. I used to get 25% of the first year premium for monthly (I'm sure you used to get 60% GerI'm around long enough to remember when Quinn Life came to the market with (initial) AMCs of 1.35% pa (pre Levy days) on investments (1.5% on pensions) and it was hailed as great competition in the market. AMCs have come down a lot since then.
Perhaps not but deemed disposal was introduced before the explosion in popularity of DIY ETF investors. Now the life companies are in competition with that and one of their selling points is "We charge a bit more but we will handle all the complex tax and admin for you".Life companies didn't increase their fees when deemed disposal was introduced so why would they reduce them if it was removed?
Now the life companies are in competition with that
My guess is no, low cost brokers would probably prefer to stop allowing Irish PPS numbers access to ETF funds than handle the tax, that's a zero cost solution to that request from government.Would the palaver not be resolved if Government said to EFT providers, okay we'll reduce/amend the tax if you lads sort out the taxation for clients to ensure that there's no self-assessment and avoidance, and it's really up to yourselves if you want to charge clients for that?
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