Tax on gains from managed fund?

[Feeder]

Hi,
I had some money in a BOI managed fund for about three and a half years. A couple of months ago I cashed it in, making a fairly small profit, I think I ended up earning something like 4% on average per annum.

It just dawned on me yesterday that I might owe tax on the earnings from this investment, in the same way that I would have to pay DIRT if I had it in a normal savings account....so do the government charge tax from earnings off a fund investment?

I tried to find my final statement to see if the bank (BOI) had automatically taken any tax from me but can't find the statement, would this be standard practice that the bank deduct the tax directly?

Otherwise I guess I need to give the revenue a ring.

Thanks for help.
Feeder

 

[ClubMan]

Most managed/unit linked funds deal with all tax matters internally so there is no additional liability on the beneficial owner at encashment. I would suspect that this is the case here but you should double check to be sure.

 

[Taximan]

If it was a unit fund you held which is extremily likely you would have paid exit tax on your gains at standard rate + 3%. This is known as exit tax and is deducted by the bank when you encash your units, you should get some type of statement or advise note to that effect from BOI. The fact that you made any money on a BOI managed fund over the last three years you should be delighted with considering the torrid time BIAM are having.

 

[ClubMan]

If it was a unit fund you held which is extremily likely you would have paid exit tax on your gains at standard rate + 3%.

Or with older funds (back when they were net rather than gross roll up) the tax would have been deducted along the way rather than in one go at maturity.