Tax on Profit from Rabodirect Funds

ali1971

Hi, I had to sell my Rabodirect funds earlier this year and made a small profit on some of them.
Is the 41% tax due before the end of October 2017 or before end October 2018.
Thanks in advance

Kristopherus

If you made less than €1270 , then you pay no tax iirc.

ali1971

Thanks for your quick reply. I made about 2000 in total but I think these funds are treated different to shares.

Pawwed Rig

Kristopherus wrote: »

If you made less than €1270 , then you pay no tax iirc.

That may not be true for a start. The €1,270 is a CGT relief. The OP would seem to indicate that the gains are taxed under the funds regime.

I am not familiar with this particular fund but there may or may not be a tax liability depending if is an onshore or offshore fund. If realised in 2017 then it should be returned in your return for 2017 in 2018 (if it is an offshore fund. onshore funds often have no reporting obligation) .

I would need to read the prospectus to give a full response.

daheff

Revenue have provided the attached guidance notes on ETFs/ Irish domiciled funds/UCITS

As far as I am aware, most of Rabo funds are under this regime.


If you closed your positions in 2017, you need to report them by 31st Oct 2018. Form 11 is where you are looking (good luck!!)


also to note, you cannot offset losses against gains, or use the annual cgt exemption.

ali1971

Thanks for all your help. I have another year!

St1mpMeister

A question on this... more of a curiosity than anything.

Who reports the sale of Rabodirect funds to the Revenue? Do Rabodirect disclose a list of funds sold and the profits made etc, or is it purely self-assessment?

I was wondering who would be handling the reports now that Rabodirect have left Ireland.

daheff

AFAIK its self assessment, but don't be surprised if Rabo do make 'voluntary' disclosures to revenue naming people.


Best pay your tax and not have to worry about the tap on the shoulder from revenue. If you don't and they catch you, then your costs could be a lot higher.

stanbowles99

I think you are obliged to have paid the tax due - 41% - by either end of year 2017 or January 2018, depending on date of disposal. You are obliged to then detail the lot in your tax return which is due in Oct 2018.

daheff

stanbowles99 wrote: »

I think you are obliged to have paid the tax due - 41% - by either end of year 2017 or January 2018, depending on date of disposal. You are obliged to then detail the lot in your tax return which is due in Oct 2018.

I think you are confusing this with CGT.


For Rabo funds its not CGT and the deadline (as revenue have advised me) is the same self assessement of Oct the following year.


https://www.revenue.ie/en/companies-and-charities/documents/exchange-traded-funds-guidance-note.pdf