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Investment & Tax

Hurling14 · 2024-09-19 16:22:46

I invested in a European property fund which was wound up in 2017 and a liquid distribution was issued. As outlined at the very start, investors would not have a material interest in this off shore fund, hence I paid CGT on profit. Revenue have come back to say investors did have a material interest and any profit should…

19-09-2024 4:22pm

#1

Hurling14

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Join Date: September 19

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I invested in a European property fund which was wound up in 2017 and a liquid distribution was issued. As outlined at the very start, investors would not have a material interest in this off shore fund, hence I paid CGT on profit. Revenue have come back to say investors did have a material interest and any profit should be included under Income Tax.
It was appealed to the TAC Tax Appeals Commission, but they found in revenues favour.
There was a placement fee paid at the very start for this investment along with some solicitor fees since. Can both of these fees be put against the income tax due. The placement fee could not have been used against the CGT.

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