Don't like how Ireland taxes investments? Now's your chance to do something about it!

[call_me_tom]

@kayzforgod I wasn’t aware that Ireland had a similar vehicle as the U.K. SIPP. I had heard of a tax efficient and self directed scheme which was very property focused but nothing which is tilted towards self managed pensions comprising mainly of stocks, shares and bonds. I’ll have a read through the link you sent. Thanks for that.

 

[somebodysangel_88]

@gardenlady Will we ever have a scheme similar to Japan's NISA. I know the UK has one too. Invest up to X amount over Y time and all gains are tax free for that fund.

We all need better opportunities for investing and younger people need to learn the importance of investing for future. I fear now I'll retire with 0 to live off of.

 

[ekitten]

@gardenlady Introduce Long-Term Capital Gains Tax Rates ?

 

[kayzforgod]

@gardenlady I think they need to apply CGT tax consistently across all asset classes. I would also favor removing CGT exemption when selling PPP, if it means other assets like ETF get a fair treatment.

 

[amishlady34]

@gardenlady I would encourage everyone to make a submission if at all possible. Even just adding a short note that deemed disposal on distributing funds has to be abolished so that this comes across as a common issue for individual investors.

 

[rinniedsouza]

@gardenlady Can someone clarify - tax on ETF capital gains is 41% but on Investment Trusts (like FCIT) it's only 33%?

If so can you recommend a good IT?

What do you do with eToro gains? Self account on ROS?

 

[lookyloo]

@gardenlady I would like to make a submission. If we're all singing off the same hymn sheet it might be taken more seriously.

My knowledge of investing is only miniscule and at the very start of the learning curve.

Is there anyone with experience who could put some of the main points together?

The Irish vs ni etf taxation is ludicrous alright and as many pointed out it is all geared for us investing in the property market.

 

[jesusisgod7]

@gardenlady Just reading all that makes my blood boil. Thieving bastards.

 

[shalexa]

@gardenlady This is an excellent post, which I’ve just stumbled upon. Great to see that a consultation is out on this issue, and hopefully the people behind it are starting to accept that taxation rate and policy (DD) of ETFs (and investments generally) for Irish retail investors are sickeningly punitive. I’ll definitely be making a submission. Thanks for the post!

 

[deimante]

@gardenlady I’m delighted I found this post! Has there been a submission template generated that everyone agrees on?? I’ve created my account and ready to submit but I’ve to be honest, i haven’t a notion as to what to submit!!

 

[laura06]

@gardenlady conversion of a cryptocurrency(virtual currency) into another cryptocurrency is not subject to income tax

 

[tony58]

@laura06 It's a taxable event subject to CGT.

 

[resjudicata]

@gardenlady The absolute myth that Ireland is a "low tax country" needs to be put to rest, once and for all. For people working the 9-5 or trying to get ahead, it's far from it. Once you look past Europe, in particular, you find that Ireland's tax regime is nothing short of punitive.

 

[hayleyrosebriningbakfaith]

@gardenlady OP, to come back to this post, were you at all inspired by the government's initial response report, or was it empty?

Keen to hear your views as I sent in a similar list of complaints to your own.

 

[gardenlady]

@hayleyrosebriningbakfaith I don't have the report to hand now and I can't remember all of the details, but I am cautiously optimistic about the response. Our concerns were definitely heard. Specifically, the fact that they're looking into an ISA style system, which could go a long way to solving the issue for many people, especially those looking to invest smaller sums and are put off by the significant complexity and admin required for the chance to make very modest gains. If we had both our existing pension system and an ISA then many people could invest completely shielded from tax.

There was a comment about it education, which I remember a few people took issue with when it was released, but I didn't read it the same way they did. They seemed to take it as "people think the system is bad because they're not educated enough", but I took it as "changing the tax system alone isn't going to solve the issue of so many people not investing, education is also needed". But that's just from memory so I'd need to read it again.

I'm looking forward to the final recommendations, but I think at this point the biggest risk is political. We have a general election coming up either before or shortly after the next budget, so any implementation of the recommendations will be under that backdrop.

 

[hayleyrosebriningbakfaith]

@gardenlady Thanks a lot for your summary and looking forward to reading more of your opinions on it in this group when the final report comes out, I find your views really helpful!