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Posted Mon, 04 Mar 2024 15:49:26 GMT by susan Finch
I am a trustee of a discretionary trust. Many of the funds which the trust fund wishes to purchase are 'domiciled in Ireland'. What are the tax implications for income tax and CGT payable by the trust fund?
Posted Wed, 06 Mar 2024 12:21:52 GMT by HMRC Admin 19

You can see guidance here:

Trusts and taxes

Thank you.
Posted Fri, 08 Mar 2024 14:37:25 GMT by susan Finch
Thank you for looking at my query. I am aware of tax the trust has to pay for UK based investments. My question was regarding tax on funds DOMICILED IN IRELAND which I understand are considered to be overseas investments for tax purposes. Does the trust treat investments in funds domiciled Ireland exactly the same as UK investments for tax purposes or are they considered different by HMRC? Many thanks S Finch
Posted Mon, 11 Mar 2024 16:07:30 GMT by HMRC Admin 32

Please have a look at the guidance of onverseas trusts at below, as we can only provide general information.  

Non-resident trusts

For more information you should contact the trust helpline on 0300 123 1072.

Thank you.
Posted Tue, 12 Mar 2024 10:42:34 GMT by susan Finch
Thank you, The trust is not a non resident trust., the trustees are UK residents. My query relates to INVESTMENTS in a FUND which is DOMICILED. IN IRELAND, What are the income and CGT implications of investing in a fund domiciled in Ireland Thank you
Posted Tue, 19 Mar 2024 12:11:19 GMT by HMRC Admin 21
Hi susan Finch,
As a resident in the UK, you are still taxable on foreign trust income and capital gains.  You may have to claim tax back from the Irish tax authorities, as you are not resident in Ireland.  Please have a look at the guidance at Non-resident trusts.
Thank you.

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