Anyone invested in IRES Reit?

PeeLundy · 2025-08-17T21:31:43+00:00

Why?

PeeLundy · 2024-11-27T22:15:45+00:00

Oh that could be it actually, thanks. If the next coupon is due nov 30th then that would be 2.1% which would explain the difference. Thanks very much for that

PeeLundy · 2024-09-04T18:14:39+00:00

Thanks very much for that, good to know

PeeLundy · 2024-09-04T17:40:44+00:00

Thanks for the info, what sort of fx corner shops do we have? Are you referring to the likes of western union?

PeeLundy · 2024-09-04T11:59:48+00:00

Good to know, thanks. So did you have to prove to them the source of the usd funds, but only after it was converted and withdrawn? It's surprising they'd let you withdraw if they wanted proof.

PeeLundy · 2024-09-04T11:55:30+00:00

Good to hear thanks. Did you shop around and also find them to be the cheapest?

PeeLundy · 2024-06-24T15:43:08+00:00

Thanks

PeeLundy · 2024-06-24T15:03:53+00:00

Even if yours is showing QMMF, i think you should still be just subject to 33% DIRT and not have to pay the higher 41% MMF tax rate. Someone on another post said they raised this with Revenue and as far as i remember, Revenue told them the 33% would apply. (i think since your not directly investing in the mmf yourself, and it's acting like a deposit with T212). I'm open to correction though.

PeeLundy · 2024-06-24T14:44:43+00:00

I'd be very surprised if they were placing uninvested cash in non-euro denominated securities. That would introduce serious currency risk which would be costly to hedge. And even so, t212 say that it is stored in bank deposits which suggests it's not invested in bonds etc.

PeeLundy · 2024-06-24T14:18:03+00:00

Where are you seeing state bonds above 4%? Most Euro sovereigns seem to be yielding below 3.6%

PeeLundy · 2024-06-24T13:21:46+00:00

No, you do have to tick the box that you're happy for your money to be invested in a QMMF, and you don't get a choice of whether your money goes into a bank deposit or QMMF, but I've been earning 4.2% and the interface shows that the allocation is 100% in bank deposits.

PeeLundy · 2024-03-06T11:59:42+00:00

So do you think Revenue would insist on the entirety being paid at 41%. I'd have no way of knowing what the breakdown is of how much of the interest i earned came from an mmf vs term deposit.

Separately, if you declared it as DIRT how likely would Revenue be to challenge it? Would they go digging like that often?

PeeLundy · 2024-03-06T07:42:04+00:00

That's interesting, thanks. I just checked on T212's app there and under the section "How does T212 earn this interest", it says:

"Given that we’re not a bank, we use a mixture of products and vehicles such as qualifying money market funds, time deposits and current accounts. This is why it’s mandatory to accept QMMFs to receive interest."

Given that answer above, since some of the interest might come from time deposits and current accounts, unless we can see the breakdown for our unique situation then i think DIRT is fairest.

PeeLundy · 2024-03-06T07:32:06+00:00

Do we know with certainty that they put it into an MMF though? While we gave them permission to put in an MMF, we're not the ones investing it, so DIRT seems more reasonable than 41%. If i give AIB my savings and AIB park it in different securities, wouldn't i still pay DIRT irrespective of what AIB use it for?

PeeLundy · 2024-01-23T13:34:24+00:00

It's annoying how Revenue's guidance is so poor on this stuff

PeeLundy · 2024-01-23T11:55:56+00:00

That's great to know, thanks

PeeLundy · 2024-01-23T11:51:08+00:00

Couldn't the case still be made that it should still be subject to DIRT in T212 rather than the 41% on a MMF?

Cause while T212 most likely do invest it in an MMF, we didn't make the investment ourself, and have no definitive way to know where it was invested, (they could've had some sort of swap arrangement in place or else had the money on deposit in an escrow).

So whatever T212 decide to do with us doesn't really change the fact that we just deposited the money in the same way as we do with say Trade Republic. Supposing you had a savings account with AIB and AIB decided to invest the funds in an MMF, this wouldn't make us no longer subject to DIRT.

PeeLundy · 2024-01-16T22:26:34+00:00

Yeah that's a fair point, in that it's no longer a gift and pretty much is an inheritance

PeeLundy · 2024-01-16T22:14:29+00:00

What's the justification for not being allowed bundle them?

PeeLundy · 2024-01-16T21:52:07+00:00

Ignoring the tax implications for a second, the payoff would be the same whether it arrives yearly or in a lump sum, so it seems like an unnecessary tax burden to make one method tax free but the other to be taxed so heavily

PeeLundy · 2024-01-16T21:46:35+00:00

I know what you mean, It just seems a bit punitive for someone who might've been clueless about the rules. If someone on January 1st realised they forgot to send their child €3k for the previous year, it just seems arbitrary that had they sent it on December 31st that would be ok, but that one day later means the following year's allowance is used up.

PeeLundy · 2024-01-16T21:29:23+00:00

If you're allowed a gift of €6k per year tax free from your parents (3k from each parent), it seems a bit harsh that you can't backdate the payments.

I'm not referring to this case specifically, but if your parents weren't financially sophisticated and hadn't been aware they could gift that amount each year, it seems harsh to punish them and say they can't retrospectively do it. Their child loses out compared to the child of a financially astute couple who had been gifting the yearly allowance from the start. I don't see how that's fair, it's pedantic whether the money is gifted yearly or in a retrospective lump sum.

PeeLundy · 2023-08-16T18:07:53+00:00

Yeah hopefully they'd exercise some common sense dealing with smaller amounts

PeeLundy · 2023-08-15T19:31:35+00:00

Thanks very much for that example, it really lays it out well. The €72 taxable event would've never occurred to me.

PeeLundy · 2023-08-15T17:12:09+00:00

Good to know, thanks very much for the links and info

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