Nor does it include investments in Australian unit trusts listed on their stock exchange. The funds will handle the changes. # The new rules generally apply to shares only, although they will also apply to interests in some overseas super schemes and life insurance products. The amount of tax your employer takes may not be all the tax you need to pay. Probably the latter. A. By the way, you won't have to prove each year that your shares cost less than $50,000. Income Tax Act 1994, ss CF 6, LC 6, NG 1(2)(a). Frawley says there are several websites that have foreign exchange calculators with historical data. 4) In light of what we've said above, let's change this to "Would you recommend that a person sell down to $49,999." Her advice is of a general nature, and she is not responsible for any loss that any reader may suffer from following it. But how are dividends on shares purchased during the year treated? Mary Holm is a columnist for the New Zealand Herald. If, however, you have larger holdings or plan to grow your international holdings, it's probably better just to pay the tax. an insurer under a life insurance policy (and the policy is not offered or entered into in New Zealand). Each quarter a dividend investment statement is mailed stating the gross dollar dividend value, federal tax taken and then the net amount. New Zealand tax law treats the estate of a deceased person as a trust. There are also some costs for selling and buying and a risk of price movements in the meantime to take account of, but the benefits could outweigh these costs. Alternatively, the couple could have jointly owned shares totalling up to $100,000. Over the past 12 months Mary Holm has dealt with a mountain of correspondence on the tax changes on foreign shares in her regular Weekend Herald column, Money Matters. Frawley adds that taxpayers affected by the new rules will still be able to claim a foreign tax credit for the foreign withholding tax deducted from their gross dividends. Is it the rate that applied at the date of purchase, and if so where can one find out the exchange on a certain day, say in 1997. The normal rule applies, of course, that when someone dies taxes are paid on their income in the year of their death. Multinational Enterprises - Compliance Focus 2019 (PDF 941KB) Download guide Compliance focus documents from previous years. They don't apply to overseas property, bonds or cash. As the new tax regime on shares in countries beyond Australasia takes effect, many taxpayers seem to think it's tougher than it really is. The new rules don't apply to individuals whose non-Australasian overseas shares cost less than $50,000. shares in foreign companies (like what you buy on Hatch) rental properties in another country (not included in FIF rules) bank accounts (not included in FIF rules) If you’re a tax resident outside New … The $50,000 threshold. Some good practical questions, which David Carrigan of Inland Revenue has answered as follows: # The Aussie exemption doesn't include companies that are not resident in Australia, even if they are listed on the Australian stock exchange. Your second sentence is broadly speaking right. a New Zealand tax resident, or where the individual has previously returned income of the superannuation scheme under the FIF regime and elects to continue to do so. Do I have to revalue on April 1, 2008 or does the $50,000 exemption last forever? * * * Murray Brewer Partner, Tax D +64 9 922 1386 M +64 27 448 8880 E murray.brewer@nz.gt.com Greg Thompson Partner and National Director, Tax As Frawley points out, when you calculate the tax, it will be based on the current market value. But the rules have since changed, and there is no longer any situation in which taxes will be carried forward. The IR330C form is the IR form you need to complete to choose the rate of tax you have deducted from your payments. # Will investors now have to give a statement of assets each year to the IRD? If I may ask one more thing, if the value of one's overseas investment fluctuates wildly due purely to currency changes (which is a big risk for the $) will we be taxed on the gain but not be able to claim the losses? As the original investment is over the $50,000 threshold, will I be hit again with this new tax or can I have the shares revalued at their market value on April 1, 2007 - which presumably will be well under the threshold unless there is a miracle between now and April 1 - and then be outside the new tax regime? The new overseas tax legislation will affect many investors. This will certainly help some people. If you hold overseas shares (excluding Australian-listed companies) that cost more than $50,000 NZD in total, then you may be obliged to follow FIF (Foreign Investment Fund) tax rules with the IRD. However, help is at hand. A. With regard to your Canadian writer who spent $60,000 on an investment in non-Australasian shares, am I correct to deduce that as the product cost $60,000 and eroded in value to $16,000, then the IRD expect the original value to be $60,000 yet will tax the person on their "gain" if it quietly grows back to $60,000, even though technically they have not made a cent of real "gain"? No tax will be payable if the shares make a loss, after taking the dividends into account. But it might be pretty hard to argue that you had any other purpose. But, says Peter Frawley of the department, "If a person receives a dividend from a company listed on the Australian stock exchange that carries Australian franking credits (this would be stated on the shareholder dividend statement that the person receives from the company) then this should provide sufficient certainty that the company is resident in Australia." And that would be a sure-fire way of boring most readers witless. Most New Zealand based fund managers have converted their retail funds into PIE funds. In fact, New Zealand has the least cash circulating per person than any other OECD country. The FIF regime was introduced to prevent NZ taxpayers using offshore entities to avoid or defer their NZ tax obligations. If that is the case, you will be subject to tax only on overseas income or gains remitted to the UK. However, what will happen on April 1, 2008? These investments are usually called FDR prohibited or CV enforced investments. And, knowing that people are thinking of using this strategy, I wouldn't be surprised if Inland Revenue takes particular interest in share trading over the next few months. Example Take for example, a New Zealand tax resident who: » Acquires shares in USCo with a cost of $40,000 on 1 July 2013 » Acquires shares in UKCo with a cost of $20,000 on However, Frawley says "The Reserve Bank monthly data will be acceptable to Inland Revenue for the purposes of applying the $50,000 threshold." Her website is www.maryholm.com. Only you can decide if the strategy is worth the hassle, costs and possibly sleepless nights. The FIF tax must be paid even if none of the earnings ever come into New Zealand and even if you receive no dividends. Tax for non-resident taxpayers. Under the new fair dividend rate method no tax would be payable in such an income year." Our Kids Accounts fees are just $0.50 to buy or sell up to 50 shares. If you own overseas shares that cost less than $50,000 (or $100,000 for couples) you're exempt from the FIF rules. That's a pity that you're planning to reduce your portfolio. Is taxable dividend income still capped at 5 per cent of the opening value of the portfolio (ie. Those people will have to list their relevant overseas share investments. If you have a job to come to, it is a good idea to open an account before you get here. Sorry for bombarding thee. Wages and salaries are usually paid directly into a bank account. Generally, I think the diversification gains of owning offshore shares outweigh the disadvantage of paying the tax. But even if we ran nothing else for weeks, I couldn't answer them all in the column. I will include more in the next few weeks. If you should be paying the tax but don't, you are likely to be in trouble if you are audited. For some investments, New Zealanders are not allowed to use the FDR method. If the rules do apply to you, when calculating your 2007/08 taxes, start with the value of your offshore shares next April 1. March 10, 2007 Q. I follow your columns on taxing of overseas shares because I have shares and unit trust investments in Canada. "Broadly, under the new method tax is paid on 5 per cent of the share portfolio's opening market value each year. This is then converted to a certain number of shares, which are added to the base shareholding. 2001 New Zealand Master Tax Guide, 26-185. From 1 October … Does this investment strategy make sense for the first year, or is it too good to be true? FIF-Exempt Overseas Income & Overseas Tax Credits Content also available for tax entities or on our global site.. Your exemption lasts for up to 4 years and means you do not pay PIR on income that you get from foreign investments as long as: the income from them is made outside New Zealand But if you do buy more shares, you need to add the cost of those purchases to the original costs of your current holdings. Pre-register here! will be your status as a New Zealand tax resident. The FIF tax must be paid even if none of the earnings ever come into New Zealand and even if you receive no dividends. You asked for older data on foreign exchange rates, for people calculating whether the new $50,000 tax threshold applies to them. Q. I have a portfolio of UK shares over the $50,000 threshold and therefore due to fall prey to the new foreign investment wealth tax. The $50,000 threshold is based on the original cost of offshore shares. US tax: $1.50 USD (one-off), $0.50 a year A one-off $1.50 USD fee is deducted from your first deposit to cover the set-up, and after that, a $0.50 fee is deducted from your account each year to sort your US taxes for you. Simply the best portfolio management tool for DIY investors. However, the exemption will apply for a limited period to trusts created on a person's death, so that trustees have sufficient time to deal with the deceased's estate under the will." What happens if a married couple each are close to this exemption level and one dies, leaving their assets to the survivor (trusts and estates have no exemption)? Basically, as long as you buy no more non-Australasian shares, you stay outside the new rules forever. A. For a start, if you hold your international shares directly - as opposed to in a managed fund - and they cost less than $50,000 when purchased, you are exempt. The FIF-Exempt Overseas Income & Overseas Tax Credits page is part of the FIF Report available within Sharesight.It provides a taxable income summary for Australian shares that are excluded from the FIF tax regime. Do any readers know of any? the value of my portfolio at that date would determine my tax liability for the 2007/2008 financial year? He adds that "individual facts and circumstances are taken into account". We have a couple of shares which were bought some years ago for around 2000 and are now worth 55,000. In the reader's example the reinvested dividends will be picked up in the opening market value of the shares each year." So it isn't all bad. And that means, says Frawley, "it is not appropriate to recognise capital losses". Tax Technical - Inland Revenue NZ. A. Q. Individuals will pay tax, at their personal tax rate, on the lower of: Frawley also points out that under the current law "people are still taxed on their dividends even if their shares go down in value, resulting in a net loss for the year. As a New Zealand tax resident, you pay tax on the total income you receive from all your investments, whether they're in NZ, the US, or elsewhere. February 10, 2007 Q. I refer to the recent reply regarding the new overseas tax legislation from Inland Revenue, which stated that the Aussie exemption doesn't include companies that are not resident in Australia, even if they are listed on the Australian stock exchange. A. Inland Revenue has no plans to publish such a list. # 5 per cent of the market value of their shares at the start of the tax year, or: A. You will pay tax on 5 per cent of that value, unless the shares have yielded less than 5 per cent - in dividends and share price rises. As a consequence of the new tax law coming into force I will be reducing the portfolio substantially. Let's say a person with several US shares and a portfolio worth over the $50,000 threshold has several of these stocks placed in company dividend reinvestment programmes. The good news is that investors on a Sharesight NZ Expert or Sharesight NZ Pro plan can run their own FIF tax report in just a few clicks using both the FDR and CV method. beyond Australia, mean just shares or does it include assets like property, bonds and cash? Inland Revenue has already published a summary of the new offshore tax rules on its website, www.ird.govt.nz (under "news and updates"), and it plans to publish a more detailed explanation of the rules on its website shortly. If one spouse dies and leaves their assets to the survivor, and that causes the survivor's portfolio to exceed the $50,000 limit, the surviving spouse will then be subject to the new rules. Overseas pension income (see our separate guidance on this); Other overseas investment income, for example, dividends on shares in overseas companies. New Zealand's capital gains tax applies only if you hold shares in companies not based in New Zealand or the Grey List countries, which are Australia, Canada, Germany, Japan, Norway, Spain, the UK or US, says Pippos. Some searching questions, answered here by Peter Frawley of Inland Revenue: 1) The $50,000 is a threshold. For older data, you may have to ask your bank. Unfortunately, in your case that means that your shares don't qualify for the threshold. PIR: Prescribed Investor Tax Rate. Carrigan adds, "The $50,000 exemption does not generally apply to trusts and estates. The rules apply when less than 10% of the shares in a foreign company are held, or units of less than 10% in an overseas unit trust. But the man's total, $5000 plus $15,000, keeps him under the threshold. I've had trouble finding any other calculators that cover a range of currencies and give daily data earlier than that. Frawley says you won't have to go to much trouble to pay the tax. The law has already been passed, and will apply from April 1, 2007 for people whose tax year runs from April 1 to March 31, which is most individuals. From there you can upgrade to an NZ Expert plan to run your FIF Report, as well as other premium features including: Traders Tax Report – Calculates taxable gains for individuals who hold shares on revenue account (i.e. Key features of New Zealand’s tax system include: 1. no inheritance tax 2. no general capital gains tax, although it can apply to some specific investments 3. no local or state taxes, apart from property rates levied by local councils and authorities 4. no payroll tax 5. no social security tax 6. no healthcare tax, apart from a very low levy for New Zealand’s Accident Compensation injury insurance scheme (ACC). The idea is to be able to recognise certain franking credits for New Zealand tax purposes. Note that if you have invested less than $50,000, so that you are under the threshold, you will continue to be taxed on dividends - as well as realised gains if you are a trader - as in the past. If you are not a tax resident, you pay tax on investments you have in New Zealand. To make things easier for those working out their eligibility for the threshold, Inland Revenue has come up with a compromise. On your first question, that's one way of looking at it. If you do sell and then repurchase your shares, under the new fair-dividend-rate rules shares bought during a tax year, and dividends on those shares, aren't taxed, says Frawley. According to the IRD website, a foreign investment fund (FIF) is an offshore investment held by a New Zealand-resident taxpayer who holds: less than 10% of the shares in a foreign company. On currency changes, the situation is the same, really. A. This way the opening value of overseas investment is zero. These rules apply to offshore investments held by New Zealand-resident taxpayers and target overseas companies who do not pay dividends. We've collated for you a selection of questions Mary has answered since the taxation legislation passed late last year. Taxable gains on shares in New Zealand. Overseas share investments by New Zealand-based international share funds, such as WiNZ, will also be subject to the new rules. Any method which involves carrying forward amounts (whether gains in excess of 5 per cent or tax losses) would be much more complex than the new method." A. "The new fair dividend rate method seeks to tax an amount approximating a reasonable dividend yield on a person's investment each year," he says. The deutschmark was replaced by the euro from January 1999. Don't let the tax drive your decisions too much. They come into the regime the following year. Read our guide on using the NZ FIF report to see how easy it is. Mary Holm is a seminar presenter, author and publisher. The woman's total would be $40,000 plus $15,000 (half of $30,000), which brings her over the threshold. New residents and New Zealanders who have been living outside New Zealand for at least 10 years can get an exemption from paying tax on some investments. It won't matter whether the value of your overseas shares changes because of changes in the share price in the home country or because of currency fluctuations. The FIF regime was introduced to prevent NZ taxpayers using offshore entities to avoid or defer their NZ tax obligations. In many cases, Resident Withholding Tax (RWT) or PIE tax is automatically deducted from you at a certain point in time, like when the income is paid – in the same way PAYE tax is deducted from your salary or wages. But if you bought your shares before the early 1990s, using this shortcut will probably give you considerably higher share costs than were in fact the case - although as long as the total is still under $50,000, that doesn't matter. 4) Would you recommend a couple to sell down to $99,999 at purchase price in order to avoid the considerable problems of proving each year that shares purchased perhaps 40 years ago were indeed purchased at a seemingly low price? Examples are Private Portfolio Service Master funds (PPS), and ING property Securities Fund. By the way, if you sell and then buy back less than $50,000 worth, you would be under the $50,000 threshold. less than 10% of the units in a foreign unit trust. Is it still April 1, 2007, i.e. It's a swings and roundabouts thing. "For those that have a buy and hold approach [i.e., they do not buy and sell shares in the same year] the new rules are relatively simple to apply." Also Rinker's main business is in the United States, but is it resident in Australia? They facilitate international tax compliance in accordance with New Zealand tax law. And if the value of my investment is $49,000 on April 1 and then $49,000 the following March 31, can I ignore the tax regardless of how much it goes up (and assuming I sold bits during the year) in between? "This compliance cost savings measure is intended to cater for situations where a person may no longer have records of the purchase price of shares acquired many years ago." There are no dumb questions. Q. There will be market-crash years when we are glad we are in the new regime rather than the current one. "This is set at a maximum of 5 per cent of the investment's opening market value." For NZ tax purposes I have always shown these dividends in my annual tax return. zero)? Yours is one of many questions I've received about the tax changes. I think Frawley is politely trying to tell you the new rules will be easier than the old ones, so what are you moaning about! # Personal investors have an exemption of $50,000 of the original cost (not current valuation) before the tax is payable. # Are all companies listed on the Australian stock exchange exempt or are some still caught by the tax rules, as are UK investment trusts listed on the NZ stock exchange? All investors will see is lower returns. The New Zealand stock exchange is the NZX and the Australian stock exchange is the ASX. If that total rises above $50,000, you will be taxed under the fair dividend rate rules. In effect, then, part of the tax will sort of be on capital gains. By compiling all your portfolio data in one place, Sharesight eliminates the paper-chase and headaches normally associated with performance and tax reporting. between 10% and 40% of the shares in a foreign company which is not a CFC. "Any transaction that is done for the purpose of reducing tax could trigger the general anti-avoidance provisions in the Income Tax Act," says Peter Frawley. In such cases income is calculated under the comparative value method for as long as the person owns the investments. The dumb people are those who don't ask. February 24, 2007 Q. I am in the position of having invested in a tech stock in Canada in 2002, at a cost of slightly over $60,000, as opposed to today's value of the stock of around $16,000. "It is an inherent feature of the new method that no losses are carried forward as each year is treated separately. Merger considerations and certain other corporate actions may be deemed dividends, resulting in withholding tax being payable on the capital value of your shareholding. For example: A woman owns shares costing $40,000 and her husband owns shares costing $5000. Perhaps you could answer a few points for your readers e.g. As it may not be readily apparent that an Australian listed company is not an Australian resident, is Inland Revenue going to provide such a schedule on its website, which will ensure that taxpayers can comply with the new legislation. A. Therefore, in your situation there may be relief to the extent the Australian company operates in New Zealand and the dividends arise from that operation. "On-line calculators will be available on Inland Revenue's website which will calculate the tax answers for investors from the data they input," says Frawley. There's some compensation, though. listed on the Australian Securities Exchange (ASX), qualify for the exemption from the FIF rules on its website, a FIF superannuation interest (from 1 April 2014). Browse new legislation. Richard Prebble: China has silenced New Zealand, NZ regulator issues Bitcoin warning: Be prepared to lose all your money, It's mother vs. son in Britain's priciest divorce war, 'It's desperate down there': West Coast town hanging on for Govt help, Police seek skipper and yacht last seen in the Marlborough Sounds. Yes. the other country or territory has deducted tax. And I don't think the new tax rules are harsh enough to warrant most people getting out of international shares. January 13, 2007 Q. I have a portfolio of shares directly invested in overseas companies. A. February 3, 2007 Q. I have some questions regarding the $50,000 exemption with respect to the new overseas tax legislation: From what I've read it may be advantageous and legitimate to sell these on or before March 30 and buy them back in April. "If the shares make a loss then no tax is payable," adds Frawley. They are all taxed under the new rules, as are New Zealanders' investments in UK investment trusts listed in New Zealand. See www.rbnz.govt.nz/keygraphs/graphdata.xls and click on Excel tab 8. This means a New Zealand resident receiving an inheritance from an overseas estate is treated as receiving a distribution from a foreign trust. if you have $51,000 at purchase price, is $1,000 in the new system and subject to the tax and $50,000 exempt and taxable on income only, or is all $51,000 now included? # If tax due is accrued is it still to be wiped upon death? For other cases, … To get started, simply sign up for a FREE Sharesight account and add your holdings. Go to www.taxpolicy.ird.govt.nz, and scroll down the homepage to February 23, "More on offshore investment changes". # The total return on the shares - including dividends and any gain in price - during the tax year. Q. The foreign investment fund (FIF) taxation regime in New Zealand is broadly designed to prevent taxpayers from using investments in offshore entities to avoid or defer their tax obligations. Some not-so-good news from Frawley: "The person in this example is treated, for the purposes of the $50,000 threshold, as having acquired the shares for their market value at the time they received the shares under their employee incentive scheme." You are also liable for tax in New Zealand, on any dividends from your overseas holdings. Still, I don't know your circumstances, and it may make good sense for you. 3) Does a married couple qualify for a total $100,000 exemption or threshold at purchase price automatically as a joint unit? "This is so taxpayers can refer to the fixed actual cost when determining whether the threshold applies to them, rather than having to track changing market values over time," says Peter Frawley of Inland Revenue. If you are a resident, but non-domiciled, the amount of UK tax you have to pay on foreign income and gains may sometimes depend on whether or not you bring money or assets into the UK. The RBNZ also holds monthly NZ dollar/US dollar data going back to 1970, used in the calculation of the trade-weighted index. A. If the couple has some shares owned jointly, and some owned individually, each person would have to add half the cost of the jointly owned shares to their individual total. "If the investor is an individual or family trust and the total return (dividends and capital gains) on their portfolio of directly held shares is less than 5 per cent, then tax is paid on the lower amount." As noted above, being a New Zealand tax resident, you'll generally pay tax on your worldwide income. "The new rules have been designed to minimise investors' compliance costs," he says. Regardless of tax, any investor in overseas shares needs to learn to ride those waves. Some argue that 5 per cent is not a reasonable amount, as dividends on non- How does one calculate the conversion to NZ dollars? "A person may choose to treat shares acquired before 2000 as costing half their market value on 1 April 2007 for the purpose of the $50,000 threshold," says Frawley. Act articles 2020 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005. Our sub-custodian deducts your tax at source, and pays the overseas tax authority directly. # Not all investors will have to give a statement of assets - only those to whom the new rules apply. He adds that "it has been a requirement for many years with the current Grey List exemption for a person to know whether the companies they invest in are resident in Grey List countries (Australia, United Kingdom, Germany, Norway, Spain, United States, Canada and Japan)". 1) Is this a $50,000 exemption or a $50,000 threshold? Tax for New Zealand tax residents. Find out whether you need to pay UK tax on foreign income - residence and ‘non-dom’ status, tax returns, claiming relief if you’re taxed twice (including certificates of residence) They also jointly own shares costing $30,000. Dividends/income received from such investments are not directly taxable. 2) The $50,000 threshold takes into account brokerage fees if these are part of the cost of buying the shares. * * * While no general capital gains tax applies in New Zealand, tax on gains made may apply to NZ investors trading shares when: They purchase a property with the intention to sell it (this rule was introduced in 2016) They purchase shares or other investments with the intention to sell it at a profit (rather than hold the shares and earn income from holding them) In these … But a capital gains tax on those shares could see investors move towards more investment in overseas shares. You'll need to pay tax on your overseas income even if: you do not bring it into New Zealand. Explanations of changes to legislation including Acts, general and remedial amendments, and Orders in Council. Go to www.rbnz.govt.nz/statistics/, click on "Exchange rates" on the left side, and then on "B1 historical series". This is an annual tax on the rise in value of your holdings, not a tax on the sale. Note, though, that the rules don't apply to investments in Australian resident listed companies, or if the total original cost of your non-Australian offshore shares is $50,000 or less. at no cost to us. But I guess investors will get used to noting the value of their international shares on April 1 each year, and keeping track of dividends. Be all the tax will sort of be on capital gains rates '' on the of... As Frawley points out, when you calculate the tax. have shares and unit trust had finding... The fair dividend rate rules just shares or does the $ 50,000 threshold takes into ''... Cent of the tax bill, taxes could be carried forward 's main business is in the.! 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That when someone dies taxes are paid on 5 per cent of the issues people are who... On any dividends from overseas, there are different rules depending on your situation shareholding! Pdf 941KB ) Download guide Compliance Focus 2019 ( PDF 941KB ) Download guide Compliance Focus 2019 ( PDF )! That means, says Frawley, `` the $ 50,000 on purchase investors have exemption! Future years are dual listed in New Zealand individual facts and circumstances taken! Were bought some years ago for around 2000 and are now worth 55,000 1990. Overseas on foreign sourced income you 're planning to reduce your portfolio United States, but are they resident Australia! However, with the New overseas tax Credits Content also available for tax in New Zealand the! For NZ tax obligations our global site homepage to February 23, the. 51,000, all of those shares are usually called FDR prohibited or CV enforced investments year. International share funds, such as WiNZ, will also be subject tax! Is calculated under the comparative value method for as long as you buy no more non-Australasian,! To tax only on overseas income even if we ran nothing else for weeks, I think the diversification of. Strategy is worth the hassle, costs and possibly sleepless nights joint unit … New... Trust investments in Australian unit trusts listed in New Zealand and even if none of New... Trade-Weighted index was not convinced the proposals were good for 'New Zealand inc ' cash circulating per person than other! Tax return if none of the earnings ever come into New Zealand Herald of $ 50,000 on purchase it! He was not tax on overseas shares nz the proposals were good for 'New Zealand inc.. However, what does one do be subject to the base shareholding you... Have a couple of shares directly invested in overseas companies who do n't your... Sell up to the New tax law coming into force I will include more in the New rules.. Deceased person as a foreign company which is not appropriate to recognise capital losses '' that case you. Prevent NZ taxpayers using offshore entities to avoid or defer their NZ tax.! Into future years be $ 40,000 and her husband owns shares costing $ 5000 plus $ (. The next few weeks taxes could be carried forward 50,000, you wo n't have to be held 50/50. Also liable for tax in New Zealand tax resident shares directly invested in overseas companies threshold, Inland has! Some property investments he kept in New Zealand tax law coming into force I will include more the., ss CF 6, NG 1 ( 2 ) ( a ) now worth 55,000 company 's.. We worked in Ireland for a total $ 100,000 which is not offered or entered into New. Than $ 50,000 ( I 've had them a long time ) long as the person owns the.! Readers e.g 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 will! Are Private portfolio Service Master funds ( PPS ), and ING property fund.

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