Are fees for managing an investment portfolio tax allowable, and if so, how?

H

HeatherG

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Hi there.

I wonder if anyone can answer this question? For many years, I've had an investment portfolio of shares, etc., managed for me (very well!) by an investment company. I draw a monthly income from the fund, usually from dividends and sometimes of necessity from the company selling off some tranches of shares.

I pay a management fee to the investment company, of course. It's just struck me, though: am I allowed to offset that management fee in my annual Income or CG Tax return? I never have done. But I was filing a fee note away just now and the question occurred to me. I googled it but couldn't find anything definitive for Ireland, or at any rate anything I could understand.

So if anyone knows the answer to this, I'd be very grateful
 
No, fees of managed an investment portfolio aren't tax deductible against income tax - this would included dividends, interest etc. For CGT purposes you will be able to claim the costs of sale (typically commission) and the costs of purchase (typically commission and stamp duty) from the gain arising on the sale of the shares.
 
Thank you VERY much for that, Dublin67. Much appreciated. I thought maybe it was too good to be true, and it was. Kind regards.
 
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