cgt & expenses

S

soy

Guest
cgt & expenses

I know that the share dealing costs are allowable expenses whe calculating CGT, but how about other expenses such as subscriptions to Investment websites.

Per the Revenues CGT guide you are allowed offset 'expenditure incurred to enhance the value of the asset’.

If the tools and education obtained through one of these form the basis of your share dealing strategies then it would seem to be fair that you could offset these costs.

am I correct in this?
 
cgt & expenses

I'm not a tax expert but I doubt that such expenses would be considered allowable against gains when calculating CGT. Acquisition/disposal expenses (e.g. broker/agent fees), stamp duty (on purchases) and so on are allowed. Subscriptions to investment websites can hardly be deemed to enhance the value of an asset whatever about giving you guidance/information on the selection of assets (e.g. shares) to buy in the first place. I would imagine that such expenses would only be of relevance for tax purposes if you were engaging in a trade/business which involved the selection, purchase and disposal of capital assets. Otherwise I doubt that they would be allowed for most ordinary punters with capital investments.
 
If you were 'trading' then you would be liable to income tax and not CGT on the sales;

Then if you were 'self employed' any expenses that were 'wholly and exclusively' incurred would be deductible.

It would not constitute a specific outlay in CGT terms.
 
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