thumbelina
Registered User
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Hi,
I haven't seen this question previously but maybe somebody knows the answer:
Are you allowed to include the charges such as the annual management charge paid to a financial advisor for the management of a portfolio as an expense when offsetting against the gains for Form11 calculations.
The firm that put our investment in place charged an implementation fee on every purchase and also an annual service charge.
This is separate to the normal TER / AMC of the investment itself, in this case it was ETFs that were invested in.
For example (made up numbers below):
Purchase in 2010 €100,000
Sold in 2014 €120,000
Gross Profit €20,000
Costs
Commissions (paid to platform/stock broker) €500
** Implementation Charges (1% one-off) €1,000
** Portfolio Management Fees to Financial Advisor (~1% p.a. - example) €4000
Total Costs €5,500
Taxable Profit = €20,000 - €5,500 = €14,500
Less Tax @ 41% = €5,945
Net Profit = €8,555
No CGT allowance etc because these are ETFs
Thanks.
I haven't seen this question previously but maybe somebody knows the answer:
Are you allowed to include the charges such as the annual management charge paid to a financial advisor for the management of a portfolio as an expense when offsetting against the gains for Form11 calculations.
The firm that put our investment in place charged an implementation fee on every purchase and also an annual service charge.
This is separate to the normal TER / AMC of the investment itself, in this case it was ETFs that were invested in.
For example (made up numbers below):
Purchase in 2010 €100,000
Sold in 2014 €120,000
Gross Profit €20,000
Costs
Commissions (paid to platform/stock broker) €500
** Implementation Charges (1% one-off) €1,000
** Portfolio Management Fees to Financial Advisor (~1% p.a. - example) €4000
Total Costs €5,500
Taxable Profit = €20,000 - €5,500 = €14,500
Less Tax @ 41% = €5,945
Net Profit = €8,555
No CGT allowance etc because these are ETFs
Thanks.