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Can I manage my own ARF?

  • 08-01-2013 8:23pm
    #1
    Benjam
    Registered Users, Registered Users 2 Posts: 6 ✭


    I have an ARF currently managed by a stockbroking firm in Ireland. Leaving aside any investment advise is it possible to manage and administer this ARF by myself? If so what would the process be in order to set it up?

    Many thanks
    Tagged:


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    I don't believe you can manage it yourself in the sense that you would have full control over the money because there would nothing to stop you liquidating the investments and making off with the cash tax-free.

    The reason you have to hand the money over to an approve investment body is precisely so that the Revenue are assured that the tax laws are complied with i.e. that the appropriate rate of tax is deducted from each withdrawal and that tax on imputed withdrawals is remitted to them whether you withdraw any money or not after you reach age 60.


  • #3
    Benjam
    Registered Users, Registered Users 2 Posts: 6 ✭Benjam


    coylemj wrote: »
    I don't believe you can manage it yourself in the sense that you would have full control over the money because there would nothing to stop you liquidating the investments and making off with the cash tax-free.

    The reason you have to hand the money over to an approve investment body is precisely so that the Revenue are assured that the tax laws are complied with i.e. that the appropriate rate of tax is deducted from each withdrawal and that tax on imputed withdrawals is remitted to them whether you withdraw any money or not after you reach age 60.


    Thanks for the reply Coylemj! We currently have a self assessment tax system which gives us the option of appointing a tax advisor so paying the correct levels of tax wouldn't be an issue. Valuing assets can be done at Market price and/or using an appropriate valuer so I still would argue this could be done quite easily without the "expertise" of an investment body. My own ARF has several classes of assets cash/bonds/property/equities and valuing them all except the property can be done extremely quickly including the accrued income. As regards running off with all the cash tax free currently anyone has the option of doing that with many other investments, gifts or income and it is left up to us to declare them and pay the necessary CGT, CAT and income tax. So managing an ARF in theory shouldnt be out of the question!!


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