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Brokerage/transaction fees

  • 20-04-2021 2:43pm
    #1
    Debadgeboi
    Registered Users, Registered Users 2 Posts: 1 ✭


    When calculating my tax obligation from stocks, are brokerage/transaction fees deductible from any capital gain/dividend income I make?


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,036 ✭✭✭✭Geuze


    https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/how-to-calculate-cgt.aspx

    How to calculate CGT

    Note
    You must file a return if you have disposed of an asset, even if there is no tax due.

    CGT is only applied to the ‘chargeable gain’, not the whole amount you receive.

    The chargeable gain of an asset is the difference between:

    the amount you received for it (sale price)
    and
    the amount you paid for it (purchase price) and any ‘allowable expenses’.
    Note

    Calculate your chargeable gain for the whole tax year.

    If you have more than one gain, add them together. You also need to deduct any losses.

    If you owned the asset before 2003, you may claim indexation relief.

    You might need to use the ‘market value’ instead of sale price or purchase price. For example, if you gift an asset to someone instead of selling it. The market value of an asset is the best price you would get if you sold the asset on the open market.

    Note

    If you are an individual, you have a personal exemption of €1,270 each year. If your chargeable gain is less than this, you will not have to pay any CGT.

    Rate of CGT
    The rate of CGT is 33% for most gains. There are other rates for specific types of gains. These rates are:

    40% for gains from foreign life policies and foreign investment products
    15% for gains from venture capital funds for individuals and partnerships
    12.5% for gains from venture capital funds for companies.
    Venture capital is money that is invested in a start-up company or small business.

    What are ‘allowable expenses’?
    They are costs that you can deduct from the sale price to work out your chargeable gain. These can be:

    any money spent by you which adds value to the asset (known as ‘enhancement expenditure’)
    costs (for example, fees paid by you to a solicitor or auctioneer) when you acquired and disposed of the asset.


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