Discount Stockbrokers

defiantshrimp

Does anyone know any good discount online stockbrokers that can be used from Ireland? Davy’s, Goodbody’s and Fexco all have outrageous trading and management fees on their supposedly “discount” services. There is no point in me buying shares through them as I would have to make hefty returns to break even (given I am not investing a huge amount at first). I want to be able to buy UK, US and some European Shares with low as possible commissions and costs, I am not looking for any advisory or personal service and I don’t plan on trading often. I know that there are cheap UK and American online brokers (like E-Trade) but does anyone know how they work with regards to Irish tax? They seem to be very geared to Americans and I can’t find any information about how my capital gains liabilities (as an Irish citizen and resident) will be dealt with when selling shares. Any help from anyone, especially Irish people who are using services like E-Trade, is greatly appreciated.

AaronOC

If you sign up to the american stockbrokers like i am you do not have to pay stamp duty here or pay tax in america so you win both ways.

nesf

AaronOC wrote:

If you sign up to the american stockbrokers like i am you do not have to pay stamp duty here or pay tax in america so you win both ways.

*raises an eyebrow*

You should be declaring your earnings here and paying tax on them.

Telling people to illegally avoid paying tax on this board will result in you being banned from here permenantly. M'kay?

defiantshrimp

That is the problem; I have no idea how to go about sorting out my tax affairs if I use a foreign broker. I am still a student so I only have occasional income (hence the need for low cost brokerage) so I don't fill out tax returns or anything. I haven't been able to find anything about using foreign brokers from the Revenue Commissioners either. Does anyone know what you are supposed to do in order to pay capital gains tax when dealing with a foreign broker?

nesf

From: The Revenue Commissioner's Guide to Taxes (specifically Capital Gains Tax)

Main Exemptions and Reliefs

* The first €1,270 of net gains i.e., gains after allowable prior year and current year capital losses, by an individual in a tax year are exempt. In the case of married couples this exemption is available to each spouse but is not transferable.

So unless you are making more than that a year from you share dealings, you don't have to pay tax. It's 20% on everything above that.

I advise browsing through the site I've linked to above. It will outline in plain English the vast majority of (simple) answers you will want with regard to taxation in Ireland.

Or at the very least, it will give you an introduction to them.


Bear in mind, I am no accountant or tax expert so if you want a definitive answer, you would be best off talking to a professional. Although the above link is good reading regardless imo.

defiantshrimp

Cheers! That is just what i was looking for. Thanks for the help

RainyDay

Campbell O'Connor were the cheapest Irish broker for execution-only trades last time I looked.

croiadh

I have also just staring to try to get into share trading etc and was looking at www.sharewatch.com.

Any thoughts one way or the other on the site and its services?

Many thanks

CROIADH

markmc1234

I'm looking to set up a small stock trading account to buy stocks from all over the world. I don't need advice or any fancy services to help me. I won't be trading often and I have around €300 to invest. Can anyone suggest good brokers ?

RainyDay

markmc1234 wrote: »

I'm looking to set up a small stock trading account to buy stocks from all over the world. I don't need advice or any fancy services to help me. I won't be trading often and I have around €300 to invest. Can anyone suggest good brokers ?

Honestly, stick it in the post office until you have ten times that. It's not worth getting into the stock market with sums of that size.

coylemj

RainyDay wrote: »

Honestly, stick it in the post office until you have ten times that. It's not worth getting into the stock market with sums of that size.

+1 Commissions and charges will be savage for such a small amount and in any event, nobody will want to deal with you. Find a credit union or building society paying a decent rate of interest and put it on deposit.

markmc1234

ok thanks for the advice. You wouldn't recommend index funds either?

RainyDay

markmc1234 wrote: »

ok thanks for the advice. You wouldn't recommend index funds either?

Honestly, I don't know enough about index funds these days. Quinn Life used to offer low-cost index funds, but I'm not sure if there is any equivalent these days. But the sums do seem really low for that kind of investment - no offence.