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Fees

Tax Relief on brokers fees

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My client has several high value ISAs.  The broker's fees are also high.  Can I claim tax relief on the brokers fees?  My instinct is that she can but common sense says not as the ISAs are tax free.  What action do other accountants take please?

Replies (16)

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ALISK
By atleastisoundknowledgable...
21st Jan 2020 08:05

I vote no

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Psycho
By Wilson Philips
21st Jan 2020 08:42

Tax relief against what?

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Replying to Wilson Philips:
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By Vallery Lee
21st Jan 2020 10:31

The brokers fees being declared on SA

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Replying to Vallery Lee:
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By bernard michael
21st Jan 2020 10:50

Vallery Lee wrote:

The brokers fees being declared on SA

If they were to be claimed on an SAR against what trade profession or vocation are they wholly necessarily and exclusively incurred ??

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Replying to bernard michael:
By ireallyshouldknowthisbut
21st Jan 2020 11:50

Bernard, stop confusing the poor little lamb by trying to introduce some sort of basic understanding of how tax works.

Its full on "any fool can do a tax return" season and its really mean for actual accountants to mildly hint that someone who hasnt the first fugging clue might be holding themselves out as an accountant.

Its easy innit, I press the button and 'HMRC accepts it so I know its right'

Its just about believing in yourself and not listening to the haters, am I right Vallery? I say you should claim it, and double it up as Bernard is being mean.

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Replying to ireallyshouldknowthisbut:
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By bernard michael
21st Jan 2020 12:02

ireallyshouldknowthisbut wrote:

Bernard, stop confusing the poor little lamb by trying to introduce some sort of basic understanding of how tax works.

Its full on "any fool can do a tax return" season and its really mean for actual accountants to mildly hint that someone who hasnt the first fugging clue might be holding themselves out as an accountant.

Its easy innit, I press the button and 'HMRC accepts it so I know its right'

Its just about believing in yourself and not listening to the haters, am I right Vallery? I say you should claim it, and double it up as Bernard is being mean.


I thought it might scare him into consulting "the man down the pub"
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Replying to bernard michael:
By ireallyshouldknowthisbut
21st Jan 2020 15:29

Careful not Bernard, i'm sure the OP doesn't want that sort of level of advice.

They are happy with just feelings and logic, which is of course the key underpinning of every good tax professional, they don't need to splash out hard earned cash on a round to get the wise opinion of the "man in the pub"

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Replying to Vallery Lee:
Psycho
By Wilson Philips
21st Jan 2020 17:08

You misunderstood my question. What is the income or gains against which you want to claim a deduction?

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By bernard michael
21st Jan 2020 10:11

As there is no CGT against ISA'S there is nothing to claim brokers fees against

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By Accountant A
21st Jan 2020 11:14

It's only Tuesday but this one gets my vote for "Question of The Week".

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Lone Wolf
By Lone_Wolf
21st Jan 2020 11:44

Best course of action is to point your client in the direction of an accountant.

I mean seriously, during all of your training to become an accountant, what aspect of it trained your "instinct" to say, yes, fees for a tax free product are tax deductible.

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By Tax Dragon
21st Jan 2020 12:13

I love the my-instinct-says-yes-but-common-sense-says-no bit.

It's good you have common sense.

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By Vallery Lee
22nd Jan 2020 14:58

Thanks to everyone for the unhelpful and frequently sarcastic comments. I was advised some time ago never to ask questions on here - I have now learnt the hard way.

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Replying to Vallery Lee:
Psycho
By Wilson Philips
22nd Jan 2020 15:10

In defence of the other posters, and accepting that we all have to start somewhere, anyone offering a tax service to clients should not have to ask the question that you did.

So, as to what action other accountants would take were they in your position I suppose the answer would have to be - hand the client over to someone that knows what they’re doing.

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Replying to Wilson Philips:
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By Vallery Lee
22nd Jan 2020 15:57

In all honesty I was looking for confirmation rather than asking a question, probably put it badly

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Replying to Vallery Lee:
By Paul D Utherone
22nd Jan 2020 15:14

As Wilson Phillips followed up...what income or gains are you hoping to claim the ISA brokers fees against?

What is the basis of your thinking that the fees should be allowable?

Give us a clue, but I would also go with the very first answer on "No"

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