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Excess Reported Income: how DIY investor manage it?

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  • tellme_why
    tellme_why Posts: 57 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    bowlhead99 wrote: »
    Having a lot of assets that you can't wrap up from the taxman is at least better than not having a lot of assets, that was why we refer to it as 'nice problem to have' :D

    I take the point that it would be frustrating to have a million of assets after a life of savings and only be able to put £20k in the ISA. However, you do not need to use 'offshore' funds if the paperwork is a headache for you. For example you mentioned a FTSE100 tracking ETF from Vanguard. But they also do a FTSE 100 unit trust at OCF of 0.06% and a FTSE All-Share unit trust at OCF of 0.08%, both are UK domiciled funds, so there is no real need to pick their FTSE100 ETF in Ireland at 0.09% OCF.

    As we know UK funds are better from a tax paperwork point of view, we presume you are only using non-UK-domiciled funds because you have already put as much as is feasible into UK domiciled OEICs and UTs, so the implication is that you already have several tens of millions.

    Perhaps that is not really the case and there is another reason you are using offshore funds (e.g. not being UK domiciled or deemed domiciled); but in those cases of having substantial offshore wealth there may be some money available to pay an accountant if you find it a big admin problem.

    Hi Bow, I really wish I had the millions; I would happily pay an accountant to sort it out rather than spending my weekends downloading pdf and attempting to calculate the ERI.
    Coming from another EU country where you left life savings because you don't know how to do it otherwise and wish to return at retirement time, not willing to take the currency risk and convert in pound, totally different tax rule in investments even 100k became a total nightmare, I can assure you..
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