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Where Taxpayers and Advisers Meet

Bank charges deductible ?

NonDom41
Posts: 16
Joined: Tue Nov 28, 2017 3:03 pm

Bank charges deductible ?

Postby NonDom41 » Wed Jul 11, 2018 10:03 pm

If you receive interest payments from an investment portfolio at a foreign bank you have to report these interest payments in your income tax return. This is clear.

However, the question is :

The bank charges you fees for running your portfolio. Can you deduct these fees from the interests you report in your tax return ?

pawncob
Posts: 4143
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Bank charges deductible ?

Postby pawncob » Thu Jul 12, 2018 12:30 pm

No. (It's unfair I know, but that's taxes for you)
With a pinch of salt take what I say, but don't exceed your RDA


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