RaboDirect - Investment Service Terminates on 24/4/17

dub_nerd said:
There aren't enough of them (only four or so, I think?). Let's pretend one had a sum bigger than six figures and Rabo had left the market, where would you put it?
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Im not sure to be honest. Mo' money mo' problems!
 
rangerscym said:
....Stockbroking accounts are not a comparable alternative replacement.
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While I'm inclined to agree, what is a comparable alternative replacement - Life Co's with regular long term investment based savings plans ?
 
dub_nerd said:
There aren't enough of them (only four or so, I think?). Let's pretend one had a sum bigger than six figures and Rabo had left the market, where would you put it?
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On the basis that your looking for "risk free" with capital protection more important than getting a return, then I'd be putting part of the funds into Government Bonds (possibly more than just Irish debt btw)
 
MrEarl said:
While I'm inclined to agree, what is a comparable alternative replacement - Life Co's with regular long term investment based savings plans ?
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A comparable alternative would be an investment platform offering direct access to investments in external investments. Regular premium life policies are certainly not directly comparable and will prove significantly more expensive (we currently only invest in index trackers). I'm currently exploring the options with both IG and Cantor Fitzgerlard and will post the outcome.
 
Rangerscym - Keep us posted. I was going to let CF just take over the account per the Rabo instructions but the lack of a regular investor option is dissapointing
 
@rangerscym I am also interested to hear any updates you have on suitable alternatives. Say the scenario where someone wanted to drip feed 250 euro a month into investments similar to what Rabo or Quinn offered previously...
 
Long time poster - but old account dead! Looking to cash in my Rabo funds before the handover to CF. Hoping to wait a few months yet for a few to break even as I know losses can't be used against profits (like CGT).

What is the approach for selling multiple funds and filling in the section 319/Form 11?

If anybody has a layman's guide it would be great - Rabo aren't so clear and the revenue form isn't so simple, especially for selling multiple funds

Am I correct that once I send in details, Revenue will send me how much I owe?
 
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It's a long time since I cashed in a Rabo investment (2009) and I don't have a copy of the Form 11 to hand, so I'm going from memory and can't vouch for the complete accuracy of the following. Rabo investments are taxed as UCITS. On looking at the online Form 11 for 2016 (not much different from previous years) the appropriate section is the "Irish Other Income" section. It's in the Investment Undertakings subsection, "Gain on deemed disposal (S.739E(1)(bii)), Taxable at 41%". If you'd like to see the Revenue guidance notes on the relevant legislation it is in [broken link removed] (or Google for "revenue S.739E"), and the relevant piece is the last row of the Disposal column of Table 1b on page 26.

Just fill in the amount of gains, and the address of each investment undertaking which should be available from the prospectuses on the Rabodirect site which you would probably have looked at when you signed up.

Yes, if you don't remit the tax with the return, I imagine Revenue will bill you fairly promptly.

EDIT: removed mention of PRSI.
 
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Cheers, I bought a batch in 2009,2010,2011 and 2012 (not reg saver) I was going to just lump all the profit together and quote that single figure plus address of each fund. Not talking huge cash here (12k in the funds). The dates might not fully fit to the form but the best I can see.

Guess cash them out and at least I have time to work out the form!!

Last point-should I have been reporting purchases each year? rather than only when selling? (I've never sent anything to Revenue before)
 
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I don't believe you have to report purchases. Either way I don't think Revenue will care. The space on the Form 11 for reporting purchases of normal equities is presumably to have some sort of correlation with alleged losses carried forward -- which you can't do with UCITS. Even in the case of equities, other threads on here suggest Revenue don't care.
 
Keytrade Bank is a good alternative. They offer most of the Rabo funds at very good rates.
 
I've been looking into this for a client of mine. A lot of the funds she had invested in were very expensive (1.5% - 2% AMC). Rabo are waiving their exit fee of 0.75% and Cantor has promised to keep the amc at .75% for the first 12 months. Their standard AMC is 1%, so there will be an increase in fees after 12 months.

The issue for a lot of Rabo clients is triggering a tax liability if they cash in and move elsewhere. If you are happy with your funds with them, you can do an in specie transfer to another provider. If you are paying over the odds for a fund, it may be better to pay tax on gains now and start over in a cheaper fund.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
We have decided to transfer our own investments to Cantor however I don't know what we will do with the regular monthly investment at this point. We have set up a bare trust to hold the existing investments in our sons name with Cantor. He held a couple of funds which have bounced back recently and have a good bit of potential upside so we want to hold on to them just now. For all new monies in our sons name we have taken out a childrens policy with Zurich Life making use of the annual gift allowance. This policy has been assigned to our son to make sure the monies are held outside of our estates.
 
I thankfully salvaged my funds from Cantor but not before I experienced a horrendous level of customer service, glad we got out. How the Central Bank allowed Rabo to transfer its investment offering to this crowd is beyond me, the service and investment offering is from the dark ages. I transferred my sons account to a child plan with Zurich. It's quite a restrictive investment as the policy is assigned to the child from the outset and the parents can no longer control the fund choice so a goo broad fund choice is required. I'm also going through the process of opening an account with Key Trade Bank - does anyone have any expereince of this company good or bad?
 
Keytrade Bank just decline the application without any explanation even though you have satisfied all of their due diligence requirements.
 
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