Tax-Friendly Statement/Certificate

šŸ’” Feature suggestions & ideas
1

I believe Iā€™m correct in thinking that a monthly statement is produced, detailing positions closed that month and all other open positions, but I think a consolidated tax certificate/statement with clear information for the average investor produced pre-new tax year would be helpful. Here is what Hargreaves Lansdown say on their website:

ā€œWe produce your consolidated tax certificate in spring each year. You can find it by going to ā€˜Portfolio Historyā€™ from the ā€˜My Accounts and dealingā€™ overview pageā€

Is there confirmation via email following an investment, as proof?

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2

I would like to ask T212 something like this: an annual tax report (at latest December 2020) that will show for each dividend received:

  • date received
  • company
  • total gross amount in original currency (and in Euro if possible)
  • total tax already paid in original currency (and in Euro if possible)

Also something similar with capital gain (buy and sell of stocks and ETFā€™s).

Would make investing so much easier, without worring to make inumerous spreadsheets with the dividends received.

14 Likes
3

Yes please! One of the biggest headaches in investing is sorting out the tax. This would make it so much better

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4

@Kholl you nailed all the useful stuff, lets make it happen T212!

5

Letā€™s see what T212 team says about that. They must be focused on the new big update coming this month but I think after that task is done this feature would be one of the best they could work on. Also in my opinion it is a pretty simple feature to make, in a time frime of 6 to 8 months.

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6

Any news on this feature? Is actually any possibility to download from t212 a document that shows all my movements (deposits, portfolio openings/ closing positions and withdraws)during the year?
Thx

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7

Since posting, Iā€™ve had an idea to improve my suggestion.

I think the ability, at any point, to export a statement with all the information we mentioned above would be very helpful. To instantly know your portfolio in a PDF/CSV format, with info on each lot transaction with price, amount, order ID etc, for personal records and for sending to your accountant would be very helpful.

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8

Sadly, I havenā€™t read anything from Trading 212 about this anywhere on the forums

9

Personally I would urgently need thisā€¦Iā€™m not from UK, how my accountant can prepare my tax statement if I donā€™t know how to provide him all the informations

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10

You can also follow the topic here:

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11

I have one doubt regarding tax statement for long term investing via trading212 invest. Is there a limit for how long the trade can stay open. Letā€™s say I buy stock and only sell it after 5 years?

12

Thereā€™s no limit on how long you can keep a position open. When it comes to taxes, though, they are country-specific, so itā€™s always best to check them with your local tax authorities.

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13

Yes, my expectation is in this scenario, in the tax statement I receive from you, it will be shown the profit achieved over the 5 year period which is what is needed by my tax authority.

14

I tested in demo to buy stock from the same company and actually the stocks got aggregated into one at the end. Is there an option to choose not to aggregated them? I am asking because the tax authority uses the FIFO logic for calculating tax. So for example if I buy 1 stock at price A and one more stock at time B and then cell at price C then the profit shall be calculated from C-A and not c - the aggregate of A and B. So this will be too much manual work. I wonder how other investors are doing this.

15

Doesnā€™t affect everyone. Some tax jurisdictions use average price, which is a lot easier to manage.

16

Yes I agree, but for me then this service is unusable as it will bring a lot of complexity for calculating tax. It is a pity.

17

FIFO tax calculations use the transaction history, which is available and downloadable. There will be the date of transaction, purchase/selling price, and quantities, needed for FIFO tax reporting.
Either just transfer the transaction history to the tax authorities, or a very quick spreadsheet will do the calculations for you :+1: