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Alex P

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Review of the Moneyfarm, General Investment Account:

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Incorrect and incomplete consolidated tax certificates

The annual consolidated tax certificate provided by Moneyfarm for GIA accounts contains incorrect and incomplete information. It is incorrect because it fails to account for capital gains tax rules when selling and buying back shares within the same 30 day period. It is incomplete because it does not include details of "excess reportable income" which every GIA hold needs to report on their tax return. Moneyfarm customer service team kindly offered to calculate and provide this information. However, they did not calculate it correctly (failing to follow the actual tax rules for how this is calculated). They had 3 attempts at getting it right and each time I had to explain to them why their calculations were incorrect. Eventually I gave up and calculated it myself. It takes several hours of effort to calculate this. Every Moneyfarm GIA customer needs to do this. In comparison, other "do it all for your" portfolio management platforms calculate and provide this information correctly. Reviewed on: 17th January 2024

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