SM
Soza M

1 reviews | Active since Aug 2020

29 Sept 2023, 14:49

Allan Gray refuses to refund plus minus R40k

Allan gray short paid me by plus minus R40 000 for the year 2022/2023. I phoned several times requesting a breakdown for this and was still not satisfied with the answer they were giving me. I took an annual drawdown last year and was taxed over R117 000. This year I requested a quote on the same figure and this time the tax came to R70 000. I was right when I said they ****** me in 2022/2023 season. When I emailed they provided me with estimates which is fair but the estimates were different by a few hundreds compared to what was taken last year which was more than R40 000. I spoke to Kudzai Mbele from Allan Gray and ask why this year the figure is less. She advised that they added tax for 1 March 2023 to 30 September 2023 towards the annual drawdown and I said that the money was being taxed for for these 7 months. The tax for these 7 months came to an amount of R34 000 but she couldn't justify the calculation as she realized that her calculation doesn't tie up. She referred me to Sars and I advised her that it is not Sars who is my investment house but Allan Gray. My biggest concern is that my own investment house was unable to provide me with a breakdown of my figures as a client even though I requested that a Manager call me back and when I asked for the name of the manager Kudzai said she doesn't know who the manager is and that today the manager is Angie. I gave her an opportunity to call me 2 hours later with feedback but Jack Sent an email on the very same thing and now I believe it is necessary to escalate as my query is being sent from pillar to post. I also referred many of my loved ones to invest with Allan Gray because I know it is a reputable company but now based on the feedback I was receiving this week I believe maybe the consultants might have made a mistake which is normal but if someone from Allan Gray may advise on this matter I will be satisfied. As there a refund due to us but the consultants are refusing to action it and all of them is giving us different answers which they end up contradicting one another.

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Replies (1)
Allan Gray
Allan Gray's reply02 Oct 2023, 13:46
Official
Dear Soza M Thank you for allowing me the opportunity to discuss your concerns. I trust that our telephonic conversation outlined the principles used, as prescribed by the Income Tax Act, when calculating tax on the applicable investment. I have sent you an email detailing the way forward and should you have any additional questions, please feel free to contact me on ***. Yours sincerely  Gabriel Smith l Client Relationship Manager