RD
Rory D

1 reviews | Active since Apr 2017

27 Jun 2024, 13:00

Investment

My wife recently inherited due to her brothers and sister-in-laws deaths. Allan Gray eventually paid out, but the tax overcharged was R198,000, and counting. Still more calculations to do. I am also an heir to the estate. Our tax consultant did the tax calculations again, and Allan Gray admitted that they had paid too much tax, but that was in accordance with the SARS tax directive. My problem is, why do Allan Gray not check the SARS calculations before submitting the amount which was over R2m. Surely Allan Gray has a fiduciary responsibility and practice robust governance. They refuse to assist us, and now we have to go and dispute this with SARS next month. I have another amount due to us from the estate, and will most certainly not use Allan Gray ever again. What is R198,000 to Allan Gray. I will have to reach out to the FSCA or whatever regulatory body for assistance. Allan Gray should double check SARS calculations as they are responsible/accountable for their clients investments, wellbeing and so on. Passing the buck is so easy. Professor.

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Replies (2)
Allan Gray
Allan Gray's reply27 Jun 2024, 17:34
Official
 Dear Rory D 

I trust you are well. 

I have tried to contact you but have been unsuccessful in my attempts to reach you. I am going to send you an email regarding the matter you have raised. Kindly respond with a convenient time for me to contact you. Alternatively, you can contact me on ***. 

Yours sincerely 

Prajna Sentoo | Client Relationship Manager 

Allan Gray
Allan Gray's reply02 Jul 2024, 17:25
Official
Dear Rory D 
 
You may refer to the email which we have sent you to provide clarity on the tax deducted. 
 
Allan Gray is an intermediary between a client and SARS and based on the investment product, will deduct tax as prescribed by the relevant tax legislation. 
 
As an administrator, Allan Gray cannot dispute any tax concerns on your behalf if we have acted in accordance with this tax legislation. 
 
Should you have any questions, please contact me on ***or email me at ***
 
Yours sincerely 
 
Prajna Sentoo | Client Relationship Manager