Leaving HL without transfer charges

le_loup

Ah, but what you don't realise is that Mr H & Mr L are the only authorised signatures. And their time is really, really, really valuable.
... and did you know that printing forms costs £25 a time? Well that's what they told me it would cost for me to have an annual printed statement.
You don't seem to realise how difficult it is for H-L to make a modest return theses days. Mr H did say a couple of years ago that he may have to export himself to Jersey because of the extortionate amount of tax he was paying (on the profit from our investments) ... for no personal benefit! Well, you gotta feel sorry for him, so cut some slack, will you?

grey_gym_sock

le_loup wrote: »

... and did you know that printing forms costs £25 a time? Well that's what they told me it would cost for me to have an annual printed statement.

you exaggerate. HL are going to charge a mere £24 for 2 biannual printed statements.

Mr H did say a couple of years ago that he may have to export himself to Jersey because of the extortionate amount of tax he was paying

in fact, it's Mr L who's exported himself, to guernsey not jersey, and for real, not just threatened to. so that's completely different ...

le_loup

So, what you're telling me is ... I don't know what I'm talking about.
So cruel!

Rollinghome

le_loup wrote: »

So, what you're telling me is ... I don't know what I'm talking about.
So cruel!

You were nearly there. Hargreaves threatened to leave the country and move to the Isle of Man or Monaco if he had to pay 50p tax rate.

And we wouldn't want that would we?
http://www.bristolpost.co.uk/Bristol-s-richest-man-thinking-moving-Isle-Man-avoid-50p-tax-rate/story-11264355-detail/story.html

planteria

i'm hoping my letter arrives this week:think:

fozzeh

masonic wrote: »

No explanation of why it is so costly and takes so long to re-register holdings, other than...



So how could that cost £25 per holding and take 8+ weeks to complete?

Excuse my ignorance, but it seems like that would involve printing a form detailing the identity of the fund, the number of units, the details of the new broker and a reference for the transfer, then getting it signed off and posted to the fund house. If HL can't produce the paperwork in a few mouse clicks, then their technology can't be as advanced as they like to boast. The only real work is for a signatory or two, who could probably check over the form and sign it within a minute or so per holding.

Effectively, 80% of the time, it is that easy.
The other 20% of the time can take a while (see post 482 on here which I did).

Realistically;
- you send a form (1 to 5 working days via RM)
- HL receive form and add it to the bottom of a pile (1 to 10 working days, generally 2 or 3)
- Evaluating portfolio and contacting counterparty (1-2 days usually)
- Agreeing dates to transfer ‘quick’ stocks (usually set a day or two ahead, with a few days settlement (so 4-6 working days))
- If ended; check, close, confirm (2 working days).

So you’re on 2 weeks generally if it runs smooth with easily transferrable stocks.

If you add UT’s into it; AML check, receiving parties account status, fund size, KIID checks, funds restrictions, class conversion, share class transfer conversions, restricted dealings (some funds can only be transferred once per quarter), etc…it’s a bane. Sending things to and from a UTM can add another 3 weeks in easily if they have backlogs. More so if you’re dealing with Barclays I find.

And, with that remaining 20% which do take some time…imagine one company wanting all the business…and everything going through them.

Whilst some may take a few minutes to do, some can take a lot more time and can lead to big delays.

bigadaj

Rollinghome wrote: »

You were nearly there. Hargreaves threatened to leave the country and move to the Isle of Man or Monaco if he had to pay 50p tax rate.

And we wouldn't want that would we?
http://www.bristolpost.co.uk/Bristol-s-richest-man-thinking-moving-Isle-Man-avoid-50p-tax-rate/story-11264355-detail/story.html

I'm sure a whip round of this board would raise enough to send him considerably further!

planteria

planteria wrote: »

i'm hoping my letter arrives this week:think:

and as if by magic...:lovethoug

le_loup

planteria wrote: »

and as if by magic...:lovethoug

Well done.

le_loup

bigadaj wrote: »

I'm sure a whip round of this board would raise enough to send him considerably further!

I'm in.
...........