Iii

juliamarsh

jimkenyon wrote: »

Cash or credits?

First they said they would waive my next 2 £20 quarterly fees. I told them that would be no good to me as I am not on that fee system (having decided to continue paying the £144 per annum SIPP fee and no further charges). I said I didn't want commission credits as I have enough of those already from previous complaints and intend to do very little trading with them. I suggested they put it towards my SIPP fee and they then just paid £40 in cash into my trading account. I could withdraw it but I have left it there as will have to pay the SIPP fee sooner or later.

Fenella

masonic wrote: »

BTW, did anyone who queried missing tax credits ever get a response? It's looking like the only way I'm going to get one is by raising it as a complaint, but that will no doubt reset the clock and I've already been waiting for almost 2 months.

I queried my missing tax credits which had always been paid each month into my ISA account, (my holding is Invesco Perpetual Monthly Income Plus), first of all by a secure message and then by telephone. I had no reply to my secure message and on the phone, after a long wait while he checked, was told that tax credits were not due any more as since May 2014 the dividends were paid gross.
I also afterwards had a letter from them repeating that the dividends were now being paid gross.
I would have expected, if that were the case, that the monthly payments would be increased. In fact the monthly payments have decreased.

juliamarsh

Fenella wrote: »

I queried my missing tax credits which had always been paid each month into my ISA account, (my holding is Invesco Perpetual Monthly Income Plus), first of all by a secure message and then by telephone. I had no reply to my secure message and on the phone, after a long wait while he checked, was told that tax credits were not due any more as since May 2014 the dividends were paid gross.
I also afterwards had a letter from them repeating that the dividends were now being paid gross.
I would have expected, if that were the case, that the monthly payments would be increased. In fact the monthly payments have decreased.

What they have told you is nonsense. The dividends in Invesco Perpetual Monthly Income Plus are not being paid gross. It was the missing tax credits for this fund that I specifically chased them up on and they treated as a complaint - after some while they eventually paid me the backlog of tax credits (up to 31st December) and gave me £40 in compensation. Suggest you go back to them and make a formal complaint. Best of luck!

Sparky47

juliamarsh wrote: »

What they have told you is nonsense. The dividends in Invesco Perpetual Monthly Income Plus are not being paid gross. It was the missing tax credits for this fund that I specifically chased them up on and they treated as a complaint - after some while they eventually paid me the backlog of tax credits (up to 31st December) and gave me £40 in compensation. Suggest you go back to them and make a formal complaint. Best of luck!

Thats the same fund I have got problems with, but they only paid me £30 compensation and still not paid any credits since last August.

They did at least pay my compensation into my trading account without asking.

There is certainly no suggestion that it is now being paid gross.
Invesco Perp do have a class of this fund that pays gross but that is not the class I have.

juliamarsh

Sparky47 wrote: »

Invesco Perp do have a class of this fund that pays gross but that is not the class I have.

That explains the confusion then. They have obviously mistaken Fenella's holding for the one that pays gross. Typical III mess up!

coyrls

Fenella wrote: »

I queried my missing tax credits which had always been paid each month into my ISA account, (my holding is Invesco Perpetual Monthly Income Plus), first of all by a secure message and then by telephone. I had no reply to my secure message and on the phone, after a long wait while he checked, was told that tax credits were not due any more as since May 2014 the dividends were paid gross.
I also afterwards had a letter from them repeating that the dividends were now being paid gross.
I would have expected, if that were the case, that the monthly payments would be increased. In fact the monthly payments have decreased.

They told me the same thing about a fund that does not even have a gross class (see posts above). I have asked them to explain and it's gone very quiet. The phrase was that they were "treating the dividends as gross", which is an odd phrase as it could be read that they are just ignoring the fact that they are net.

juliamarsh

I honestly believe that they just make things up as they go along. I have no confidence in anything that they tell me. When I queried the Group 1 vs Group 2 distinction and whether I was entitled to any tax credit on the first income payment their explanation was as clear as mud, they contradicted themselves so many times and even their figures were wrong. When I asked them to address the discrepancies I guess they didn't have an explanation as they refused to answer my questions and I got this response:

'We understand that you may be hesitant to accept our response on this matter as in the past we may not have provided you with the information or service you have expected.

The information provided to you was direct from our Corporate Actions team and is our final response on this.'

The worrying thing is I don't think they understand the basic concepts I am asking them about, which is why they won't answer my questions. I escalated the matter to Julie Baxter nearly 2 weeks ago and told her it was hardly surprising that I do not trust the information they have given me when there are so many errors and inconsistencies. They are still working on a response it seems. As to my query about incorrect/missing commission rebates, on 21st January I was asked to allow their Operations Team 5 working days to look into it. Have I received a response yet?! What do you think.....

[Deleted User]

Hi,

on reading various posts on tax credits got me thinking.

I have Invesco Perpetual Income (Inc), when held with HL, income was re-invested, but since moving to II, my November payment was paid (late) as income, and as yet no tax credits.

Should I receive tax credits.

Asking here, as I will get a quicker reply, thanks.

Nocto

[Deleted User] wrote:

Hi,

on reading various posts on tax credits got me thinking.

I have Invesco Perpetual Income (Inc), when held with HL, income was re-invested, but since moving to II, my November payment was paid (late) as income, and as yet no tax credits.

Should I receive tax credits.

Asking here, as I will get a quicker reply, thanks.

No.

IP Income pays dividends (equity fund) - 10% tax is deducted, and even in an ISA this isn’t refunded.

IP Monthly Income pays interest (bond fund) - 20% tax is deducted, which is rebated within an ISA (tax credit), or can be reclaimed by non tax payers if held outside of an ISA.

On the Trustnet website the ‘Tax indicator’ for each fund is listed on its factsheet under dividends.

Edit: Dividend Income from outside of an ISA does show a ‘Dividend Tax Credit’ on your annual tax certificate. This can’t be reclaimed even by non tax payers, but does go towards your liability if you are a higher rate tax payer.

[Deleted User]

Hi,

Nocto wrote: »

No.

IP Income pays dividends (equity fund) - 10% tax is deducted, and even in an ISA this isn’t refunded.

IP Monthly Income pays interest (bond fund) - 20% tax is deducted, which is rebated within an ISA (tax credit), or can be reclaimed by non tax payers if held outside of an ISA.

On the Trustnet website the ‘Tax indicator’ for each fund is listed on its factsheet under dividends.

ah thanks, see it now.