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Fenella

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!

Thanks for the above - it's nice to know that I'm not the only one claiming missing tax credits for the Invesco Perpetual Monthly Income Plus. I have just sent them a long secure message quoting this forum.
I will also pluck up courage and the required strength to phone them and argue my case!

juliamarsh

I would lodge a formal complaint if I were you, Fenella. They have fobbed you off and fed you erroneous information and they may well try to do the same again. Good luck!

masonic

Fenella wrote: »

I will also pluck up courage and the required strength to phone them and argue my case!

It should be pretty easy to argue - look up the published interest payment per unit and whether it is gross or net (e.g. via http://www.trustnet.com). Compare it with what you received. If it is the same and the published figure was net, then a tax credit is due; if it is 20% different and the published figure was gross, then a tax credit is due.

It's amazing what difference a complaint makes. If had a second secure message - no closer to being resolved, but at least they are communicating with me:

Our Dividends Team have advised that they are currently working through a backlog of Accumulation fund distributions, due to difficulties we have had in reconciling them across our clients.

The distribution from the M&G Optimal Income Inst Acc has yet to be reconciled. When this is completed successfully and the dividend posted, we will be able to reclaim the tax. Unfortunately, we have not timescale for this at the moment but we will of course endeavour to do this as quickly as possible.

Seems like those dreaded volumes again. Maybe they were a little too quick to take on those investors from Trustnet Direct, the Daily Telegraph and the Motley Fool?

ozzage

masonic wrote: »

Our Dividends Team have advised that they are currently working through a backlog of Accumulation fund distributions, due to difficulties we have had in reconciling them across our clients.

The distribution from the M&G Optimal Income Inst Acc has yet to be reconciled. When this is completed successfully and the dividend posted, we will be able to reclaim the tax. Unfortunately, we have not timescale for this at the moment but we will of course endeavour to do this as quickly as possible.

Thanks for that! Now I know what's going on for my own situation even though they've ignored my question.

xylophone

Thanks for the above - it's nice to know that I'm not the only one claiming missing tax credits for the Invesco Perpetual Monthly Income Plus.

Fenella, have a look here http://www.trustnet.com/Factsheets/tnuk/FactSheet.aspx?fundCode=PPIPF&univ=O

and identify your class.

Check the class again on your II statement by clicking on the name of the fund shown.

You will have noticed of course that II do not show the distribution per unit correctly but Trustnet provides this information.

If you have a net class, then you should be receiving a tax credit.

Suppose for example you have Invesco Perpetual Income Plus Z Acc.

If you check the payment for January, you will see that it was 0.753 per unit. This was net.

Now look at Invesco Perpetual Income Plus Z Gross Acc The payment for January was 0.964 per unit. This was gross.

It seems to me to make sense to hold the gross class (where there is one) in an ISA, to circumvent this claiming of tax credits malarkey.

In fact, even when I held my ISA with HL, I opted for the gross class because there was a time when it took ages to get the tax credit from IP.......

Fenella

xylophone wrote: »

Fenella, have a look here http://www.trustnet.com/Factsheets/tnuk/FactSheet.aspx?fundCode=PPIPF&univ=O

and identify your class.

Check the class again on your II statement by clicking on the name of the fund shown.

You will have noticed of course that II do not show the distribution per unit correctly but Trustnet provides this information.

If you have a net class, then you should be receiving a tax credit.

Suppose for example you have Invesco Perpetual Income Plus Z Acc.

If you check the payment for January, you will see that it was 0.753 per unit. This was net.

Now look at Invesco Perpetual Income Plus Z Gross Acc The payment for January was 0.964 per unit. This was gross.

It seems to me to make sense to hold the gross class (where there is one) in an ISA, to circumvent this claiming of tax credits malarkey.

In fact, even when I held my ISA with HL, I opted for the gross class because there was a time when it took ages to get the tax credit from IP.......

I've just done the sums Xylophone above suggested.
It seems that, although my Invesco fund paid the dividend net of tax, II have paid me 20% more than the actual dividend which must be for the tax credit.
Until last July (and for the couple of years I have held this fund in an ISA with II) I received a separate amount in my II account for the tax credit. Also the actual dividend has gone down quite a lot since then.
If they had only said they were now adding the tax credit to
the dividend payment I would have understood.
Also, I think that if they do make changes like that, they should inform their customers.

LHW99

Have had this message re tax credits from II:
"...tax credits have not been applied to your account as yet because HMRC have changed their policy on applying tax credits.
HMRC have had a delay in applying the credits and we have been advised that they are currently 2 months behind. Furthermore, HMRC are now only paying the tax rebates once per year and this is the minimum frequency with which they are obliged to make the tax rebate payments to your SIPP"


Hmmm

virgin11

Had an offer from HL if i transferred back to them.Wish i stayed put,several funds missing also SIPP transferred into ISA.Both blame each other. III saying i wanted to transfer in specie,HL say i asked for cash transfer(not true) anyone advise please.

xylophone

You originally transferred your ISA and your SIPP from HL to II?

You accepted an offer to transfer both accounts back to HL?

You opted to transfer both in specie but some holdings in each have been sold and transferred as cash?

Some holdings have not been transferred?

Some holdings that were in your SIPP have been transferred into your Isa by mistake?

masonic

virgin11 wrote: »

Had an offer from HL if i transferred back to them.Wish i stayed put,several funds missing also SIPP transferred into ISA.Both blame each other. III saying i wanted to transfer in specie,HL say i asked for cash transfer(not true) anyone advise please.

Contact the Financial Ombudsman Service. You won't be able to refer your complaint to them if you haven't allowed III/HL 8 weeks to resolve it, but they can intervene to get the providers talking to you.

I'd also contact HMRC. I think they will take a very dim view of your SIPP having been dumped into an ISA by the providers, as you could now potentially withdraw the lot including tax relief if you chose to do so.