Iii

Allots

juliamarsh wrote: »

I sent them a message this afternoon a) pointing out that the commission rebate payments and associated tax had been omitted, b) asking why 2 of my holdings which had been transferred in specie from HL and that I had held for years with no new purchases had been classed as Group 2 and had equalisation payments and c) requesting that in future years certificates could be provided within an acceptable time frame. I suggested that for them to arrive by the end of May would be reasonable - impossible for III no doubt although most other companies seem able to manage it.

If you don't mind me asking, I would be interested to hear II's explanation regarding the equalisation payments relating to the funds transferred in specie that you have held for a few years (your point b). Have they acknowledged their error?

travster

juliamarsh wrote: »

I sent them a message this afternoon a) pointing out that the commission rebate payments and associated tax had been omitted, b) asking why 2 of my holdings which had been transferred in specie from HL and that I had held for years with no new purchases had been classed as Group 2 and had equalisation payments and c) requesting that in future years certificates could be provided within an acceptable time frame. I suggested that for them to arrive by the end of May would be reasonable - impossible for III no doubt although most other companies seem able to manage it.

I am relieved to find a forum discussing the Int. Inv. CTV and all the problems within it. I too have equalisation payments on holdings that are years old but were transferred across from HL. I have missing dividend payments. I have dividend payments on holdings that were never transferred to II. And, unless I am not correct in my understanding of the tax system, they have added the equalisation payment back in to the Net Amount. Please can someone advise? I am pretty sure that the Net Amount should be the Gross Amount less the Tax Credit. I have looked at my HL CTV and this seems to be the case. By adding the Equalisation amount back in on top of the Gross Amount less the Tax Credit, it now appears that I have received a much higher Net Dividend than I actually have. Which then gives me a higher income that I should have because the equalisation should be treated as a return of capital. Have I made any sense? Any help most appreciated.
I have been waiting for this CTV for months (like everyone) and now it looks as if it will take weeks longer to sort out.

masonic

travster wrote: »

And, unless I am not correct in my understanding of the tax system, they have added the equalisation payment back in to the Net Amount. Please can someone advise? I am pretty sure that the Net Amount should be the Gross Amount less the Tax Credit.

Technically, for equalisation payments net = gross because they aren't income and are not subject to income tax. However, if they added it to an income total, that's clearly incorrect and you should challenge them on it.

gterr

Well, at least you folks have got a CTV to complain about. My husband and I have separate accounts and still haven't received ours, despite numerous promises from III. I sent a secure message on 26th October raising a complaint and haven't even had an acknowledgement of receipt of the message.


So, what's the best way of moving the accounts? I was thinking that for investment accounts (unwrapped) it might be best to empty the accounts by cash withdrawals and invest the cash with another platform, then tell III to close the accounts?


I also administer my foster-mother's ISA, held with III. I guess this could stay put since it's wrapped and therefore the CTV isn't an issue. but if she did elect to move it I guess it's a question of an ISA transfer request and sitting it out?


Any tips?

le_loup

gterr wrote: »

So, what's the best way of moving the accounts? I was thinking that for investment accounts (unwrapped) it might be best to empty the accounts by cash withdrawals and invest the cash with another platform, then tell III to close the accounts?

That's what I did. But mine was an ISA and I got the cash transferred to a new provider. If I remember correctly III don't charge for cash transfers out. However you need to tell III to close the account once the transaction is done, otherwise they keep your account open with zero in it but charge you for the pleasure of having an account with them!

xylophone

I also administer my foster-mother's ISA, held with III. I guess this could stay put since it's wrapped and therefore the CTV isn't an issue. but if she did elect to move it I guess it's a question of an ISA transfer request and sitting it out?

Is her account running smoothly?

gterr

xylophone wrote: »

Is her account running smoothly?

Yes, it is. A single LS fund with ACC units that sits there untouched at the moment, and will probably remain so for the rest of her life, unless she goes into residential care which doesn't look likely. She's 90. Leave it be, do you think?

xylophone

Leave it be, do you think?

I'd leave well enough alone....

juliamarsh

Allots wrote: »

If you don't mind me asking, I would be interested to hear II's explanation regarding the equalisation payments relating to the funds transferred in specie that you have held for a few years (your point b). Have they acknowledged their error?

I never received a reply from them even though I sent the message more than 3 weeks ago. I have been away but have just sent them a chaser, having checked first that the certificate has not been corrected.....as if!!

juliamarsh

Finally received a response from them a month after I raised the query. They have advised that the units quoted as Group 2 (in error as I had held them for years and transferred the funds in specie) have been moved to Group 1 and a new updated Consolidated Tax Voucher with this amendment and my Trail Commission Schedule will be uploaded to my account shortly. They anticipate this being sent within the next 3 working days......we will see.......

Suggest that anybody else with similar issues....and I am sure there are many.....raises the matter with them asap.