Iii

xylophone

Both Invesco dividends have now arrived, so that's a full house for this month.

Still waiting for removal of overpaid tax credit......and how will the transfer in from my cash ISA go........(expected 29 December, nearly a month later than it should have taken place if there had not been the "only received on third time of asking" business.....

travster

juliamarsh wrote: »

They issued a new CTV, but it was exactly the same as the previous one and nothing had been amended! Luckily there was no equalisation payment so the actual figures were correct but still. I have messaged them about the issue again today

I am on my third CTV which is still wrong. I would love some help on one point though. On dividends that have an equalisation amount, II add that equalisation payment back into the Net Amount column, which to me (and others I have sought advice from) seems to be wrong. Equalisation is return of capital and not income so should be left out of the Net Income. I have pointed this out three times and have had a phone call this morning with a senior advisor/ manager who said that the dividends team said this was the correct way of reporting it. None of my Hargreaves Lansdown CTVs used this method. Has anyone else had a similar issue? Are II correct? Using their method you have a tax credit that is not 10% of the gross amount and the Net Amount is higher than it should be since a portion is the return of capital/ equalisation payment. Help please!

juliamarsh

travster wrote: »

I am on my third CTV which is still wrong.

I am on my fourth one which is still wrong!!!! I am really not sure about the point you raised about equalisation so wouldn't feel qualified to comment, but having looked at a tax statement from Fidelity when I used to do monthly reinvestment of income it looks as if they have done the same, i.e. added the equalisation payment back into the net amount, but the tax deducted looks correct.Could you perhaps phone HL and ask them, if you say they used a different method?

travster

At last I had a call from someone at II who spent the time getting to the bottom of my query on equalisation payments. It appears that I was not the only one who was confused by their system. The confirmed that their method of adding the equalisation payment back into the Net Amount figure is correct and that the we have to remove the equalisation from the Net Amount ourselves. They said they had checked with HMRC. They then said that they we looking into changing the method for next year and that they would no longer add the equalisation payment into the Net Amount to avoid confusion. I had checked with Hargreaves Lansdown and Alliance Trust and neither of them add the equalisation into their Net figures on the CTV. Hopefully the end of a long and painful process that could have been avoided with better communication.

xylophone

At last the erroneous credit has been removed ..... just the ISA transfer now....

juliamarsh

If anybody else has received messages from III that they are going to start converting their dirty funds, be warned that - surprise, surprise - you will have to check up on them. Make sure you check the price of both your old fund and the new fund on the day of conversion and take printouts, and then compare values once the conversion has completed to be sure that you have not been short changed. They converted 3 of mine back in October because there were problems with trail commission not being paid when it should have been. 2 were correct to within a pound but on one I was short changed by about £4. I know it doesn't sound much but if they do that with every fund...

Funds are priced to 4 decimal places but they tried to fob me off with a spreadsheet which was only priced to 1 or 2 decimal places, which of course made it totally inaccurate when you are dealing with thousands of units. They did rectify it but only after I challenged them so be warned!!

[Deleted User]

Hi,

Thanks for that, will keep my eye on things.

Got a message saying they will start mine on 15th Dec, but seem to be doing one or two at a time, so could take them a while.

juliamarsh

[Deleted User] wrote:

Hi,

Thanks for that, will keep my eye on things.

Got a message saying they will start mine on 15th Dec, but seem to be doing one or two at a time, so could take them a while.

Yes, they are doing 3 of mine on the 17th.

Nocto

juliamarsh wrote: »

If anybody else has received messages from III that they are going to start converting their dirty funds, be warned that - surprise, surprise - you will have to check up on them.

Thanks for the warning Julia. I’ve been concerned about their ability to convert my funds correctly - I’ll keep a very VERY close eye on things…

No word yet on any of my funds being converted any time soon.

JasonPr

I haven't yet been told when my funds will be converted but I already have a question. I assume the conversion will show up as a regular sale/buy (but without CG liability). Does this mean I'll have an equalisation payment when dividends are paid?