Iii

le_loup

You can't but your provider should. That's because, generally, the interest is paid by the fund house net.

Linton

dutchism1958 wrote: »

Julia, I thought there was no tax on Corp bonds as long as they were in a S&S ISA so I couldn't reclaim tax?.I stand to be corrected:o

If the payment is regarded as interest rather than dividends the fund would deduct 20% tax at source. In that case there would be 25% (repayment of 20% taken from gross) paid into your ISA from HMRC some time after the original interest. So you dont reclaim tax, your ISA does.

However recently some interest paying funds now have Gross payment classes where no tax is taken nor repaid.

xylophone

Have you checked whether the fund is available in a gross class?

For example, it is possible to hold Invesco Perpetual Distribution Gross Inc/Acc in your ISA. In this case no tax is deducted so there is nothing to reclaim.

If you held the above fund in a net class in the ISA, the broker would reclaim the tax paid on your behalf and you would see this recorded as tax refund on your account.

IPD is not a pure bond fund but it pays its distributions as interest, not dividend.

juliamarsh

dutchism1958 wrote: »

Thanks Julia!,
I have now requested compensation from them for the 7 months it took to transfer from HL,they have forgotten to pay my £120 incentive(my wife has hers),2 dividends outstanding and no tax credits paid in from my ISA's.
They are now treating our case as a complaint following my facebook complaint and have said it will take up to 4 weeks to reply!!.
I have asked for commission credits and the waiving of next quarters fees for both of us,we'll see what they come up with.
Once I have eveything in place I'll think again about where to invest,but in the meantime I look forward to another of your rants on facebook:D

Ha ha you have made me laugh!! :rotfl: They have opened several official complaints in my respect, the latest is still outstanding and has been going on for several weeks....do not hold your breath that yours will be wrapped up within 4 weeks :undecided I didn't actually make a complaint, just chased up the tax reclaim, but they decided to treat it as a complaint as they have several times, and every time I have messaged them they have just added each thing onto the ongoing complaint! Do not expect any cash out of them, they will offer you commission credits - not sure whether they will waive your fees. And then - wait for it - every 3 months the unused ones will be wiped off your account - they say there is no way round this - and you will have to phone up to get them reinstated and spend ages arguing with some clueless phone operator who won't know that this is the policy! You couldn't make it up could you..... Commission credits are all right I suppose if you intend to trade, but I intend to do as little as possible via this bunch of clowns and certainly don't intend to put any new money in. One other thing, if you feel that HL were in any part to blame for the delay, then send them a secure message making a formal complaint - you have nothing to lose and may well find them more forthcoming.....I was very pleasantly surprised. Mind you with the pain and suffering we have endured it is the least we deserve! Good luck!!

juliamarsh

dutchism1958 wrote: »

Julia, I thought there was no tax on Corp bonds as long as they were in a S&S ISA so I couldn't reclaim tax?.I stand to be corrected:o

That is the question - dividends are not tax reclaimable but interest is. Some bonds pay interest gross and some pay it net of 20% tax. You will have to check your holdings. One easy way - check your old statements from HL and see which funds they reclaimed tax on on your behalf.

sorcerer

After my transfer to Aj Bell from II, they have left about 10 funds behind with a grand total of 69p, because they rounded up the units instead of taking the whole amount. One last passing gift of incompetency to me I guess.

dutchism1958

My thanks to you all for your replies,I will check whether the funds(Inv Perp Corp Bond incl.Income & M&G Corp Bond Class I Income are gross or net of tax,they both pay out on interest.
Julia thanks for your reply,I have been watching others progress:( with interest!.If I get my next quarterly fees waived and some commission credits I'll settle for that,but as you also found they have tagged my additional complaints onto the original one so what I get and how long is anyone's guess!.
Like others I hope the dust settles and we can stay put.I am now getting secure messages returned within 24 hours so your facebook suggestion has worked in my case.
For others benefit, I got a reply within 4 hours of posting on facebook and 2 hours later a phone call from Jimmy Frew who has been dealing with my case since and been very prompt..........so far:A.Good luck to you all!

JenniferK

sorcerer wrote: »

After my transfer to Aj Bell from II, they have left about 10 funds behind with a grand total of 69p, because they rounded up the units instead of taking the whole amount. One last passing gift of incompetency to me I guess.

Why not use your commission credits to sell them :rotfl:

colalba

dutchism1958 wrote: »

Thanks Julia!,
I have now requested compensation from them for the 7 months it took to transfer from HL,they have forgotten to pay my £120 incentive(my wife has hers),2 dividends outstanding and no tax credits paid in from my ISA's.
They are now treating our case as a complaint following my facebook complaint and have said it will take up to 4 weeks to reply!!.
I have asked for commission credits and the waiving of next quarters fees for both of us,we'll see what they come up with.
Once I have eveything in place I'll think again about where to invest,but in the meantime I look forward to another of your rants on facebook:D

I'm afraid your 4 weeks could be optimistic. I have put in a second formal complaint (and quite a few informal) on my transfer and it took 8 weeks to get a response. Isn't that absolutely terrible.


There was nothing complex about this complaint. They had not transferred cash and had paid an incorrect amount of transfer incentive. What I find particularly annoying is that during that 8 week period they did absolutely nothing to actually fix the problem which was quite simple to address. It just went into limbo and got looked at the 8 week limit before you can take it to the ombudsman if they don't respond.


So far transfer has been in progress for 9 months !


They have offered £50 goodwill and £50 commission credit but I had already pointed out that commission credit was of no use to me as I am an infrequent trader.

juliamarsh

dutchism1958 wrote: »

My thanks to you all for your replies,I will check whether the funds(Inv Perp Corp Bond incl.Income & M&G Corp Bond Class I Income are gross or net of tax,they both pay out on interest.

I can tell you now that Inv Perp Corp Bond Income does pay income net as that is one of mine. Payments are made on 30th June and 30th December, HMRC should pay out the reclaimed tax on 17th August and 17th February and the payments should appear in your ISA a couple of days later. Well that is what used to happen with HL, but as you know things are done - or not done should I say - differently at iii! At least you only have to wrangle with them twice a year over that one, whereas I have 2 bond funds that pay income monthly so I have the pleasure of wrangling with them fairly constantly! And as I said, if they give you commission credits as compensation be aware that if there are any unused ones at the beginning of a new charging quarter they will automatically be wiped off your account and you will have to ring up to get them reinstated....more wrangling! :mad: