Convert Acc to Inc class

londoninvestor

bowlhead99 wrote: »

For confirmation that Inc and Acc are different financial instruments (so could not get pooled in a S104 pool or have the 30 day rule apply), you could see this bit of the HMRC gains manual: https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg57709 .

The page mentions that the two types of units should be treated as two separate classes of units, although if there is a switch it will be treated as a reorganisation. That particular page is on unit trusts rather than OEICs, but there is another one https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg57755 which notes that classes of unit in a unit trust are analogous to classes of share in a corporate OEIC. That should allay your fear of Inc and Acc units in the same fund not being recognised as different classes for CGT.

That very much clears it up, and I agree with your conclusions that stem from it.

Thank you very much for your high-value contribution - no less of course than we have come to expect!

capital0ne

hparker wrote: »

My fund platform cannot do a conversion from acc to inc class of the same funds, they say I must sell and buy. They told me it will not create a taxable event for capital gains. Is this correct?

Can I transfer out specific fund holdings (not all my holdings, just the funds I want to convert) to a platform that does support conversions? Or do you always have to transfer out all your holdings from one platform to another?

Fidelity let you switch - haven't used them for years so it may have changed