SVS Securities - shut down?

IanManc

eskbanker said:

IanManc said:
There is no such thing as "The small clams court"

Where do little shellfish go to get justice then?

Thank you Eskie. I've corrected it.  🤣

johnburman

Is is the SMALL CLAIMS TRACK in the County Court. To be pedantic and strictly correct. 

I love the shellfish comment. I still feel 'gutted' how I've been treated by ITI 

IanManc

johnburman said:

Is is the SMALL CLAIMS TRACK in the County Court. To be pedantic and strictly correct. 

There are three tracks followed by civil claims in courts in England and Wales, the small claims track, the fast track and the multi-track. The choice of which track is followed is determined by the judge who is managing the case on the basis of the size of the claim and the complexity of the case, irrespective of which of the two civil courts, the High Court or the County Court, in which the proceedings have been commenced.

There is no Small Claims Court. Nor is there a Fast Track Court, nor a Multi-Track Court.

It's shame that you resort to an accusation of pedantry when it is gently pointed out that you are posting incorrect information.

johnburman

At least we are agreed that it is the small clams track

johnburman

claims

sorry shellfish

snipkin

RasputinB said:

Has everybody checked their Consolidated Taxation Advices from ITI Capital?

Mine show that they paid me less than they should have for USD dividends as the GBP amounts on the CTA are greater than the GBP amounts that I received from ITI.

I am keen to know if this is due to “asymmetric price slippage” for which FXCM Group (now ITI Capital) were fined by the FCA.

Can anybody report discrepancies the other way i.e. that they received more dividend than stated on their CTA?

How did you check your Consolidated Taxation Advices from ITI? Is this the same as the Tax Certificate which can be used to fill in your tax assessment? I have tried a few times to obtain a tax certificate for the 2020-2021 tax year from ITI. They seem very responsive on the phone, that it will be with me within 24 hours etc - but then nothing arrives... Is there any obligation for ITI to supply us with a Tax Certificate? I have received one from both Jarvis and IWeb (into which my ITI investments were transferred) - simpy by downloading them from their websites. The ITI 'Phoenix' platform gives me one line of information about some dollar payment and its conversion to pounds which I can make no sense of - and that's all. But I received quite a few dividends while my invesments were with ITI - and I'm sure that one or two I should have had are missing. This is a disgraceful and shoddy practice by ITI. Anyway, I've filled in my tax assessment as best as I could but not sure it's correct...

RasputinB

snipkin said:

RasputinB said:

Has everybody checked their Consolidated Taxation Advices from ITI Capital?

Mine show that they paid me less than they should have for USD dividends as the GBP amounts on the CTA are greater than the GBP amounts that I received from ITI.

I am keen to know if this is due to “asymmetric price slippage” for which FXCM Group (now ITI Capital) were fined by the FCA.

Can anybody report discrepancies the other way i.e. that they received more dividend than stated on their CTA?

How did you check your Consolidated Taxation Advices from ITI? Is this the same as the Tax Certificate which can be used to fill in your tax assessment? I have tried a few times to obtain a tax certificate for the 2020-2021 tax year from ITI. They seem very responsive on the phone, that it will be with me within 24 hours etc - but then nothing arrives... Is there any obligation for ITI to supply us with a Tax Certificate? I have received one from both Jarvis and IWeb (into which my ITI investments were transferred) - simpy by downloading them from their websites. The ITI 'Phoenix' platform gives me one line of information about some dollar payment and its conversion to pounds which I can make no sense of - and that's all. But I received quite a few dividends while my invesments were with ITI - and I'm sure that one or two I should have had are missing. This is a disgraceful and shoddy practice by ITI. Anyway, I've filled in my tax assessment as best as I could but not sure it's correct...

Is there any obligation for ITI to supply us with a Tax Certificate? 

Maybe eskbanker would like to answer that. (They are usually called CTAs (Consolidated Tax Advices.)

But it sounds as though ITI have said that they will be providing you with one and if you have confirmation of that (e.g. a recorded telephone conversation) then I'd say that is good enough to establish an obligation.

HMRC will, I think, accept a CTA to support your tax return.

If the figures on the CTA don't agree with the dividends that you should have received then it will still be your responsibility to make sure you pay the right amount of tax.

I'd asked HMRC if from their point of view a stockbroker was obliged to provide a CTA but didn't get a straight answer. Have a go yourself - https://community.hmrc.gov.uk/customerforums/

For some it might be a mute point as they don't pay further tax on dividends anyway.
I think that a lot of us were receiving dividends from foreign companies in GBP whilst at SVS but they were switched to USD / EUR during the move to ITI. That enabled ITI to charge us for conversions from USD / EUR to GBP and it is possible that some dividends were not received at all and probable that there were some shortfalls in the amounts. There are also possible problems with withholding tax etc.
If you need a tax accountant to sort out any mess caused by ITI then I'd argue that they should pay for the cost of the tax accountant. (Good tax accountants have access to software which will automatically calculate the correct dividend payments.)

eskbanker

RasputinB said:
Is there any obligation for ITI to supply us with a Tax Certificate? 

Maybe eskbanker would like to answer that.

I don't claim to be an expert on taxation legislation (or anything else for that matter!) but always understood that any company or nominee paying dividends does need to provide a tax certificate to the investor - a search just now unearths some references that I believe may be relevant (but happy to be corrected if not):

https://www.gov.uk/hmrc-internal-manuals/investment-funds/ifm14292 (specifically relates to ITs but links to the below, which I think covers all investments)

https://www.legislation.gov.uk/ukpga/2010/4/part/23/chapter/6/crossheading/companies-and-nominees-required-to-provide-tax-certificates

My2penneth

My residual shares in one company that were sitting in my QORT account have gone AWOL ...again.! 

This time, I've emailedITI and copied it to the case officer at the FOS (quoting the FOS case number) and I also highlight that ITI have not responded to the FOS letters. 

johnburman

You should get more than £300 comp from the FOS.  Claim the full costs of the 'missing' shares as your loss.  This would be a good time to sue them though.  You have this day suffered an actual loss [value of the shares].  But a broker 'losing' shares from their platform is the nightmare that any investor fears.  The FCA must be interested in this, even if they are 'found' later.