Fund platform - HL questions

ColdIron

LightKnow said:

InvesterJones said:

LightKnow said:

Rather make new post - please advise on this -

My HL account has cash in there to invest with when I needed to ( non gains) , which I was thinking taking out £500 to add in my bank over 4 months so I could invest into my funds monthly , will this impact me in terms of tax??  

It shouldn't though right ? Am only using money I put away as back up 

Is the account within a tax wrapper (ISA or SIPP)? If not, then no impact - you'll pay whatever tax is due on the interest accrued either way.

Yes the cash is ISA with HL but I don't get interest on it 

HL pay 2.50% to 3.50% in an ISA depending on your balance

https://www.hl.co.uk/charges-and-interest-rates

InvesterJones

LightKnow said:

InvesterJones said:

LightKnow said:

Rather make new post - please advise on this -

My HL account has cash in there to invest with when I needed to ( non gains) , which I was thinking taking out £500 to add in my bank over 4 months so I could invest into my funds monthly , will this impact me in terms of tax??  

It shouldn't though right ? Am only using money I put away as back up 

Is the account within a tax wrapper (ISA or SIPP)? If not, then no impact - you'll pay whatever tax is due on the interest accrued either way.

Yes the cash is ISA with HL but I don't get interest on it 

In which case, unless it's a flexible ISA which I doubt, by putting the money in twice (assuming the funds are also within a wrapper) you are using up your contribution limit more than you need to. So, unless you have some leftover from the £20000 limit that you're never going to use, there is a tax impact because you're sheltering less.

If you're concerned about interest rates on cash at HL you could always put it in a money market fund instead. See other threads on these boards about those

LightKnow

InvesterJones said:

LightKnow said:

InvesterJones said:

LightKnow said:

Rather make new post - please advise on this -

My HL account has cash in there to invest with when I needed to ( non gains) , which I was thinking taking out £500 to add in my bank over 4 months so I could invest into my funds monthly , will this impact me in terms of tax??  

It shouldn't though right ? Am only using money I put away as back up 

Is the account within a tax wrapper (ISA or SIPP)? If not, then no impact - you'll pay whatever tax is due on the interest accrued either way.

Yes the cash is ISA with HL but I don't get interest on it 

In which case, unless it's a flexible ISA which I doubt, by putting the money in twice (assuming the funds are also within a wrapper) you are using up your contribution limit more than you need to. So, unless you have some leftover from the £20000 limit that you're never going to use, there is a tax impact because you're sheltering less.

If you're concerned about interest rates on cash at HL you could always put it in a money market fund instead. See other threads on these boards about those

Am not close to hitting the 20k limit . The 2k I got as cash in HL was if I wanted to add extra into my funds .  The issue at the moment these upcoming 4 months I would struggle to pay monthly direct debit into funds . This why am using the 2k cash in splits of 500  to avoid a 4 month period of not investing  - what my main concern is HL won't report these £500 withdrawal as income or gains to HMRC . As they are not . This money I built up over a year to keep in ISA wrapper 



What does this mean ? 

Please note as this is an offshore fund you are not normally entitled to compensation through the UK Financial Services Compensation Scheme.

LightKnow

Two things 

On HL platform - am seeing few funds you can buy funds in but when you go to other information the number of holdings is NA and fund size is £0
???? E.g fund ubam biodiversity 


Lastly - say as e.g I got 10 k in available to invest ( I would assumed I can take out at least 8k if wanted )but when I look to withdraw it says cash on account 5k available to withdraw 5k 

I got nothing pending and looked around settings to see if there limit placed on withdrawal but can't see out , so what is the remaining 5k ?

InvesterJones

LightKnow said:

Two things 

On HL platform - am seeing few funds you can buy funds in but when you go to other information the number of holdings is NA and fund size is £0
???? E.g fund ubam biodiversity 


Lastly - say as e.g I got 10 k in available to invest ( I would assumed I can take out at least 8k if wanted )but when I look to withdraw it says cash on account 5k available to withdraw 5k 

I got nothing pending and looked around settings to see if there limit placed on withdrawal but can't see out , so what is the remaining 5k ?

On the first point, who knows - could be just missing information from the fund provider. If in doubt make use of the HL service you're paying for and ask them!

The 5k thing is probably a difference between cleared cash and amount waiting to clear. Large platforms (like HL) don't have a problem investing uncleared cash, especially if it's from a sale on their own platform, but will only let you withdraw cleared amounts. But again, if in doubt, ask them.