Finding acquisition costs

Hattie627

I own shares in two investment trust companies which are both now held in a general investment account on the Fidelity platform. 
I acquired the shares over a period of time in the 1990s and early 2000s by investing monthly. After I stopped investing in the companies (probably around 2005) I have (until very recently) been reinvesting the dividends, thereby increasing the value of the holdings. I have never sold any of the shares.
I am now in a dilemma. I have no records of acquisition values. I know, this is very bad administration but I was a new investor back then and didn't realise the importance of record-keeping.
The two holdings, together, now have a substantial value. I would like to have proper records of the acquisition costs, otherwise I foresee having to hold onto these investments until I die.
One of the two holdings has always been on the Fidelity platform (I think, as it is a Fidelity-managed investment trust). The other one has been through several platforms.
I was told that the best way of tracing acquisition values is to contact the company registrars. On looking at their websites, it seems that I can obtain a history of my shareholding at a fee, As a preliminary they need the shareholder reference number. However I don't have an SRN for either holding because the nominee holder is the platform.
Just wondered if anyone has had a similar problem and found a way through the mess.
I know, I deserve to be criticised for not keeping records and for allowing these holdings to grow unchecked and unmonitored. Please be nice!

Hoenir

Impossible to recreate a proper record if you've retained no documentation at all. Suggest you stop reinvesting the dividends. Also crystallise some of the shares every year while staying under the capital gains exemption limit. Reinvest the proceeds into a new investment that you keep proper records for. 

Hattie627

Hoenir said:

Impossible to recreate a proper record if you've retained no documentation at all. Suggest you stop reinvesting the dividends. Also crystallise some of the shares every year while staying under the capital gains exemption limit. Reinvest the proceeds into a new investment that you keep proper records for. 

Thanks. Have started drawing out the dividends in cash. Will start selling shares up to £3000 realised value per year. If there are no external records, I just wonder how HMRC could prove CGT owed. Confused!

Hoenir

Hattie627 said:

Hoenir said:

Impossible to recreate a proper record if you've retained no documentation at all. Suggest you stop reinvesting the dividends. Also crystallise some of the shares every year while staying under the capital gains exemption limit. Reinvest the proceeds into a new investment that you keep proper records for. 

Thanks. Have started drawing out the dividends in cash. Will start selling shares up to £3000 realised value per year. If there are no external records, I just wonder how HMRC could prove CGT owed. Confused!

Onus is entirely on you . Prove they weren't orginally gifted at zero cost. 

If tax avoidance were that easy nobody would maintain an auditable trail.........

wmb194

You shouldn't have to assume zero cost. Which ITs? If you look back at their share price graphs worst case you could assume you bought all of your shares at the lowest price.

Having said that over 30 years you could still be sitting on an enormous gain e.g., Fidelity European Trust (FEV.L):

Eyeful

Why did you not use a Stocks & Shares PEP/ISA tax shelters when you where buying these shares?

Hattie627

Eyeful said:

Why did you not use a Stocks & Shares PEP/ISA tax shelters when you where buying these shares?

I have maximised PEP/ISA investment every year since introduction.  These holdings were additional savings from income. Edited to add:- back in the day, the annual PEP/ISA allowance was nowhere near the £20K applying today. These shares were acquired between c1995 and 2005.

EthicsGradient

Hattie627 said:

One of the two holdings has always been on the Fidelity platform (I think, as it is a Fidelity-managed investment trust). The other one has been through several platforms.
I was told that the best way of tracing acquisition values is to contact the company registrars. On looking at their websites, it seems that I can obtain a history of my shareholding at a fee, As a preliminary they need the shareholder reference number. However I don't have an SRN for either holding because the nominee holder is the platform.

If one has "always" been on a Fidelity platform, then asking Fidelity to provide the longest record they can of that holding might get something in terms of an original investment, or the reinvesting. Would you have any bank current account records that clearly state money leaving the account to an investment platform in a regular fashion?

Or was it Fidelity that said "search me, squire, try the company registrars"?

Hattie627

EthicsGradient said:

Hattie627 said:

One of the two holdings has always been on the Fidelity platform (I think, as it is a Fidelity-managed investment trust). The other one has been through several platforms.
I was told that the best way of tracing acquisition values is to contact the company registrars. On looking at their websites, it seems that I can obtain a history of my shareholding at a fee, As a preliminary they need the shareholder reference number. However I don't have an SRN for either holding because the nominee holder is the platform.

If one has "always" been on a Fidelity platform, then asking Fidelity to provide the longest record they can of that holding might get something in terms of an original investment, or the reinvesting. Would you have any bank current account records that clearly state money leaving the account to an investment platform in a regular fashion?

Or was it Fidelity that said "search me, squire, try the company registrars"?

Yes, I think Fidelity might be able to help. I haven't approached them yet.