GIA transfer to GIA and how "In-Specie" works?

RogerPensionGuy

I've been reviewing my messy GIAs reference filling out self assessment tax form and it's confusing, but think I'm getting there. 

However to reduce hassle ongoing, I'm looking to transfer one GIA provider in to my GIA platform. 

I can easily find any great information on how my CGT calculations are handled. 

My plan is to move my current holding of Vanguard funds to the Vanguard platform, so it should be easy I hope. 

On donor GIA I can see an easy snap shot of cost, current and gain/loss of these funds. 

I am just wondering if the in-specie transfer occurs, does the new platform just get the units moved and that average cost that I purchased them at or how can I keep track of this data as I consolidate to the new platform? 

Any views or sigh posts most welcome like always from a very slow learner. 

Cheers Roger. 

DRS1

Just assume what you want to happen won't happen.  So keep your own records.

dales1

It worked just fine for me this May, when I transferred some VWRL from Jarvis to Halifax.

My new figures in Hx were spot on, and agree exactly with my own detailed records.

But, as said above, I would not rely on this sucessful outcome, at all.

wmb194

RogerPensionGuy said:

I've been reviewing my messy GIAs reference filling out self assessment tax form and it's confusing, but think I'm getting there. 

However to reduce hassle ongoing, I'm looking to transfer one GIA provider in to my GIA platform. 

I can easily find any great information on how my CGT calculations are handled. 

My plan is to move my current holding of Vanguard funds to the Vanguard platform, so it should be easy I hope. 

On donor GIA I can see an easy snap shot of cost, current and gain/loss of these funds. 

I am just wondering if the in-specie transfer occurs, does the new platform just get the units moved and that average cost that I purchased them at or how can I keep track of this data as I consolidate to the new platform? 

Any views or sigh posts most welcome like always from a very slow learner. 

Cheers Roger. 

In my experience sometimes these data are transferred across and sometimes they aren’t. 

Keep your own records and, if they aren’t and you really want to, you can usually ask brokers to correct the book cost to the figure you want to see.

vacheron

DRS1 said:

Just assume what you want to happen won't happen.  So keep your own records.

This!  /|\

I have some weird and wonderful valuations from companies I have moved funds to. Some assume the price when they were moved to them, some decide I must have got them for free, but I don't think a single one has correctly tracked back to show the actual amount I paid when I first bought them! 

I honestly have no idea how investors (or indeed HMRC) can keep track when so many people repeatedly platform hop these days?

I moved a large amount to one of my SIPPs from another pension fund last year, and they just added this to the overall gain of the fund, so apparently my globally diversified SIPP's rate of return over the last 2 years has been 167.5%! 🤦‍♂️ 

RogerPensionGuy

It certainly appears clear that keeping good records is definitely required if HMRC ever dig in for details, so I've now finnaly recorded all my buys & sells.

I was originally thinking that an in-specie GIA transfer was even more simple than keeping records and hoping donor GIA platform would just move X units and advise receiving GIA platform the actual cost per unit that are displayed on the home screen currently, how simple that would be.

As the previous post mentioned, with so many GIA transfers and liklihood to increase, maybe lots of headaches down the road. 

All the above and huge decreases in CGT and dividend allowances these last few years, it certainly looks like HMRC will be getting very busy.