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Stockbrokers for Investment Clubs Sep’25
Comments
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ever_hopeful81 said:The person I spoke to at IBKR said that they didn't deal with investment clubs at all!0
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Our thanks to everyone re IBKR. It is most extraordinary isn’t it? We too are unwilling to provide our personal UTRs. Also Pilling is too expensive for us.All eyes on John Calvert. IBKR is our last chance.0
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harrythehorse said:I think this is the end of the line for investment club accounts in the UK.Remember the saying: if it looks too good to be true it almost certainly is.4
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Update. We are making progress. This morning I've been asked to fund the account to obtain an LEI. They have also asked for a full list of members, (so far only got my details), and proof of ownership. So, not over the finish line yet, but it's looking more hopeful.2
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jimjames said:harrythehorse said:I think this is the end of the line for investment club accounts in the UK.ICs became popular in the late 90s at a time when trading costs were quite high, especially for small amounts, so it did make sense to pool funds. Not so much now, as you say.Being part of a group is still a benefit in that it helps promote discipline. If you are collectively agreeing on purchases and sales and the treasurer is the one making them then there's much less chance to panic or think "that's too risky for me" and not even purchase in the first place. For novice investors that's a real help. Even quite experienced ones can have a mental block when it comes to selling, especially at a loss.Lastly, when you've been part of a group for 25+ years, especially if there's a stable core membership, then it is a wrench to have to say goodbye to it. Yes, we can - and hopefully will - continue as an informal group agreeing on transactions which we then conduct individually but I suspect that with no constitutional requirment for regular meetings, formal agenda etc that it will gradually peter out.That said, we have made the decision to call it a day. Financially it does make sense since operating an active strategy outside of a tax shelter is no longer remotely efficient. Members of an IC are taxed individually so can make full use of their own allowances, but these are so small now that it's easy to end up paying dividend tax and CGT with even quite modest profits.2
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Thanks to John Calvert
Thats good. I still worry about the UTR though. Will they ask for everybody’s eventually or was it just to get you into the process?
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Findthetruth. I'm not sure what they will ask for eventually. I've had to provide a list of all members, their names, holdings and percentage ownership of the club. Not yet been asked for addresses, etc, but I guess that will happen next. Also had to prove authority to open account, so I've provided minutes of AGM re-electing officers, and minutes of last week's meeting when we voted to open an account. I await their decision, and will update next week.0
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There is an IBKR web page:
https://www.interactivebrokers.eu/campus/podcasts/ibkr-podcasts/ibkr-unfolded-the-swiss-army-knife-of-investment-clubs/ (dated 2 September 2025) that promotes their support for investment clubs. Clearly they have a management strategy to host investment club accounts in the UK.
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findthetruth said:......Got stuck on the UTR as registering with HMRC as an unincorporated association would have meant paying corporation tax.......0
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johncalvert said:...I've had to provide a list of all members, their names, holdings and percentage ownership of the club....
So why do IBKR need to ask for LEIs, UTRs and membership data? This seems to be a hangover from the pre-2013 era. Can IBKR be persuaded to change their form to not request this information for a UK investment club?0
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