Transfering Share dealing Account from H/L to Scottish Widows

Rollinghome

https://forums.moneysavingexpert.com/discussion/comment/81892948#Comment_81892948

That's odd. So all your investments were showing a 100% gain immediately?

When I transferred in back in 2011, everything was showing the cost as if bought on the day of the transfer. I also transferred in some certificated stocks some years later, and they were dealt with in the same way. Not ideal, but not something that concerned me. If you want another figure you could ask them to correct it.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81892948#Comment_81892948

My experience is that they use the price when received, which I would suggest is an improvement on using zero.

I don't think the ceding provider shares the original acquisition cost. When I recently transferred into T212, I was able to enter the desired acquisition cost for each holding when I applied to transfer. Other providers I have transferred into (Fidelity, ii, HL, AJ Bell) used price when received too in the first instance, though some allow it to be edited.

Rollinghome

IIRC, the transfer forms I completed for Iweb did ask for the acquisition cost, which I dutifully checked and entered, but then just ignored it.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81893006#Comment_81893006

Just had a look at the survivors from 2014 and they just show ** not zero. The ones where I bought some more show gains of 000s of a percent.

It would be interesting to hear from @sharepicker or other recent transfers.

ask66

https://forums.moneysavingexpert.com/discussion/comment/81892868#Comment_81892868

@DRS1 My transfer from HL to SW has just completed, and the acquisition cost for all the shareholdings is showing as the value on the day of transfer, not the original cost.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81893397#Comment_81893397

Thanks.

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/81892868#Comment_81892868

Mine are currently ~100x the cost on day of transfer 😂 Think there's been some p/£ issue, so it looks like I've made an astronomical loss. However since they're gilts it makes no difference to anything.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81893489#Comment_81893489

Yes I have noticed their prices sometimes seem to have the decimal point in the wrong place. It usually seems to correct itself in the valuation though.

Rollinghome

https://forums.moneysavingexpert.com/discussion/comment/81893397#Comment_81893397

It makes sense for them to do it that way. Using that day's price can be easily automated. If it had to be done manually and an error was made, could be all sorts of problems when sold.

FIREDreamer

It’s a shame that SW / iWeb isn’t a flexible ISA as I probably would have transferred to them in the long term.

Not with T212 at the moment but I think everything will end up there eventually.