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Buying gilts - which platform to use?
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Gilts are available on Freetrade's free subscription tier, it offers fractional gilts and during market hours trades execute immediately and wholly online. The only issue is that the range isn't great.
Freetrade also offers one month UK Treasury bills.
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This is a random question (not relevant to me personally as I do a self assessment tax return). But how do you let HMRC know that you should be using the accrued income scheme to knock a bit off your interest receipt from a gilt? Let's say you get a consolidated tax certificate from your chosen platform (does that actually go to HMRC?). That will show the coupon received in the tax year. But it won't have a deduction for the accrued income you paid when you bought the gilt. You have to deduct that yourself. So if you aren't doing a self assessment do you just have to tell HMRC somehow?
Of course if the consolidated tax certificate does not go to HMRC then there is the separate question of how do HMRC know you have had the interest in the first place? Presumably there is a reporting obligation on you the tax payer. You can't just assume HMRC know about it the way they should know about bank and building society interest.
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that's a shame!
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i have not used this platform before so will look into it. i am planning to put a lot of money into gilts if i am taking them out of my savings account so security of the platform is very important, that is, how reliable is the platform for investing with them / giving them your money to invest with.
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my earnings fall into more than 100k a year, so i am in the higher rate band.
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my ex had invested in corporate bonds and you get similar things to this. when it comes to the self assessment tax return, you put in a note to explain the accrued interest that you had to pay when you bought the bond in the notes.
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Freetrade's owned by IG so I don't have any concerns about it.
https://www.londonstockexchange.com/stock/IGG/ig-group-holdings-plc/company-page
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Yeah not via BBSI but I think there's an income option in the personal tax site where you can tell them about other incomes which I think included gilts - I seem to remember doing it that way.
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HL will not give you that information. Various websites do give that information, but it depends on your tax situation and the rate of inflation. You are best to work it out yourself:
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HL does not let you trade new style ILGs online because of the cost and difficulty of providing that facility. SWSD and AJ Bell both let you trade now style ILGs online by typing in an order without knowing the price. A dealer then executes order shortly afterwards. It is possible to trade new style ILGs online with Interactive Brokers (IBKR), which has an electronic connection to one of the GEMMs (i.e. the main market market makers). With the other platforms, we have to trade through the retail market makers.
As I said, you do not pay accrued interest. It is a tax allowance against the next dividend.
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