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Showing content with the highest reputation on 06/05/19 in all areas

  1. Anyone else having this problem with some (not all) US shares? This quarter my ISA dividend payouts involved a 11 or 12 line calculation for each share and a drastically reduced payout (on stocks I haven't sold, and which have not reduced their payout) I've signed a W-8BEN form so it isn't that. I'm not getting any useful answers from IG helpdesk and, of course, a total blank from 'Corporate Actions' - whatever that means.
    1 point
  2. Hi guy I'm relatively new here but I have noticed a strange withdrawal from my share dealing account. It turns out to be a dividend that I got from MTCH back in December ($2 per share special dividend). I reinvested those funds in other stocks I already own, so the cash in my account was sitting at £100 for a month or two. But I have just noticed I'm in negative balance by -£188! This is now three months after I got the dividend and now they took it off me? Is this normal? I've been scanning my statements to see if there is an obvious explanation but I can't work it out.?
    1 point
  3. Hi guy I'm relatively new here but I have noticed a strange withdrawal from my share dealing account. It turns out to be a dividend that I got from MTCH back in December ($2 per share special dividend). I reinvested those funds in other stocks I already own, so the cash in my account was sitting at £100 for a month or two. But I have just noticed I'm in negative balance by -£188! This is now three months after I got the dividend and now they took it off me? Is this normal? I've been scanning my statements to see if there is an obvious explanation but I can't work it out.?
    1 point
  4. I'll be shifting to HL. Out of principal, I'm going to shift all of my trading there, not just the cannabis stocks.
    1 point
  5. Anyone? this can't be the norm surely.
    1 point
  6. @Tony82 Definitely isn't normal by any standard - whether basic accounting rules, common sense, or a commitment to decent client service. Honestly, the calculation IG now use is so long and complicated I have no idea what has been paid out or deducted. Thanks to @JamesIG someone from IG - Matt Stevens - has now reached out and tried to at least begin to address the lack of response and lack of clear answers. If I have to move my portfolios I'd at least like to make the decision based on logic and clear information. I've asked that the issue go beyond the customer service team
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  7. @hariboid I've been having the same problem. This can't be normal? Taking the whole dividend two or three months later with no warning and leaving the account in negative balance. If this carries on i'll be taking my business else where.
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  8. @JamesIGIt certainly is, since I never mentioned UK Reits. I don't hold any of those. The tax on US REITS held within a UK ISA is tax free. And I do not believe the US takes any tax from the dividend either. So I continue to fail to see why the deduction. Could you direct me to the specific piece of tax legislation or rule change that would account for the new reduced payout? I also find it amazing that there isn't one capable and sufficiently empowered person within IG who can implement a non-terrible solution for this. Even more incredible that the curren
    1 point
  9. @JamesIG Appreciate your thoughts and clarification. I was told by customer support, this was an ''ongoing dividend reclassification project.' To the question: 'when will this ongoing project be completed?' I received no reply from customer support. Despite several requests for one. I don't think that takes 40 years of experience. I can understand that if this is somewhat new - although US REIT dividends have been in existence for 20+ years and trade on the worlds biggest stock exchanges - there might be a few teething problems. But surely even as a first attempt, the 'so
    1 point
  10. @JamesIG many thanks for chasing this up and coming back with some info! I think this reply from corporate actions is, frankly, extremely poor. Firstly, it does not justify 32 individual calculations to arrive from a single number to another single number. Secondly, the reduction in payout, as determined by this complex internal process, is not reflected by UK tax law for ISA's, as I currently understand it. Please do correct me on this if I'm wrong. Finally, and most tellingly I'm adding a screenshot of the same payout, from the same company (Realty Corp) at the same qu
    1 point
  11. Thanks James, I'd really appreciate a resolution. I've made a png showing what IG have done for just a single payout for Realty Corp - an insane 32 calculations in total. And I have at least 20 different US Reits. When I contacted the helpdesk, they spoke to Corporate Actions who replied that I should just add everything up myself. Further questions by email about why the payment was lower, and who in management could get involved to sort out this ridiculous state of affairs have gone unanswered. I literally cannot get a reply.
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  12. Nobody? Update: 32 individual calculations - subtractions and additions - for a single payout from Realty Income Corp. How can that even remotely make sense or be deemed acceptable customer delivery?
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  13. Apologies it's taken me a couple of days to get back to you on this one. I have just spoken to our corporate actions team and they have confirmed that this stock has gone through an income reclassification process which the underlying company has initiated. Income reclassification refers to changes companies make to all or part of previously reported dividend income to some other tax classification. A dividend is a distribution of a company’s earnings and profits. A distribution by a corporation is taxed as a dividend to the extent of the corporations' earnings and profits,
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