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selling certificated VCTs

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scotia
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selling certificated VCTs

#192812

Postby scotia » January 11th, 2019, 4:56 pm

When my VCTs reach the end of the 5 year hold (to obtain the tax break) I put them on my list of potential sales with a view to recirculating the funds in new purchases. For historical reasons I hold accounts with HL, Fidelity and Charles Stanley Direct (originally Fastrade). In the past I have used the CSD account to sell the VCTs - I have sent them certificates and they have converted them into my Nominee account, free of charge, and I have sold them on the market for the usual fee. Earlier this week I sent them two VCT certificates (for two different VCTs) and received a response that they would now wish to charge £50 per certificate to place them in my account, and if I did not wish this to happen, they would arrange to return the certificates - this is what I have requested. When I mentioned that this charge was not present in their current price list they stated that it was not a "core service offering". In mitigation they stated that the charge was "per line of stock rather than per certificate" , and it would be waived for accounts valued greater than £50000. Since this is a historical account which I have been running down, I expect it will now be run down even faster.
Is there anyone out there who has used HL for this task?

barchid
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Re: selling certificated VCTs

#192842

Postby barchid » January 11th, 2019, 6:31 pm

Scotia, clearly CSD are changing rules on the hoof, having previously offered sponsored Crest accounts they now deny all knowledge of them, as we discussed on a previous post.
Sharedeal active accept certs free to put into Crest and charge £9.50 to sell them. I have always found them very efficient, perhaps you should use them.

Shavtedagin
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Re: selling certificated VCTs

#192878

Postby Shavtedagin » January 11th, 2019, 8:05 pm

Hi
HL process works well, free to transfer stock in, but 1% charge (minimum £20) to sell, so more expensive than others that have been mentioned. You could always take advantage of the Bed & ISA and sell for free in Share account and transfer funds into ISA. Process has worked seamlessly for years.
Hope that helps.

scotia
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Re: selling certificated VCTs

#192887

Postby scotia » January 11th, 2019, 9:13 pm

Thanks for the responses - I'll go for HL since I already have accounts with them.
And another aside - the CSD address in Edinburgh has also changed, so it looks like there may have been a bit of a shake up. I must confess that their statement that it was not a "core service offering" surprised me.

Vulgaris
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Re: selling certificated VCTs

#192913

Postby Vulgaris » January 11th, 2019, 11:32 pm

Thanks. Ive just put two certificates into CSD for exactly this reason, with no charge levied. I do have >£50000 of stock in the A/C, which probably explains matters, but will keep a sharp eye out for any changes to this threshold.

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Re: selling certificated VCTs

#192970

Postby Kidman » January 12th, 2019, 11:25 am

Shavtedagin wrote:Hi
HL process works well, free to transfer stock in, but 1% charge (minimum £20) to sell, so more expensive than others that have been mentioned. You could always take advantage of the Bed & ISA and sell for free in Share account and transfer funds into ISA. Process has worked seamlessly for years.
Hope that helps.

I'll second that. I have used HL for all my VCT sales and for the last few years have only used their Bed and ISA service thus avoiding all charges. To save some time I print off a Crest transfer form from their website and enclose it completed with the certificates. There is still a few days wait until one can deal while they register the transfer to their nominee account and then one can trigger the Bed and ISA online.


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