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Barclays Smart Investor

Alaric
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Re: Barclays Smart Investor

#95470

Postby Alaric » November 13th, 2017, 10:06 pm

csearle wrote: Does anyone know how I get this back?


If it's an ISA or SIPP you have to hope that Barclays will reclaim it for you. If they don't it's a valid complaint.

If it's a taxable account, it would have to go through your tax return to get it back if your taxable income is less than your personal allowance. Be aware that companies like British Land pay some dividends as normal dividends with no tax at source and others as PIDs where 20% is liable to be withheld.

Breelander
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Re: Barclays Smart Investor

#95501

Postby Breelander » November 14th, 2017, 12:49 am

csearle wrote:My British Land income used to be paid by Barclays Stockbrokers in full. With Smart Investor it has been paid with 20% (tax I presume) withheld. I find it rather annoying that this has been changed. Does anyone know how I get this back?


The reason Barclays Stockbrokers received the PID gross and Smart Investor get it net of tax is down to how the nominee shares are held. To be eligible for gross payment the tax-sheltered holdings must be in a separate nominee account to that holding the taxable holdings. If they are all pooled together the PID is paid after tax and the tax reclaimed for the ISA/SIPP holdings. Some brokers do it one way, some the other - but they should all get the tax back for their ISA customers in the end.

HMRC wrote:13.1b UK-REITs make Property Income Distributions (PIDs), which normally have basic rate tax deducted at source.
However, where a PID is paid directly to an ISA manager it will be paid gross where the manager

- operates separate nominee accounts – one for those beneficial owners entitled to gross payment (because, for example, they are ISA investors) and one for others not so entitled, and
- gives the registrar acting for the UK-REIT a declaration of entitlement to gross payment in respect of the “gross account”

If the manager operates a mixed or pooled nominee, or does not give the registrar a declaration of entitlement to gross payment in respect of the “gross account”, the PID must be paid after deduction of income tax at the basic rate.

As an interim measure, managers receiving a PID net can reclaim the tax in respect of their ISA investors from SSO.
HMRC - Guidance notes for ISA managers

This is where it all goes 'pear-shaped' - Smart Dumb Investor don't seem to know how to reclaim the tax. I have had a complaint running on this with them for the past six months....

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Re: Barclays Smart Investor

#95671

Postby Hanoi » November 14th, 2017, 5:22 pm

Breelander wrote:This is where it all goes 'pear-shaped' - Smart Dumb Investor don't seem to know how to reclaim the tax. I have had a complaint running on this with them for the past six months....

This issue has been aired on another forum for a client with a REIT in an ISA. Answer given by Barclays was:

Quote
Sorry about the confusion around this.
Real estate investment trust income from corporate events are not class as a dividend but an income. This has caused an error on our system where we still tax at source even though it is held within an ISA environment. We are currently reclaiming all tax and you will be paid the outstanding £xx.xx in due course but I cannot commit to a timescale for this. We are also fixing the issue so it will not happen moving forward when a REIT pays an income.

I am sorry you where given incorrect information, this may be due to a knowledge gap from my previous colleagues but I have flagged it up for you so that these colleagues have a better understanding of REITs and ISA dividend tax rates.
Unquote

It remains to be seen how long S̶m̶a̶r̶t̶ Dumb Investor takes to fix it

Alaric
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Re: Barclays Smart Investor

#95675

Postby Alaric » November 14th, 2017, 5:28 pm

Barclays (reported by Hanoi) wrote: This has caused an error on our system where we still tax at source even though it is held within an ISA environment.


It doesn't install much faith in their system design and testing. Quirky things like the treatment of REITs need to be thought through and properly tested. That probably extends to the end of year tax statement on taxable accounts.

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Re: Barclays Smart Investor

#97846

Postby Julian » November 22nd, 2017, 3:28 pm

This is comical. Pretty much exactly 5 months to the day after submitting my transfer request form I got a notification from HL a couple of days ago that my transfer had completed and my shares and cash balance have indeed been transferred across from Barclays to HL. The comical bit? I just got an email from Barclays that reads as follows...

Dear Customer,

Thank you for your request to transfer to an alternative provider. We are now working on your request and wanted to let you know that cash transfers normally take up to 4 weeks and other investments up to 6 weeks.

We’ll contact you again if there are any delays.
...


Talk about the left hand not knowing what the right hand is doing. Oh well, maybe they'll transfer my portfolio again and I'll end up with double the number of shares for all my holdings.

- Julian

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Re: Barclays Smart Investor

#98286

Postby JMN2 » November 23rd, 2017, 7:07 pm

I sent some heated emails to Barclays full of frustration mainly just to let off steam during the transfer process, but did not demand any compensation and was just happy that the transfer finally happened. So I was happy when out of the blue I was told I will receive a nice crisp cheque.

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Re: Barclays Smart Investor

#98464

Postby Julian » November 24th, 2017, 11:57 am

JMN2 wrote:I sent some heated emails to Barclays full of frustration mainly just to let off steam during the transfer process, but did not demand any compensation and was just happy that the transfer finally happened. So I was happy when out of the blue I was told I will receive a nice crisp cheque.

That's interesting. I wonder whether I will get the same since I think my transfer took even longer than yours. Unfortunately for me though my ire, expressed via frustration-laden secure messages, was aimed at the receiving broker rather than Barclays.

Many of my issues, and certainly the one that caused me genuine distress on top of the general frustration about how long everything took, was down to the broker I was transferring to (HL) who initially gave the wrong instructions to Barclays that caused my entire portfolio so be sold off against my instructions and with no prior warning. I will actively be going after HL for compensation which makes it doubly interesting that Barclays gave you compensation.

Was your compensation solely for the slow and unresponsive service that Barclays gave you during the transfer process as opposed to having made any egregious errors during that process or in some other way causing you some monetary loss as a consequence of their tardiness?

- Julian

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Re: Barclays Smart Investor

#98476

Postby PeterGray » November 24th, 2017, 12:27 pm

I got some compensation after several complaints, none related to transferring, since I stayed with them. I got an apologetic phone call and when I mentioned an additional issue that for some reason she hadn't heard about my compensation got doubled on the spot. Small beer, but welcome, and good to know that the same competent support staff still seem to be there, when you manage to get through to them.

Peter

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Re: Barclays Smart Investor

#98492

Postby JMN2 » November 24th, 2017, 1:19 pm

Julian wrote:...

Was your compensation solely for the slow and unresponsive service that Barclays gave you during the transfer process as opposed to having made any egregious errors during that process or in some other way causing you some monetary loss as a consequence of their tardiness?

- Julian


Just for the lengthy process.

csearle
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Re: Barclays Smart Investor

#98784

Postby csearle » November 25th, 2017, 2:22 pm

PeterGray wrote:I got some compensation after several complaints, none related to transferring, since I stayed with them. I got an apologetic phone call and when I mentioned an additional issue that for some reason she hadn't heard about my compensation got doubled on the spot. Small beer, but welcome, and good to know that the same competent support staff still seem to be there, when you manage to get through to them.r
Same here Peter, although I wasn't savvy enough to have a back-up issue so had to make do with undoubled compensation! :D

Chris

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Re: Barclays Smart Investor

#98796

Postby JMN2 » November 25th, 2017, 3:30 pm

Small beer indeed, meanwhile elsewhere, HL is celebrating their million customers.

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Re: Barclays Smart Investor

#99175

Postby Sandy123307 » November 27th, 2017, 10:55 am

Ref compensation.

I got a letter stating they would send a compensation cheque, that was 3 weeks ago, still not received it.
Can anyone tell me how long they waited.

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Re: Barclays Smart Investor

#99188

Postby PeterGray » November 27th, 2017, 11:45 am

I think mine took about 10 days

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Re: Barclays Smart Investor

#99889

Postby penteluk » November 29th, 2017, 12:10 pm

Just off the phone from Barclays complaints re British land dividend in ISA

They cannot give a timescale for the tax deducted to turn up but they hope that it will arrive before the end of April 2018.

Not holding my breath...........

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Re: Barclays Smart Investor

#100337

Postby plodder » November 30th, 2017, 9:08 pm

PHP dividend suffers in the same way as BLND with 20% tax deducted on part of the dividend.

Spoke to Barclays today re BLND was informed that should be sorted in the next ten days. PHP dividend only paid this evening so not sure what the situation is with this.

Andy46
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Barclays Smart Investor

#102969

Postby Andy46 » December 9th, 2017, 2:42 pm

Hi,

Ever since migrating to smart investor, i'm 'forgetting' my login details regularly, meaning my account becomes locked.

This means I have to phone up someone that doesn't speak English, who passes me to a couple of other people who dont speak English, until one of them finally understands me and realises all i want is to be sent another PIN number. Its then hit and miss whether or not I actually receive another PIN in the post, if not I obviously have to phone again.

The thing is, I never had an issue previously remembering, so would question if indeed it is or not myself forgetting.

Anyone else having the same issue?

Thanks

kiloran
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Re: Barclays Smart Investor

#102976

Postby kiloran » December 9th, 2017, 3:01 pm

Andy46 wrote:Hi,

Ever since migrating to smart investor, i'm 'forgetting' my login details regularly, meaning my account becomes locked.

This means I have to phone up someone that doesn't speak English, who passes me to a couple of other people who dont speak English, until one of them finally understands me and realises all i want is to be sent another PIN number. Its then hit and miss whether or not I actually receive another PIN in the post, if not I obviously have to phone again.

The thing is, I never had an issue previously remembering, so would question if indeed it is or not myself forgetting.

Anyone else having the same issue?

Thanks

No problem at all for me. Rather than 'remembering' the PIN, why not store it in a password manager such as Keepass? We all have so many passwords and PINs, a tool such as this is indispensible.

--kiloran

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Re: Barclays Smart Investor

#103060

Postby Andy46 » December 9th, 2017, 11:26 pm

Ta. It must be just me getting old and senile lol

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Re: Barclays Smart Investor

#103326

Postby JMN2 » December 11th, 2017, 11:20 am

Regarding my transfer from Barc to HL, last share to pay dividend that went EX while still at Barclays paid on 30th November. I wonder how long it might take for Barc to send the accumulated dividend cash over to HL?

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Re: Barclays Smart Investor

#103339

Postby JMN2 » December 11th, 2017, 12:05 pm

JMN2 wrote:Regarding my transfer from Barc to HL, last share to pay dividend that went EX while still at Barclays paid on 30th November. I wonder how long it might take for Barc to send the accumulated dividend cash over to HL?


Think about and query my kitchen tap, it starts dripping. Think about and query dividends, they appear. I might be psychic. So the answer is under 2 weeks.


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