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Moving to a free share dealing/holding service - or alternatives
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- Lemon Half
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Moving to a free share dealing/holding service - or alternatives
Scenarioo:
I have a Halifax share dealing account
It holds £38 worth of shares (on todfays valuation).
these shares were GKP, that somewhat crashed a few years ago so represent a large loss thus far.
I see no point in selling them. I ndont see them ever regaining the intial costs/price but TBH cashing them in hardly seems worthwhile.
So halifax now have a £36 a year charge.
So the only options seem to be sell and empty the account
move away to a free account
or are their alternatives eg I hold them myself directly ?
ideas?
I have a Halifax share dealing account
It holds £38 worth of shares (on todfays valuation).
these shares were GKP, that somewhat crashed a few years ago so represent a large loss thus far.
I see no point in selling them. I ndont see them ever regaining the intial costs/price but TBH cashing them in hardly seems worthwhile.
So halifax now have a £36 a year charge.
So the only options seem to be sell and empty the account
move away to a free account
or are their alternatives eg I hold them myself directly ?
ideas?
Re: Moving to a free share dealing/holding service - or alternatives
I own several shares in certificate form . Years ago the cost to buy in certificate form was --- dealing charge -- plus stamp duty ---plus £10 for the certificate . Nowadays i think the certificate fee is around £44 minimum.
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- Lemon Half
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Re: Moving to a free share dealing/holding service - or alternatives
didds wrote:Scenarioo:
I have a Halifax share dealing account
It holds £38 worth of shares (on todfays valuation).
these shares were GKP, that somewhat crashed a few years ago so represent a large loss thus far.
I see no point in selling them. I ndont see them ever regaining the intial costs/price but TBH cashing them in hardly seems worthwhile.
So halifax now have a £36 a year charge.
So the only options seem to be sell and empty the account
move away to a free account
or are their alternatives eg I hold them myself directly ?
ideas?
Your loss might be a large asset, and the shares not (almost) worthless. Selling at the opportune time to offset large Capital Gains might be of great financial advantage to you.
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- Lemon Half
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Re: Moving to a free share dealing/holding service - or alternatives
dealtn wrote:Your loss might be a large asset, and the shares not (almost) worthless. Selling at the opportune time to offset large Capital Gains might be of great financial advantage to you.
Indeed - but first id have to accrue large capital gains
In the meantime - anybody know of a free sharedealing service to transfer the shares to, or viable alternative ?.
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- Lemon Half
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Re: Moving to a free share dealing/holding service - or alternatives
didds wrote:In the meantime - anybody know of a free sharedealing service to transfer the shares to, or viable alternative ?.
Holding shares in the form of paper certificates is free, up to the time you want to sell them. There's usually a charge for transferring from a Broker account to paper and you cannot hold paper in an ISA.
The most "profitable" option is likely to be to cap the losses and future charges by selling them.
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- 2 Lemon pips
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Re: Moving to a free share dealing/holding service - or alternatives
My kids ( 25 yrs old ish) both use mainly Trading 212 (no fee ISA and GTA) and of course Freetrade (no fee GTA).
If I told them that they had to pay to buy and sell shares and also pay a further fee for the privilege of being allowed to pay a fee to buy and sell shares and then a further fee to get a 'certificate' I am certain they would conclude the 'old boy' had lost what remains of his senses
The only 'legacy' account one of them has is with HL (LISA). Last weekend after Hargreaves had charged a 'fee' to the LISA for 'holding/managing/having a nice office?' my younger child was really quite annoyed .
I think Halifax needs to realise that times have changed since the 1970s and the Fintechs are 'eating their lunch'.
( as an aside they both seem to really like the "almost daily dividend pie" on 212).
If I told them that they had to pay to buy and sell shares and also pay a further fee for the privilege of being allowed to pay a fee to buy and sell shares and then a further fee to get a 'certificate' I am certain they would conclude the 'old boy' had lost what remains of his senses
The only 'legacy' account one of them has is with HL (LISA). Last weekend after Hargreaves had charged a 'fee' to the LISA for 'holding/managing/having a nice office?' my younger child was really quite annoyed .
I think Halifax needs to realise that times have changed since the 1970s and the Fintechs are 'eating their lunch'.
( as an aside they both seem to really like the "almost daily dividend pie" on 212).
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- Lemon Half
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Re: Moving to a free share dealing/holding service - or alternatives
there's a waiting list to join Trading 212
https://helpcentre.trading212.com/hc/en ... y-disabled
https://helpcentre.trading212.com/hc/en ... y-disabled
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- Lemon Quarter
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Re: Moving to a free share dealing/holding service - or alternatives
Personally, I'd write them off from a personal perspective and close the account whilst donating the shares to charity: https://www.sharegift.org/
All the best, Si
All the best, Si
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- Lemon Slice
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Re: Moving to a free share dealing/holding service - or alternatives
To go back to the original question, HL do not charge fees for holding shares in what they call a "Fund and share account", which is an oridinary share trading account outside of a tax wrapper. There is no inactivity fee either.
Note HL do charge fees for SIPP's, ISA's, LISA's etc.
Beware the exit charges from your current provider!
Note HL do charge fees for SIPP's, ISA's, LISA's etc.
Beware the exit charges from your current provider!
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- Lemon Half
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Re: Moving to a free share dealing/holding service - or alternatives
Ive taken Si's advice.
thanks for the answers, and particularly to Si
cheers
didds
thanks for the answers, and particularly to Si
cheers
didds
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- Lemon Slice
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Re: Moving to a free share dealing/holding service - or alternatives
didds wrote:Ive taken Si's advice.
thanks for the answers, and particularly to Si
cheers
didds
Seconded.
I hijacked this for my own use. We have about £80 Lloyds shares still in our [deceased] dad's name, and process/cost to get transferred to our mum seems excessive.
BigB
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- Lemon Half
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Re: Moving to a free share dealing/holding service - or alternatives
didds wrote:dealtn wrote:Your loss might be a large asset, and the shares not (almost) worthless. Selling at the opportune time to offset large Capital Gains might be of great financial advantage to you.
Indeed - but first id have to accrue large capital gains
You can roll forward an overall CGT loss in a year indefinitely, to use against capital gains exceeding the allowance sometime in the future. You just have to declare the loss (within 4 years of it happening, IIRC).
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- Lemon Half
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Re: Moving to a free share dealing/holding service - or alternatives
Sobraon wrote:My kids ( 25 yrs old ish) both use mainly Trading 212 (no fee ISA and GTA) and of course Freetrade (no fee GTA).
If I told them that they had to pay to buy and sell shares and also pay a further fee for the privilege of being allowed to pay a fee to buy and sell shares and then a further fee to get a 'certificate' I am certain they would conclude the 'old boy' had lost what remains of his senses
Not the right Board to discuss this but
"Our charges may be incorporated as a mark-up or mark-down (the difference between the price at which we take a principal position and the transaction execution price with you). The Company’s price quote in many markets already includes our spread and there will be no additional fees or commissions due from you. The Company may alternatively agree to charge a commission or a combination of commission and mark-up or mark-down. The Company’s charges are not taken into account in determining the best execution prices."
Rarely is anything described as "free" actually "free". But I assume your kids already know that.
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