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GIA tax reporting on II
Rocky_W
Posted: 25 January 2025 09:34:30(UTC)
#1

Joined: 12/06/2018(UTC)
Posts: 134

Hi, my ISA and SIPP etc are full and I plan to open a GIA with II to invest excess cash. I can't be bothered with low-coupon gilts and plan to simply invest for the long term in HSBC FTSE All-World Index Fund Income.

My thinking is, having one fund that I buy monthly and have one stream of income will simplify dividend tax reporting and the eventual CGT reporting.

Questions are:
1. Does II provide a yearly dividend tax report to help with my tax return?

2. On the eventual sale, does II provide a GCT tax report? I assume II need to compute the average cost of the transactions over time - or do i need to do that?

3. I am choosing the income version of the fund as this appears to make dividend tax simpler to calculate.

Thanks!
Stephen B.
Posted: 25 January 2025 13:51:46(UTC)
#2

Joined: 26/09/2012(UTC)
Posts: 793

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They do provide an income report for the tax year, I think it's a legal requirement for all providers to do it. However I have had a couple of cases (not with ii) where unusual forms of income weren't on the report, e.g. share distributions that counted as dividends.

No provider will give you a CGT report, it's far too complex and in general they don't have enough information, e.g. if you own the same investment with another platform. You should of course get contract notes for purchases and sales which is enough in simple cases.
1 user thanked Stephen B. for this post.
Rocky_W on 25/01/2025(UTC)
Raj K
Posted: 25 January 2025 14:46:55(UTC)
#4

Joined: 22/04/2016(UTC)
Posts: 2,818

For CGT, can you not rely on the book cost that is provided on the portfolio summary page?

Just had a look and i guess the only way is to make sure you download the transaction history at the end of every tax year to .CSV format. Then you can using Excel, filter transactions for a particular stock and work out the number of shares and total cost paid!
Newbie
Posted: 25 January 2025 15:23:12(UTC)
#3

Joined: 31/01/2012(UTC)
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Stephen B.;332216 wrote:
They do provide an income report for the tax year, I think it's a legal requirement for all providers to do it. However I have had a couple of cases (not with ii) where unusual forms of income weren't on the report, e.g. share distributions that counted as dividends.

No provider will give you a CGT report, it's far too complex and in general they don't have enough information, e.g. if you own the same investment with another platform. You should of course get contract notes for purchases and sales which is enough in simple cases.

I find that AJ Bell provide a good report for everything in their platform which includes
Income tax
CGT.
and the ERP

If however you have multiple platforms then obviously you need to marry the information and adjust for your own report to HMRC

You also need watch out for the 30 day reporting issue which a single platform on its own cannot identify, unless you sell and buy within 30 days on the AJB platform in which case their own CGT reports adjust the figures accordingly. Similarly they also take care of the Section 104 buys and sells automatically.

So for all the dealings and activity on AJB, I find their reporting pretty much covers everything for CGT. Even if you transfer In-specie and providing the ceding provider sends the information (which you need to ensure that they do), then they use the information to calculate the right CGT on a stock line.
1 user thanked Newbie for this post.
Guest on 26/01/2025(UTC)
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