The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Im afraid we will have to wait and see regarding isa sipps . Hopefully more detail will follow once ratified
Hi cdm, that sounds good. Just wondered, however, whether ownership of the shares then sits outside the tax wrapper and whether this actually allowed, if the IRR shares are in a SIPP that is not in drawdown.
My understanding is that an in specie distribution might trigger a CGT liability based on market value, which is fine, if you remain below your annual CGT exemption.
A bit more research on ISA or SIPP transfers has confirmed that it is possible to transfer in specie from the HL platform to another and remain invested (not something that was mentioned yesterday by HL) rather than the shares being sold and the cash transferred. I don’t think I had this option when I transferred from Co-funds to HL because of the funds I was invested in.
Only downside with this type of transfer is a suggestion from AJ Bell that it could take up to 6 weeks so you need to get moving, if you want to do it this way.
Cheers, Ash
Great, sounds like the problem is not a problem, I'll be taking all the rights share when the time comes. Seems that II is getting favourable comments in this regard as a platform for ASX.
cdm007 grateful for your advice on this subject which is appreciated thank you.
If your broker won't handle the Ricca shares, all eligible share holders should receive an electronic share certificate which should enable you to take part in the issue and place with a suitable broker when Ricca is listed. Its really not a problem!!
On reflection, I'm not moving platforms just for this - it's not worth the hassle. So as things stand, I guess I'll be receiving my 1-for-8 free Ricca shares but missing out on the opportunity (which I would have taken up) to buy the discounted entitlement. It's a shame and puts a bit of a damper on the demerger having held these for several years.
Hi Teddy, I had a response on my questions from Andrew Gill at HL. The only question I didn’t ask was whether this scenario was specific to HL or a general rule on overseas listed companies.
I have also contacted IRR through their website this evening, explaining the situation, and inviting them to comment.
You never know….
Gut feeling is that if switching platforms requires all holdings to be sold so the cash can be transferred and then reinvested, if the timing is wrong, the cost of doing so could outweigh the initial lost profit opportunity.
Every man for himself on this one, I guess….
Cheers, Ash
probably completely wrong on this but presumably as IRR holders on the required date we would be notified of any allocation that we could apply for..as Ricca is going to be unlisted would it not be possible to elect to receive said allocation in certificated form..just a thought