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It’s called the rich …robbing the poor …
All quiet on the surface. I wouldn't be surprised if there was some frantic action going on beneath the surface tho'!
Yes, theski. As at today, anyway. No further input from MTR yet either.
Bigmj-what makes you think the CDIs will be allowed?
Does anyone know IGs position re ISAs and MTR.
Have we not still got HL saying that they will remain within an ISA though...?
The point is Shadow that what's being listed on ASX are CDIs not ordinary shares and after the AIM de-listing there will be no listing at all, anywhere, for the shares. According to II that point is crucial and means that the CDIs are not eligible for an ISA.
The question I I'm more concerned about is what happens if this share recovers? If shares are sold from an ISA and rebought in a non-ISA account , does the new purchase price become the cost for CGT purposes going forward? For example, if an investor has 200,000 shares in a ISA at an average cost of 21p and these are sold and rebought in a non-ISA at 7p, and then by some miracle the shares get back to 21p, what is the result if these are then sold . Has the investor made a gain of £28k (200,000 x 14p) with a CGT liability, despite having just recovered his original costs?
Hi all,
The MTR shares are listed on the ASX, which is a Designated recognised stock exchange so not sure why they are transferring the shares out of your ISA. Your ISA Provider may not be able to hold shares in Australia, however, you should be able to transfer your ISA to one that does?
https://www.gov.uk/government/publications/designated-recognised-stock-exchanges-section-1005-income-tax-act-2007/designated-recognised-stock-exchanges-section-1005-income-tax-act-2007-v3
II say they will move my shares from the Isa into a trading account. If that means it’s a Bed and ISA in reverse and they sell the shares and then repurchase them in the trading account I will be making a huge loss tax free…. What a mess.
RIP… mic drop
A Sun headline competition?
The Tiger does have teeth after mauling UK investors.
Strata buries it's past.
Bod Leave Carnage In The Uk
Sounds like they are eligible now but won't be as soon as the de-listing happens.. I've emailed MTR to ask for their response.
Can anyone on here contact Metal Tiger, bigmj ? I've not had much luck, but this is the reply from ii, they're sticking with what they said previously.
I can confirm that the Chess Depositary Interest (CDI’s) are not ISA eligible as this has been confirmed by The Investing and Saving Alliance (TISA). This is due to there not being an individual underlying listing of the share for Metal Tiger on any exchange.
So they've taken their advice from TISA, maybe HL use someone else, unbelievable situation.
Yes, but votes were cast in respect of only 1 third of the shares in issue so the resolutions were all carried on the back of a small % of the votes that could have been cast. All it needed to defeat these changes was for the holders of the other 120m shares to actually vote. P*ss poor by most holders!
RNS is out- all resolutions passed but it was quite close...~55% in favour for most.
Did the resolutions pass? did anyone attend?
Ludicrous- this is an easy hold until the market dynamics normalise
In my opinion, I would expect CDI's in ISA's and JISA's will be allowed
I believe ii are re-examining their interpretation of the relevant sections of HMRC's rules as they may have have reached an incorrect conclusion. Hopefully we'll get to the bottom of it soon.
Really sucks - half my ISA will just be unloaded into a trading account. I could cry.
I'm still not sure- ii have said no and HL appear to have said yes!
gov.uk guidance also says the following-
Depositary interests
UK regulation requires securities to be electronically settled in CREST. For companies registered outside the UK, this is achieved through a depository interest mechanism. The depository interest is effectively an electronic ‘wrapper’ around the ordinary share, to facilitate securities to be held electronically rather than in paper form. A company applies for depository interests representing ordinary shares to be admitted to CREST with effect from its admission to the market.
When checking the details of international shares officially listed on the London Stock Exchange (LSE) or admitted to trading on the Alternative Investment Market, known as ‘AIM’, the descriptor of each security will identify the listed/traded instrument e.g. ordinary shares. Reference to ‘(DI)’ in the descriptor simply confirms that the shares are settled electronically through CREST, and therefore is not relevant in determining ISA eligibility (because it is the shares that are listed or admitted to trading, not the depository interest).
Depository interests definitely not a problem but I'm not sure if the CHESS bit (of CDI) might be the problem, somehow incompatible with CREST perhaps? Irritating!
This is from the UK Gov web site rules on ISA:-
Shares including shares in an investment trust, are qualifying investments if:
they’re issued by a company that is incorporated anywhere in the world
they’re:
either officially listed on a recognised stock exchange
or are admitted to trading on a recognised stock exchange in the UK or the EEA
‘Company’ means any body corporate having a share capital other than:
an open-ended investment company within the meaning of section 236 of the Financial and Services and Markets Act 2000
a UK UCITS a non-UCITS retail scheme, or a recognised UCITS
Metal Tiger are quoted on the ASX so it looks as though they qualify for ISA. I would be interested in someone else's view
Unbelievable - got this from ii. Mtr really shouldn’t get away with this
« Due to HMRC restrictions on ISA accounts, Metal Tiger CDIs are not considered an ISA-qualifying investment. Therefore,
on or after 1st May 2023 (30 calendar days following the delisting) we will arrange to move your shares to a linked
Trading Account, opening one on your behalf if you do not already have one. »
HL sent a message to all MTR holder that they will be able to sell but not buy and holding will be transfer to HSBC to keep so all should be fine for HL holder