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Complicated tax problems.....
Malcy recommended it .....
Both enough to put me off if I wasn't already heavily invested.
General shares up, Gas price up, DGOC static! This company makes good money, pays an insane dividend and is growing. Why is it not more popular?
https://media-prod.ii.co.uk/s3fs-public/pdfs/rates_and_charges_uk.pdf
Is a good link to check ii ISA charges. I’d definitely recommend moving, I’ve never had any issues with them, they always send through the correct amounts. There are 3 different monthly charges, which can get your dealing down to £3.99 a trade and includes some ‘Free’ trade credit out of your monthly charge.
Recommend keeping these in a SIPP if possible, dividends are tax free and you receive all 11% (as I did today)
No problem, just wanted to share some of the experience I had trying to not suffer the 15% WHT!
I don't think the banks are allowed to charge for a customer choosing to transfer their ISA to another provider, not sure about other ISA providers and what they can charge. Also, clearly lots of other share trading providers out there beyond ii, so people need to do own research on costs/services etc. I don't really post anything on share chat rooms or other social media, hence no posts, but just felt for people on here going in loops like yourself but not getting a clear answer from anyone, hence signed up to give my experience! Best of luck to all.
Thanks @JDCBC you are very knowledgeable for someone new to these forums. Actually, I am with I-web (Halifax/Lloyds) but it's the same problem as HSBC of course. I agree, Computershare don't know who I am, but DGOC pay them a lot of money and asked them to help me find a way round this problem. Even if their advice was as good as what you gave, it would have been a help, but they offered absolutely nothing.
I am otherwise happy with I-web at £5 a trade and no other charges at all, and like to keep my investments in one place. I had an account with HL and found them terrible, taking into account their charges, and have one with X-O which is a very basic service. So I'll stick as I am for now and see how it goes. Currently my investment in DGOC gives a very acceptable 8% yield, but avoiding the 30 % tax would make the yield 11%
I am sure there must be some charge from a bank to transfer an ISA to a new provider, although I can't find it in the T&C's.
I could certainly have done with your insight last year when I was finding it amazingly difficult to find out what the problem was.
Hi, I think that is the problem, Computershare probably don't even know you exist. Your holding of DGO shares in in with hundreds of thousands of other DGO shares bought by other HSBC customers held in "HSBC Nominee Trading Account xxxxxxx". That is all Computer share see, they don't know that HSBC are allocating x number of those shares to you as the beneficial owner in their internal share dealing system. So Computershare are ignoring you as there isn't much they can do without HSBC telling them all your details and HSBC aren't going to do that because it isn't how they operate their share trading system. I transferred my ISA from HSBC to ii just by filling in the online forms, didn't have to sell and buy the shares again, it just all transferred across in about 4 weeks very easily. Then ii will hold them in your name and Computershare will know who you are. ii can handle the W8BEN. ii will charge £9.99 per month for this service for managing an ISA as it is a more dedicated service for the reasons stated above, so depending on your divi income the 15% WHT may be more or less than the £9.99 per month cost, so it may be worth it. Hope that helps.
Thanks for comments everyone. Firstly we have a financing RNS this morning that isn't showing here.
As regards the dividend tax, yes I did know this, sorry if I didn't make myself clear. When I last spoke with Teresa at DGOC she told me that she had instructed Computershare, who handle the dividends on behalf of DGOC to investigate this and find a way to solve the problem. I since contacted Computershare UK who totally ignored me, and the Computershare US who passed it on to the UK branch, who again couldn't be bothered. So just going to update DGOC that nothing has been done. Any other solution would cost me money one way or another as they are in my ISA, although it would be worth it longer term I guess.
Thanks JDCBC, I'm having exactly this problem with HSBC and have been waiting 2 weeks for a response. As an aside, the 15% tax is part of the US-UK Tax Treaty. If the IRS only want 15%, what happens to the additional 15% we are paying and why does HSBC not highlight this issue!?
Thanks JDCBC, I'm having exactly this problem with HSBC and have been waiting 2 weeks for a response. As an aside, the 15% tax is part of the US-UK Treaty. If the IRS only want 15%, what happens to the additional 15% we are paying and why does HSBC not highlight this issue!?
Yes it’s not dgoc’s fault it’s your broker. I use also use ii and never have such issues.
hi adv11, I don't think this is DGO's fault.
I think it is because you hold the shares in a bank share trading account. I had my DGO shares in my HSBC share trading account and they said they cannot apply the W8BEN to an individual's account as they hold all the shares in large nominee trading accounts and not directly in your name. I transferred my shares to ii, sent them a W8BEN and have just received the divis with only 15% WHT deducted. I think you may need to transfer to a dedicated share trading business, and maybe check first they can apply a W8BEN to your account as they hold them in your name as beneficiary. Hope that helps
As usual, 30 percent tax stopped by I-web/Halifax/Lloyds in my ISA. Think I will have to drop DGOC another e.mail to let them know they haven't solved this problem yet.
Heres a useful guide I found on filling it out
https://www.alliancetrustsavings.co.uk/guides-forms/W8-Ben_guidance_notes.pdf
Ignore the above. Found it.
Anybody use Interactive Investor? I found the form online, but no info about what to do with it next. Do I have to print it off and send it to them?
Wow prices have really tanked recently... natural gas below 1700 now and pretty close to a lifetime low from what I can tell. Those DGOC hedges are really showing their value in this climate. This really isn't going to help any unhedged O&G producers.
Didn't think I would see this going under the £1 mark again. Still another opportunity for some cheap shares.
Free divi worth 2.5% pre tax today....niiiiice
3.5c/share
Payment date 26th June
Thanks for the response adv11 - I will update when I find out what HSBC tell me, but agree with you, leaves a sour task when some are only taxed 15%. THIS CANNOT BE RIGHT!!!!
Just to confirm, I had a year long battle with Halifax/Lloyds/Iweb over the 30 percent tax I was paying in my ISA.
DGOC were great, they told Computershare to help me solve the problem, but they didn't want to know and were totally evasive. I spent hours and hours trying to find the answer, which was that some brokers do not actually have the authority in place to deal with the tax (and have no intention of getting it). It seems if DGOC were listed in the US, it could be dealt with but being listed in the UK (AIM or Main) brings in some added problem.
I received compensation for the tax I had been paid, with the proviso that I would be paying it in future, and now accepted that. So I bought more shares to cover the tax. Still leaves a sour taste. I guess HSBC have the same problems.
Some more good assets added. Loads more opportunities to come. The DGOC directors must be like kiddies in a sweet shop.
I have mine in an IG markets ISA and get 15% taken off that. They've botched it once or twice taking 30% and corrected it before I noticed but seems to be without issue now. I think it depends on your provider whether or not you get 15% or 30%, based on previous discussions on this board
Thanks riky1.1 - I have them in an HSBC ISA, dividends paid in £, and have had 30% removed from each dividend payment. I have spoken to my bank AGAIN this morning and they are checking the taxation rules. An 8% divi is nice, but 12% is nicer