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Very ili experienced but hold a bad investment in these from a few years ago in Halifax, had message saying they're moving from ISA to share dealing account as soon as suspension is lifted. Do I simply write these off or try to sell today at next to nothing? Thanks
Today's RNS says the shares have been cancelled so now completely worthless I fear. You are not alone. Many investors have been hoodwinked by this rogue outfit.
Sadly no opportunity to trade out of this now, as it's not being unsuspended. Just delisted from AIM today.
As discussed before. If you held originally shares here in a trading account (non ISA). After the liquidation is resolved, and again assuming the most likely outcome... No monies after any sale left to go back to us shareholders unfortunately...
Then from my research you can then write to HMRC CGT advice area and make a representation to declare your shares of negligible value (after the liquidation is done, and is over, and assuming no cash back). Then ask them to accept that the shares are then usable, in this, or in another future financial year, as a CGT loss to be offset against any gains over your standard allowance.
So basically the loss here is your Section 104 pool average price X your number of shares originating from your trading account...minus your nominal sale value... E.g nowt.... Equals your carry forward CGT additional allowance etc.
I think that's correct. Where there is slight issue, is for any shares your broker decides to move now from your ISA to your SD account. I believe that you CANT claim that loss v the almost certain negligible value. As they were originally bought in an ISA, and it's your broker & not HMRC that dictated the move to you Dealing account.... Though the HMRC guidance is hard to establish here, and I would be happy if I am wrong?
It would be nice to utilise the loss also for the ISA shares for sure, those about to be sent to your SD account. But sadly, and if anyone can provide concrete evidence to the contrary that great.... I fear you can't claim CGT loss for those fyi.
>Today's RNS says the shares have been cancelled so now completely worthless I fear.
False. De-listing does not in itself make the shares worthless.
Otherwise every private company (that people can and do buy stakes in) is worthless.
So Micru, how do we trade delisted shares?
Strummer,
Did you vote recently????
I did for the shares in my name. My broker offered a cooperate action. But uselessly no ability to direct an on line vote (this was iweb, who are cheap, but suspect like the parent Halifax grp, not the best).
Only way was to call them and ask them to do it.
Not sure it will make a difference, but I guess it went through. No way online can see to check.
>So Micru, how do we trade delisted shares?
You wouldn't trade out of it, genius, but if it's sold (and ordinary shareholders get something), I expect this would be processed accordingly.
I have a position in a company that went private last summer, and I'm locked in, but my shares are still there.
Hi Strummer
I've never had a problem with Halifax and always voted by webchat, phone or letter.
Can you use webchat to vote via iweb?
@Blue.
Webchat on Iweb seems to be evolving agree, tbf (?). I used it this fin year to Xfer funds from shares sold in an SDA to ISA for my wife np. But for other areas they still insist you call. Dunno, likely security etc.
Maybe I could have done it that way. But it's annoying that such a biggy here, wasn't available, once signed in, why not a simply on line yes/no vote..... Or wasn't there still, as far as I saw, despite the Corp Act they did publicise.
As someone said. Almost like the BOD wanted it to fly under the radar.....
I personally have written this off regardless. £334k down the drain....
But it's the risk, I guess to make a Mill, that we did think was possible in early 2022.
TB though..... He should hang his head, for the updates May, June last year..... Scandalous behaviour IMO.