Member Info for petethestreet

I don’t suppose anyone checks in here. Just for laughs I post… anyone buying these?

Same here. HL told me that was a capital repayment hence ISA. These are now DCU income payments paid into trading acccount and income taxable.

thanks corryv. i'll have a butcher's.

fwiw hl transferred my dcu's to a trading account but have put this first dcu payout into the isa as with everyone else. i assume this is a **** up and they will either transfer funds to trading account or tell us to. i am assuming capital gains tax will be payable on all these payments going forward.

Cheers F.

I've been trawling RNS's to try and find the finest detail possible in the DCU payments. All I find so far is a max of 6.48p and payment s made biannual. If you have a link or RNS date which adds more detail to this could you post it. The best RNS I have is 16th march 2023. Thanks in advance and hope..

TBH I am loving not following the HUR saga any more!

Yes Machin spell check had its way (or maybe my fat thumbs/ poor eyesight). I had not considered those already retired. Apologies. P

I posted this yesterday but guess not read.

Ma him you can open a SIPP in addition to your existing pension and have 30 days from the 8th June to transfer DCU’s in. But unlikely you’ll read this I gues.

I’ve held my shares here. I am no tax expert and so this is an ‘imo’ from my digging around: As you know HMRC did not pull their finger out and answer whether DCU’s would be eligible to be held in an ISA. I believe you can open a SIPP in addition to your current pension and you will have 30 days from 8th June to transfer the DCU’s in from your ISA and pay no income tax on them.

A million miles from those heady days of the billion pound valuation and a new era in fractured basement play on the UKCS hopes eh! Thanks for the company all. I wish you all well. It is what it is.

First: thanks kever for the nudge here.

It’s worth noting and particularly for anyone around my age (55), you can set up a SIPP Very easily online with the same broker your ISA is with (HL in my case) and bed n SIPP your HUR shares over with no dealing in an instant (ish). In 2 or 3 years drawn down from your pension (up to 25% of your total pension pot) your DCU payments tax free. A bit messier and less flexible than keeping them in the ISA but not much.

Yes it does read like that but they are not saying it. we really need HMRC to get on it and get a real answer.

Ah well done. 8.77p av me so hanging in for DCU’s to make a penny or so.. a Somerset campsite for me!

Ha! Fair point.

We know kever. Lucky you. Not everyone holds them in a SIPP though… ??

As far as I am aware if DCU’s cannot be held within the ISA wrapper the payments will not count as capital gain but income. So you will pay income tax in the payouts not CGT. I am no tax consultant however - as indeed apparently nor are the incompetent HMRC…

From HL today… come on HMRC FFS!!!

As the DCUs are not listed, they do not automatically meet the criteria to be held within an ISA. However, on occasion, special agreements can be made for certain investments of this nature to remain within the ISA if agreed by HMRC.

Both Hurricane Energy plc and Hargreaves Lansdown have reached out to HMRC to enquire as to whether they would allow the DCUs to remain within an ISA. We will let you know once we have received a response back.

Please be aware that if HMRC do not grant this permission, the DCUs will be classed as an ISA ineligible investment. If this is the case, the DCUs will need to be transferred out of your ISA within 30 days of receipt.

Thanks NST.

Ridiculous that HMRC can not give an answer to this.

I think you are right though. Unlikely to be contained within the ISA.

NST, forgive me but it sounds like you are quoting from the ‘Scheme of arrangement’ document from HL on 11/5/23. The message I received yesterday from HL is that they are still trying to get an answer from HMRC as to whether the DCU’s can remain in the ISA. Have they told you they can not?

HL have still not replied to me re DCU’s being held within an ISA but their info on electing for loan notes in place of them implies maybe that DCU’s can be held within the ISA:

‘The loan notes will not be listed on any stock exchange, so they cannot be held in an ISA.’

… I mean it’s a sort of non comital implication fuzzy maybe?

Sorry. Not great English there but you get the idea..

Absolutely NMBS!

This is crux. Apparently the SIPP holders are protected but it is the ISA holders that have no idea. It makes the a huge difference if DCU payments are treated as income tax.

Broken record I know but can you see where it says that Mariog? The only reference I see is 6.02p will be paid either in SD or on DCU’s.