ITI Capital Limited has made the decision to exit the retail client business in the UK ( read and Ireland)

I've received an email from their off boarding te advising me that I need to withdraw or transfer my holdings.

"From 17th August 2022, all clients of ITI Capital Limited will only be permitted to close existing open positions. Clients will not be able to open any new positions.

ITI Capital will close all open positions by 31st August 2022.

By 30th September 2022, any open accounts of clients of ITI Capital Limited will be closed automatically regardless of whether they contain any funds, unless a withdrawal or transfer request has been submitted. This is in line with the Terms and Conditions of your contract with ITI Capital Limited."


So now I need to find a broker that will accommodate a transfer of a few paltry shares without fleeing me or restricting my ability to sell those shares later.

There's a useful thread here that I'll use as a reference but my question is whether or not not the transfer they describe is a regular simple cheap transaction of highly unusual and going to cost me dearly.


All advice or experiences appreciated.

Try de Giro. Be aware that ITI may charge a fee to transfer, but if they are pulling out of Ireland, then they should not charge.

Thanks Ravima, I'll take a look at them. Just looki g for a simple no frills,no drama solution.

Is this the same ITI that took over SVS? A Russian owned outfit? Litany of complaints in transferring assets from SVS.

No idea. I was transferred into them from Phoenix Capital if I remember correctly.

So I went with DeGiro that other day. A breeze to set up the account - just minutes of task time. Funded the account with EUR10 to pay for the transfer in on their side. All good.

Received this email from them this morning...


You can find ITI Capital's announcement and what it means for its retail investors here.
Extract from ITI's announcement:

The best thing is usually to call up and see what the situation is.

So I've spoken to ITI and while it took a little while to get through, the call was very clear and to the point.

The 30th September 2022 deadline was just for requests only (withdrawal and transfers). The actual requests will be worked on for the coming weeks and months I've been told.

There is a sheer amount of emails and call coming through, the amount of clients to deal with must be in the thousands. Their communication to the other brokers should be a little clearer though.

I'm the same as Horatio, my positions were transferred to Phoenix capital and FXCM before that.

Ideally I would like everything to be kept open and transferred to Degiro as they are long term assets.

It took months for ITI to take the SVS clients on board. It is likely that it will take several months for them to transfer all clients out now.

I submitted a transfer request from Degiro and managed to get about 12k of my assets but have about 40k remaining which failed to transfer.

Degiro came back to me with this

" Failed attempt is when both firms agree on a trade and settlement date, but then one of the firms is not on the market on the agreed upon dates. We tried to settle the securities multiple times for multiple customers and our trade was not matched. At this time, we are not accepting anymore transfer from this broker."

Click to expand...

I'm inclined not to liquidate as my CGT would be about 11k but the way this is ending up I might just have to!!!

ITI gave this information:

"We have some problem with matching assets but we are investigating this matter.
I am chasing the relevant department to complete your transfer as soon as possible."

Click to expand...

You might consider the following to avoid the CGT…

Buy the same shares again on another platform such as De Giro. Then sell the ones on the ITI platform within four weeks.

Voila…no CGT, because even though you’re selling the shares on the ITI platform, the FIFO/LIFO rules deem them to be the ones you just bought, thus avoiding the CGT.

Are you sure that that's how the 4 week rule works?
Edit: never mind. I read up elsewhere and can see that you are correct.

Edit 2: actually, now I'm not so sure. Isn't what you're describing basically a bed and breakfast in which you can only avoid CGT up to the annual CGT allowance of €1,270? Not an unlimited amount?

ClubMan said:

Are you sure that that's how the 4 week rule works?

Selling or disposing of shares

This page is an explanation of the special rules that apply to CGT on shares

www.revenue.ie

Edit: never mind. I read up elsewhere and can see that you are correct.

Edit 2: actually, now I'm not so sure. Isn't what you're describing basically a bed and breakfast in which you can only avoid CGT up to the annual CGT allowance of €1,270? Not an unlimited amount?

Click to expand...

Not sure I understand the question?

I have €100,000 of CRH shares that cost me €10k ages ago and I hold them through Davy.

I buy another €100,000 worth today via De Giro.

Then I sell the Davy ones tomorrow.

Physically I extracted myself from Davy but for tax purposes I sold this week’s ones so no CGT.

Mild Stamp Duty cost, but so what.

Has anyone on this thread received any updates from ITI recently regarding transfers..?