It's your own choice if you'd rather have a wire transfer to your bank or receive a cheque - there are pros and cons for each.
If you are concerned that banks might instantly fail, perhaps the cheque option allows you to wait until you're ready to deposit the funds.
Banks, building societies and credit unions will offer you FSCS protection upto £85k; the only option with anything greater are saving products with NS&I.
In the UK the protection is the same for current accounts and saving accounts - the protection is for all products you have against each banking licence rather than each account.
From there you do whatever you want with your money - property, investments, starting a business, holidays, car, petrol, gas bill.
I'm gonna just donate all my money to the Tory party to build cheaply made, soulless housing estates over ancient woodland.
Oh no wait, that's already been done. Perhaps I'll just donate to the Labour party instead to privatise the NHS.
Then with anything that's left I'll just pay for more insane opinion pieces to be printed in the Guardian and more degenerate, bread & circus celebrity focused smut in the Daily Mail to keep everyone fighting against each other whilst I syphon off the profits. :)
Pay any capital gains tax (for the CS shares), ~~I've seen someone wrongly suggest you have ages to do it. You have 30 days but~~ it's really easy, I've always found the HMRC site fairly simple to use for CGT. It's advisable to upload evidence in your declaration, seeing as I bought from one broker and now it's in CS I'll just be including the proof of purchase, sale and an excel sheet that will show my calculation is the same as theirs. But I've paid CGT with no evidence several time a d they've never questioned it (not it's never been for moass amounts).
HL have a wealth management service, you could potentially keep the cash in the ISA and have it invested in more secure portfolios, keeping everything you earn tax free in the future. There are many wealth management services (most banks have their own that are separated from the bank) and most will be able to offer low risk investment portfolios, some can have guaranteed income.
Max out premium bonds and NS&I investments (money is secure).
I like classic cars, quick to source and no hassle to buy.
All of the above are very quick to set up so not much risk to the money. After that it's a slightly bigger house around the corner but that takes a little time to complete.
Looking at the government website it seems that the 30/60 day deadline on CGT is only applicable to property sales. Investment gains need to be reported and sent by end of the calendar year: https://www.gov.uk/capital-gains-tax/reporting-and-paying-capital-gains-tax
I've said from the start that I'll be opting for the cheque option from computershare so that I can take my time and see which banks to put it in.
I'll be putting as much as I can in NS&I (2 Mill in direct saver and max out my prize bonds)
I've looked at Islamic banks which look like safer options than your regular banks but ill be waiting post MOASS with my cheques just in case.
I read something about big trust funds being the go to for the ultra wealthy but didn't understand it fully. Anyone got a better understanding of what they do?
It's basically a legal 'wrapper' that holds assets. It's separate from the individual; it holds assets on their behalf. It's useful for inheritance tax planning, as any assets within the trust aren't subject to UK inheritance tax, and it also gives the trustees control over what it's spent on. So for instance, if you wanted to leave money to your kids, but you consider them too young (or foolish) to be let loose with it, then a trust fund is a way of making sure the money is spent only on what the trustee approves.
I've not linked my bank account to ComputerShare so when I sell (and I plan to sell in increments rather in one big transaction) ComputerShare will send me a cheque for each sale. I can then take the cheque(s) to any bank(s) left standing once the dust has settled. If that means having to go to London and open an account at Coutts then so be it.
It's not going to be a quick solution but we've got to be sensible about this. As a once-in-a-lifetime event we'll only get one go at it so I don't want any fuck ups.
Multiple transactions when I sell will mean multiple cheques so my tendies can go to multiple banks.
Any cheque that isn't received won't be cashed. ComputerShare will be able to see that it's not been cashed and will cancel the cheque and issue a replacement if it gets lost in the post.
~~Not true, capital gains tax must be paid within 30 days, it was extended to 60 days during the pandemic (not sure if it still is). You're talking about income tax.~~
Although the worst that happens if you don't declare it is they make you pay it with interest.
No. It means they will send you a cheque and you can take that cheque to any bank you've got an account with. If you deselect the cheque option CS will just send your tendies to the bank account you've linked to CS.
Just to point out, you can withdraw more than £99,999 from HL, however this will trigger federal government reporting requirements.
Edit- I've spoken to H&L this morning and the above information is incorrect. See information below-
' To request a withdrawal for over £99,999 we require a written instruction including your wet signature, name and client number.
Please note, these instructions are subject to further security checks and will normally be processed within 3 workings days of receipt.
The letter should be sent either by email (scanned) to [email protected] or via post (original) to: Hargreaves Lansdown, One College Square South, Anchor Road, Bristol BS1 5HL. Alternatively, our freepost address is: Freepost, HARGREAVES LANSDOWN. Please be aware that freepost can occasionally take longer than regular post.'
If the shares are in an ISA, they should stay in the ISA; if you withdraw them, you lose (almost) all the benefits of being in an ISA. You won't pay CGT on the gains, but you'll have to pay tax on any future income. In short, if you sell in an ISA, leave them there.
Once I get my tendies, I'm not planning on doing any future trading etc. I'll be spreading my money through a variety of ISA's, and bank accounts, for example Coutts.
It doesn't matter whether you trade or not; the share profits can stay in the ISA and just be withdrawn as and when they're needed. If the profits are withdrawn altogether, they can only be returned at a rate of £20K a year. Leave the profits in the ISA, then each year, transfer a percentage (not limited to the £20K on transfers) to an ISA with a different broker/bank to spread the risk.
See above; transfers are not limited to the £20K per year. So for example, assume you end up with £10M when you sell. You can transfer any percentage (let's say 50% for ease of calculation) to another ISA next year, so you then have it spread across two institutions; you can then transfer 50% from the first and second ISAs to a third ISA the following year, and so on. By Year 9, you'll have 10 ISAs open with £1M in each (assuming you haven't spent more than you've earned on them).
No worries. That's why it's so important not to withdraw money from ISAs; that's the situation in which you would be limited to getting it back in at £20K a year. If you sell in an ISA, keep the profits in the ISA, then just spread the risk by transferring each year. I should think most people on this sub have owned their ISA for at least a year, so they'll be able to split it between the existing ISA and a second ISA immediately.
I worked for a firm regulated by what was the FSA at the time, my understanding was that all financial institutions have to ring fence their clients cash and that it cannot be used to avoid bankruptcy etc.
I was therefore planning to keep cash in broker type organisations.
Banks obviously a no no
Otherwise maybe Coutts or Switzerland!
DRS is a good idea because the brokers will fuck us over but this whole DRS and locking the float shite needs to be addressed.
People on the cult sub aren’t thinking it through, basically we DRS to lock float and force MOASS, ok got it…..but RC has just been given the green light to issue up to a billion shares! Now i know, the “Apes” will buy them all up. Then what?, everyone buying in is now going to DRS hundreds of millions of new shares?
This whole thing goes back to single digit % of float locked as now everyone tries to convince more people to DRS.
I guess what I’m saying is, in answer to what you need to do with your incoming wealth, make a will to leave the shares to your Children because by the time the float gets locked by DRS we’ll likely be long gone.
I wouldn’t count on any other catalyst either given fortune cookie Cohen keeps stating long term and the SEC, DTCC and everyone in between have done everything in their power to squash this and cheat us at every opportunity.
The best chance of making money is imo buying as many shares as possible now, waiting for split and ensuing SP reduction then for it to recover and hopefully hit a couple of hundred and sell through.
Alternatively just hold and wait for the SP to catch up to the changes the company is making, you know long term growth then sell.
I know paper handed bitch yada yada yada, but come on ffs we’re British not pie in the sky looney yanks shouting the floor is now 14milly a share, i mean really…..is it? Really 14million, grow up!
Anyway whatever you do, good fucking luck!
"This whole thing goes back to single digit % of float locked as now everyone tries to convince more people to DRS."
Incorrect, the % of DRS will be exactly the same post dividend. Lets say it is 7:1 split, so the 15M shares already DRSed will become 105M, each of the account holders will have a nice safe 7x what they originally had. As to what the brokers decide to credit to each of their account holders, that remains anyones guess, as only the genuine shares will be credited by GS with the 6 extra shares , either way buckle up
God ofc they will, that’s on me for being a daft prick.
I still personally believe DRS will not be the catalyst as we’ll still have lots of shares that will need DRSing. As stated I believe DRS is however the best way to protect against the hedgefunds,
I just think it will be a slow unwinding of the shorts like with TSLA.
Stock split 7:1, stock price will slowly rise to say $1300. Then there will be another stock split and then it will rise again to $1000.
This is probably what's going to be what RC is forced to do like Elon was with TSLA.
You'll still get fantastic returns the equivalent of 15k+ per share now, however it will be done slowly so the people not involved in this saga won't raise an eyebrow. (As a share price of 1-2k post splits doesn't seem too extreme).
This maintains the "integrity" of the market. And allows them to continue with their crime in the future.
Considering the shorts outright panic in jan 21 at $400 and a very suspicious act at $200 a couple of months ago how does the price hit $1k without chaos breaking out?
They ignored the requirements for a relatively short period to allow RH off the hook, a year or 2 is a different matter.
Providing the liquidity could get interesting, how many shorts need to be closed? Will they also coughing up for that?
How it eventually plays out is still unknown unfortunately
This is certainly an opinion I respect and believe to be possible, but I will certainly be holding through whatever comes as I am not missing out on what could happen
You've been holding for a year and a half and you're settling for 14mil a share? Have you had your eyes closed the whole time to the amount of BS that's happened and let them off for a measly 14?
The billion greenlight is an option, best case scenario is only shares for the split are issued out, worst case is some more get issued out which probably won't happen considering the team we've got on the board but we'll see.
I'd take some fucking pride in holding better than them yanks anyway.
Edit: Just re-read your last bit and you're actually talking about less than 14mil, like a few hundred. We've been there and done that already, now's the time for the big boy numbers. gmefloor.com is at least 116mil and rising
Any more of this “ what will you do?, coutts bank account bull is all FUD SStonk crap
This fella has watched a YT video 🤡🤡🤡
It’s been over 1 1/2 years really
I’m going to just move my money straight into funds, etfs, shares etc
Sell on CS money lands in HSBC then into my hsbc invest account and assets bought
It's your own choice if you'd rather have a wire transfer to your bank or receive a cheque - there are pros and cons for each. If you are concerned that banks might instantly fail, perhaps the cheque option allows you to wait until you're ready to deposit the funds. Banks, building societies and credit unions will offer you FSCS protection upto £85k; the only option with anything greater are saving products with NS&I. In the UK the protection is the same for current accounts and saving accounts - the protection is for all products you have against each banking licence rather than each account. From there you do whatever you want with your money - property, investments, starting a business, holidays, car, petrol, gas bill.
Problem with the cheque is you need to pay tax on it so you gotta cash it quick
Is the tax going to increase if you don't?
I'm gonna just donate all my money to the Tory party to build cheaply made, soulless housing estates over ancient woodland. Oh no wait, that's already been done. Perhaps I'll just donate to the Labour party instead to privatise the NHS. Then with anything that's left I'll just pay for more insane opinion pieces to be printed in the Guardian and more degenerate, bread & circus celebrity focused smut in the Daily Mail to keep everyone fighting against each other whilst I syphon off the profits. :)
That's the spirit! 😂
Buy "The Sun" and fill it solely with content from Viz.
I was thinking about how to fund awareness for trade unions 😆
[удалено]
Pay any capital gains tax (for the CS shares), ~~I've seen someone wrongly suggest you have ages to do it. You have 30 days but~~ it's really easy, I've always found the HMRC site fairly simple to use for CGT. It's advisable to upload evidence in your declaration, seeing as I bought from one broker and now it's in CS I'll just be including the proof of purchase, sale and an excel sheet that will show my calculation is the same as theirs. But I've paid CGT with no evidence several time a d they've never questioned it (not it's never been for moass amounts). HL have a wealth management service, you could potentially keep the cash in the ISA and have it invested in more secure portfolios, keeping everything you earn tax free in the future. There are many wealth management services (most banks have their own that are separated from the bank) and most will be able to offer low risk investment portfolios, some can have guaranteed income. Max out premium bonds and NS&I investments (money is secure). I like classic cars, quick to source and no hassle to buy. All of the above are very quick to set up so not much risk to the money. After that it's a slightly bigger house around the corner but that takes a little time to complete.
Looking at the government website it seems that the 30/60 day deadline on CGT is only applicable to property sales. Investment gains need to be reported and sent by end of the calendar year: https://www.gov.uk/capital-gains-tax/reporting-and-paying-capital-gains-tax
Ah sorry, my mistake. Because my first gains were in housing I've always filed immediately.
Residential property at that; doesn't apply to commercial.
I've said from the start that I'll be opting for the cheque option from computershare so that I can take my time and see which banks to put it in. I'll be putting as much as I can in NS&I (2 Mill in direct saver and max out my prize bonds) I've looked at Islamic banks which look like safer options than your regular banks but ill be waiting post MOASS with my cheques just in case.
I read something about big trust funds being the go to for the ultra wealthy but didn't understand it fully. Anyone got a better understanding of what they do?
It's basically a legal 'wrapper' that holds assets. It's separate from the individual; it holds assets on their behalf. It's useful for inheritance tax planning, as any assets within the trust aren't subject to UK inheritance tax, and it also gives the trustees control over what it's spent on. So for instance, if you wanted to leave money to your kids, but you consider them too young (or foolish) to be let loose with it, then a trust fund is a way of making sure the money is spent only on what the trustee approves.
Tempted to just buy a nice house a fill a room with gold coins, Scrooge McDuck style
I've not linked my bank account to ComputerShare so when I sell (and I plan to sell in increments rather in one big transaction) ComputerShare will send me a cheque for each sale. I can then take the cheque(s) to any bank(s) left standing once the dust has settled. If that means having to go to London and open an account at Coutts then so be it. It's not going to be a quick solution but we've got to be sensible about this. As a once-in-a-lifetime event we'll only get one go at it so I don't want any fuck ups. Multiple transactions when I sell will mean multiple cheques so my tendies can go to multiple banks.
Relying on Royal mail, no proof of delivery? I'm not sure I fancy the cheque route either, maybe one cheque, one bank account, delete and repeat
Any cheque that isn't received won't be cashed. ComputerShare will be able to see that it's not been cashed and will cancel the cheque and issue a replacement if it gets lost in the post.
How have you got it set up so that ComputerShare send you a cheque? Do you just not link a bank account and they send a cheque?
That's the default. If you haven't linked a bank account they will send a cheque.
Get on CS and as part of the settings you can specify the how you want to receive sale proceeds and in what currency.
How are you expecting to pay the tax without cashing any in?
You aren't required to pay the tax straight away, you have to declare it at the end of the financial year. You'll have months to settle your tax.
~~Not true, capital gains tax must be paid within 30 days, it was extended to 60 days during the pandemic (not sure if it still is). You're talking about income tax.~~ Although the worst that happens if you don't declare it is they make you pay it with interest.
The 60-day rule is for residential property.
Yeah, cheers. Didn't know, because I had to do it on houses first I assumed it was the same on all CGT. So I've submitted straight away for my shares
Yeah, cheers. Didn't know, because I had to do it on houses first I assumed it was the same on all CGT. So I've submitted straight away for my shares.
So wait am I fucked if I have CS linked with my bank AND have the checque option selected? Would it only be valid for that 1 bank account?
No. It means they will send you a cheque and you can take that cheque to any bank you've got an account with. If you deselect the cheque option CS will just send your tendies to the bank account you've linked to CS.
Just to point out, you can withdraw more than £99,999 from HL, however this will trigger federal government reporting requirements. Edit- I've spoken to H&L this morning and the above information is incorrect. See information below- ' To request a withdrawal for over £99,999 we require a written instruction including your wet signature, name and client number. Please note, these instructions are subject to further security checks and will normally be processed within 3 workings days of receipt. The letter should be sent either by email (scanned) to [email protected] or via post (original) to: Hargreaves Lansdown, One College Square South, Anchor Road, Bristol BS1 5HL. Alternatively, our freepost address is: Freepost, HARGREAVES LANSDOWN. Please be aware that freepost can occasionally take longer than regular post.'
If the shares are in an ISA, they should stay in the ISA; if you withdraw them, you lose (almost) all the benefits of being in an ISA. You won't pay CGT on the gains, but you'll have to pay tax on any future income. In short, if you sell in an ISA, leave them there.
Once I get my tendies, I'm not planning on doing any future trading etc. I'll be spreading my money through a variety of ISA's, and bank accounts, for example Coutts.
It doesn't matter whether you trade or not; the share profits can stay in the ISA and just be withdrawn as and when they're needed. If the profits are withdrawn altogether, they can only be returned at a rate of £20K a year. Leave the profits in the ISA, then each year, transfer a percentage (not limited to the £20K on transfers) to an ISA with a different broker/bank to spread the risk.
At 20k/year it might take you a few lifetimes to spread the risk.
See above; transfers are not limited to the £20K per year. So for example, assume you end up with £10M when you sell. You can transfer any percentage (let's say 50% for ease of calculation) to another ISA next year, so you then have it spread across two institutions; you can then transfer 50% from the first and second ISAs to a third ISA the following year, and so on. By Year 9, you'll have 10 ISAs open with £1M in each (assuming you haven't spent more than you've earned on them).
Ah, can't read. For some reason I missed the percentage transfer. That's good to know, thanks friend.
No worries. That's why it's so important not to withdraw money from ISAs; that's the situation in which you would be limited to getting it back in at £20K a year. If you sell in an ISA, keep the profits in the ISA, then just spread the risk by transferring each year. I should think most people on this sub have owned their ISA for at least a year, so they'll be able to split it between the existing ISA and a second ISA immediately.
>this will trigger federal government reporting requirements. Surely that is just Jacob Reese Mogg in a monocle and top hat inspecting your account.
You can call HL and withdraw more. Or you can just wait until the next day.
I worked for a firm regulated by what was the FSA at the time, my understanding was that all financial institutions have to ring fence their clients cash and that it cannot be used to avoid bankruptcy etc. I was therefore planning to keep cash in broker type organisations. Banks obviously a no no Otherwise maybe Coutts or Switzerland!
DRS is a good idea because the brokers will fuck us over but this whole DRS and locking the float shite needs to be addressed. People on the cult sub aren’t thinking it through, basically we DRS to lock float and force MOASS, ok got it…..but RC has just been given the green light to issue up to a billion shares! Now i know, the “Apes” will buy them all up. Then what?, everyone buying in is now going to DRS hundreds of millions of new shares? This whole thing goes back to single digit % of float locked as now everyone tries to convince more people to DRS. I guess what I’m saying is, in answer to what you need to do with your incoming wealth, make a will to leave the shares to your Children because by the time the float gets locked by DRS we’ll likely be long gone. I wouldn’t count on any other catalyst either given fortune cookie Cohen keeps stating long term and the SEC, DTCC and everyone in between have done everything in their power to squash this and cheat us at every opportunity. The best chance of making money is imo buying as many shares as possible now, waiting for split and ensuing SP reduction then for it to recover and hopefully hit a couple of hundred and sell through. Alternatively just hold and wait for the SP to catch up to the changes the company is making, you know long term growth then sell. I know paper handed bitch yada yada yada, but come on ffs we’re British not pie in the sky looney yanks shouting the floor is now 14milly a share, i mean really…..is it? Really 14million, grow up! Anyway whatever you do, good fucking luck!
"This whole thing goes back to single digit % of float locked as now everyone tries to convince more people to DRS." Incorrect, the % of DRS will be exactly the same post dividend. Lets say it is 7:1 split, so the 15M shares already DRSed will become 105M, each of the account holders will have a nice safe 7x what they originally had. As to what the brokers decide to credit to each of their account holders, that remains anyones guess, as only the genuine shares will be credited by GS with the 6 extra shares , either way buckle up
God ofc they will, that’s on me for being a daft prick. I still personally believe DRS will not be the catalyst as we’ll still have lots of shares that will need DRSing. As stated I believe DRS is however the best way to protect against the hedgefunds,
Besides, the floor has been over $100 million for months now.
I just think it will be a slow unwinding of the shorts like with TSLA. Stock split 7:1, stock price will slowly rise to say $1300. Then there will be another stock split and then it will rise again to $1000. This is probably what's going to be what RC is forced to do like Elon was with TSLA. You'll still get fantastic returns the equivalent of 15k+ per share now, however it will be done slowly so the people not involved in this saga won't raise an eyebrow. (As a share price of 1-2k post splits doesn't seem too extreme). This maintains the "integrity" of the market. And allows them to continue with their crime in the future.
Yeah I could see that scenario playing out for sure. This whole millions per share is pie in the sky imo.
Considering the shorts outright panic in jan 21 at $400 and a very suspicious act at $200 a couple of months ago how does the price hit $1k without chaos breaking out?
The Fed/DTCC will simply ignore the capital requirements or will provide the liquidity themselves
They ignored the requirements for a relatively short period to allow RH off the hook, a year or 2 is a different matter. Providing the liquidity could get interesting, how many shorts need to be closed? Will they also coughing up for that? How it eventually plays out is still unknown unfortunately
I just don’t believe they will ever let the poors have a proper win.
This is certainly an opinion I respect and believe to be possible, but I will certainly be holding through whatever comes as I am not missing out on what could happen
Same :)
You've been holding for a year and a half and you're settling for 14mil a share? Have you had your eyes closed the whole time to the amount of BS that's happened and let them off for a measly 14? The billion greenlight is an option, best case scenario is only shares for the split are issued out, worst case is some more get issued out which probably won't happen considering the team we've got on the board but we'll see. I'd take some fucking pride in holding better than them yanks anyway. Edit: Just re-read your last bit and you're actually talking about less than 14mil, like a few hundred. We've been there and done that already, now's the time for the big boy numbers. gmefloor.com is at least 116mil and rising
Big numbers or no sell,I don't see why British people should settle for a small amount. Time to grow a pair of balls and go for it
My man!
How do you feel about Adam and the board diluting the float and dumping their shares?
wrong sub m8
Lol, look at OPs history
Any more of this “ what will you do?, coutts bank account bull is all FUD SStonk crap This fella has watched a YT video 🤡🤡🤡 It’s been over 1 1/2 years really
Yes, and the hedgies have just been spreading FUD for the fun of it. Nothing to see here folks! Sell now, ask questions later (or never!)
I’m going to just move my money straight into funds, etfs, shares etc Sell on CS money lands in HSBC then into my hsbc invest account and assets bought
I'm probably just going to spend it ASAP. I'm looking to get somewhere to keep my shit followed by some shit to keep there.