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Fund and share dealing accounts for Isle of Man residents


Paul1
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On 11/8/2017 at 11:58 PM, mad_manx said:

Bullionbypost is great . However they have another business called 

https://www.gold.co.uk where the prices are slightly lower. 

The websites are similar and they are both part of the same company 

Jewellery Quarter Bullion Limited (JQB).

 

Is the Isle of man based gold bullion company still trading ???

 

 

These guys are pretty good too

https://atkinsonsbullion.com/

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17 hours ago, localyokel said:

These guys are pretty good too

https://atkinsonsbullion.com/


I've never followed nor understood investment in bullion, so say I buy a 10g bar, I plan on keeping it for 10 years but need to sell it on within 3 due to reasons beyond my control. To purchase the 10g gold bar today is £351.46, the scrap price is £301.50 so it would need to rise in value by £50 over a few years just for me to break even or is there an alternative to selling bars rather than as scrap gold?

Shares wise the loss after 3 years could be similar but there is a damn chance you'd break even.

 

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On 11/21/2018 at 4:19 PM, Albert Tatlock said:

Any new sites appeared - of note?

Interactive Investor https://www.ii.co.uk/  look good, and they specifically say Channel Islands and Isle of Man residents can open a share and fund account.  Seriously thinking of moving my Hargreaves (their small print excludes IOM residents, but no sign of being kicked out yet) business to them.

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I have a HL account as well and have not had any communication about closing it due to my being IOM resident.

The only thing I'd be worried about is if the worst happened and HL folded ,would I be treated any differently because I'm in the IOM. I'm guessing not, as there is no statutory compensation for funds held there, I guess I'd be stuck in the same boat as all other fund holders? Would welcome opinions of those more knowledgeable than me however!

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I still have a HL account, and they haven’t threatened to close it yet.  However, I had an email exchange with them in Feb 2018, in which they advised:

“Unfortunately due to new legislation that came into effect at the end of 2017, it is now not possible to open a new HL Vantage account or top up an existing HL Vantage account if you are not a resident within the EEA (European Economic Area).

If you have opened a HL Vantage account previously before this legislation was in place, the account can remain open and you can managed the investments within. 

However, no new money would be allowed to be added to the existing HL Vantage account if you live in the Isle of Man.”

hope this helps - I suppose following Brexit this legal requirement might eventually change...

as for compensation, hopefully client assets are properly ring fenced from the firm’s own funds, but there have been legal challenges to that approach - you could well be right and it always pays to diversify as far as possible.

 

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On 11/12/2017 at 1:01 PM, Annoymouse said:

Shares wise the loss after 3 years could be similar but there is a damn chance you'd break even.

 

Quite interesting to revisit this thread, a 10g bar is now £432.60 and to resell is £381.83. Had I bought a 10g bar when I posted above some 2 and a bit years ago my 351.46 investment would now be worth £381.83 so as investments go that’s not actually terrible, it works out roughly 4.1% a year return which is certainly more than most saving accounts.

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On 3/19/2020 at 2:15 PM, woolley said:

Interactive Investor is a great platform. I know the fellow who persuaded them to allow IoM accounts when they saw how much business he could put their way. 

Have I got my calculations right? £9.99 a month is £119.88 a year, one free trade worth £7.99 a month back in credit would be £95.88 so it’s a minimum of £24 a year in fees, but I’d be doing at least 2 trades so more like £39.99 a year. In comparison Halifax sharebuilder is £12.50 per trade so I’d be able to do 3 trades a year in comparison?

I still want to do a bit of hobby investing but we’re talking small numbers, probably start with £500, about £100 a month into it, it’s a real shame I can’t get an Isa here through the likes of Vanguard or similar.

 

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Interactive investor seems very interesting. Can isle of man residents have a SIPP account with them. I can see that they are based in the UKand so was wondering if that could be an issue for a SIPP. Could we still claim tax relief in the IOM for this ?

 

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On 4/10/2020 at 9:14 AM, Annoymouse said:

Have I got my calculations right? £9.99 a month is £119.88 a year, one free trade worth £7.99 a month back in credit would be £95.88 so it’s a minimum of £24 a year in fees, but I’d be doing at least 2 trades so more like £39.99 a year. In comparison Halifax sharebuilder is £12.50 per trade so I’d be able to do 3 trades a year in comparison?

I still want to do a bit of hobby investing but we’re talking small numbers, probably start with £500, about £100 a month into it, it’s a real shame I can’t get an Isa here through the likes of Vanguard or similar.

 

Halifax is £2 per trade, if you set up a regular investment. They have Vanguard funds available.

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