If you havenât been paid the right amount previously then yes, weâll get the correct amount paid out.
In terms of what shows on activity feeds Iâll have to raise with the product team to see what we can do. Hopefully itâll be clearer with the new streamlined payment process but let me know what you think!
Alex
Thanks - I was referring to any which had been impacted by the âpauseâ
Just to clarify (sure youâre aware, others may not be) , reclaimed PIDs currently donât appear in activity feeds, nor do we get any meaningful notification i.e. one which confirms ticker/amount etc. The only way that we can get this information to reconcile our figures is to keep requesting full xls reports from support. Even if we canât get a new PID categorisation, surely it could just show as dividend income received? Itâs only going to occur within ISAs, so it shouldnât have any tax implications.
Failing that, even the rolling balance feature that we keep asking for would be a start.
Thank you thats great news. Do you have a rough idea when it will be resolved.
It appears never is the answer to your question.
Waiting 70 days for my withheld tax.
This decade?
Weâve completed our review and will start processing outstanding payments that are due, starting with the oldest, in the next couple of days. I appreciate itâs frustrating and as I said, the team recognises that we need to improve this process and will be looking at that going forward.
Thanks for the update Alex. When the backdated payments are made will they appear in the activity feed?
I got this email reply the day after âthe head of communicationsâ says everything is sorted reference withholdings tax.
Communications within freetrade could do with some improving. Its identical to his first reply above.
"Apologies for the slow response. I was just trying to get to the bottom of this matter.
Weâve been reviewing our tax reclaim process for property income distributions (âPIDsâ) paid into ISAs. ISA providers can receive PIDs with tax having been withheld at source. It is then up to the ISA provider or the customer to reclaim any withholding tax to receive the total amount due.
As part of our review, we identified some minor errors in the way we calculated the amount of reclaimed tax to be distributed to a small number of customers. We briefly paused reclaiming and distributing these withheld taxes while we investigated this fully and will pay out any additional sums that were due, once the review process is finalised."
Hi @Beenthere Iâve picked this up with Customer Service and Brokerage Operations. The latter team is due to issue communications and fixes for the incorrectly reclaimed tax in the next day or two.
Had a dividend from British Land on 28th July in ISA minus withholding tax. Still waiting. This systems seems absurd. 212 automatically give the gross dividend without a fuss.
@acamp Whatâs the latest official line on the tax reclaim situation? I had a glut of notifications about 6 months ago saying that reclaims had been done for a number of periods, but itâs dried up again. Additionally, there has still never been any feed notification/confirmation of amounts vs holdings to allow us to check whatâs happening.
Itâs an important issue, because the draw to many Reits is the yield, but losing 20% - especially when itâs unnecessary - makes it a less appealing proposition. Not knowing whether Freetrade are doing this - and not being able to check it - is frustrating to say the least.
Well i just had a reit with tax taken off from friday so nothings changed really⊠my take it on it now is they think or hope it will be forgotten about as you get no record of being repaid/ claimed back anywhere.
I asked the question through chat on Friday so will post their response in here when they come back to me.
This could do with being sorted, as poor reporting means trusting that the reclaim occurs and is applied to accounts is based on blind faith.
Blind faith your right as i want to believe it will come good. For me its small amounts but it all adds end at the end of the day and you can add to that i pay for the account being in an isa andt should be all set up from day one no tax taken away or held back.
Im sure if it went mainstream news Ft isa is not fit for purpose they would be on it straight away⊠makes you wonder if the account is an isa in first place!
FT have advised they are planning on performing a reclaim this week.
I have fed back that it would be useful for this to be performed on a set frequency, everyone knows where they stand then at least.
âŠbut apparently they havenât. I certainly havenât seen any credits or messages. Need to rethink my Reits allocation because this is just getting frustrating to say the least.
@acamp is there anything you can do to clarify on this please?
I have not seen any notifications to say the reclaims have been processed.
Canât see Iâve had anything back yet, from December onwards
