Thanks for pointing out that nuance about cost basis being linked to the original purchase for any CGT down the road. I am ok with later applied CGT being based on the original purchase, since that would have been the case for the original portfolio with the Drivewealth account.
A further complication with liquidating and CGT considerations, specifically for me, is I am in the middle of a move from the Republic of Ireland to the the UK. So the CGT will probably come under the Irish system. But I will have to speak to a tax accountant who knows both systems. From a quick read of the Irish system, Irish CGT is due on disposals for 3 years after leaving the country. Irish CGT is currently 33% and the Irish CGT exemption is 1270 Euros, which is much lower than the UK exemption. I will also have to check if there is a 30 day repurchase type rule in Ireland but since I will be repurchasing while resident in the UK, who knows!
I didn’t mention the Irish move in the original question because it makes it a much more complicated question and my preference was, and still is, an internal Drivewealth transfer from their discontinued account product to a partner account, which unfortunately, is looking less likely. I also contacted Revolut as they are also a DriveWealth front end partner. They confirmed a transfer is not possible with them either.
So, it looks like I will have to go the forced liquidation route and all its attached cross border CGT nuances and caveats . ’ Life is What Happens To You While You’re Busy Making Other Plans ’
Any-who, I have some time to figure out which is the best of the worst options . DriveWealth have not put a time line on account closure YET, but they have added a charge of $5 USD a month for keeping the account going.
I have to say I am pretty disappointed, putting it politely, with DriveWealth. I was recently messaging one DriveWealth partner who said they were notified about the discontinued product back in August 2021. The first email I received was in Feb 2022 and that was after they sold a portion of my Apple stock to release $60 USD to cover a years worth of $5 USD monthly fees. No emails or monthly reminders about the product being discontinued, no warning emails about forced sale of stock to have enough cash to cover their new charge and yes I did check spam and email history . And no procedure to transfer to one of their partners, which is a lost opportunity for DriveWealth and their partners, since they are closing the DriveWealth individual product for all jurisdictions, not just Ireland.
Again thanks for all the ideas and feedback to you and the other community participants. If I do go with FreeTrade as my new Broker to reboot this portfolio, the excellent input received here is definitely a plus for me.