I have my own 100%-owned limited company, that has a portfolio in a company trading account with EQi.
EQi is of course being sold to Interactive Investor, and so I've been informed my portfolio will transfer over to II.
Now as it happens, I already have an Interactive Investor account for my personal portfolios (ISA, SIPP, and a dormant Trading Account that I don't use).
As I don't fancy paying Interactive Investor's £30 pcm for a company account (I don't trade very often), I was hoping to be able to take the company's portfolio - once it's been transferred to its new II home - and move it over to my personal account's unused Trading account to hold the portfolio 'in trust' for the company, making sure all the necessary in-trust documentation etc. exists and is lodged with my accountant. My idea (perhaps naive!) would be that it would still ensure a strict separation because the trading account component of my personal account will only be used for that 'in-trust-for-the-company' purpose.
Interactive Investor is giving a downbeat answer about that (are there money laundering regs that prevent it?..)
So unless anyone has a inventive but still 100% legal suggestion in this scenario, what are my options for a company account on an investor platform somewhere that won't charge eye-watering fees just because it's a (one-man) ltd. company?
Thoughts please
A.
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EQi to Interactive Investor - company a/c
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- Lemon Quarter
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Re: EQi to Interactive Investor - company a/c
My thoughts are that you should keep any company accounts the other side of a glass wall from your own.
In the past you did this by holding them with different brokers. I would suggest trying to keep doing so,
EQI and II are very clear that you can move elsewhere.
In the past you did this by holding them with different brokers. I would suggest trying to keep doing so,
EQI and II are very clear that you can move elsewhere.
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- Lemon Slice
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Re: EQi to Interactive Investor - company a/c
Interactive investor charge £30pcm for trust accounts (plus the standard £9.99 fee), so I don't think your cunning plan would be of benefit even if they agreed to it.
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Re: EQi to Interactive Investor - company a/c
Fair cop..
Hence is anyone aware of platforms allowing company accounts but with lower fees that I could consider?
A.
Hence is anyone aware of platforms allowing company accounts but with lower fees that I could consider?
A.
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- Lemon Slice
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Re: EQi to Interactive Investor - company a/c
HL is cheaper but they have suspended due to the pandemic, I understand. Saxo, IG are two others.
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