I have funds in Tortoise Pipeline with iG. Some weeks ago they moved my funds in Tortoise Pipeline from my ISA account to my Trading account without notifying me. The effect of this is that I have lost £1150 in tax free cash as over £5500 was move out of the Isa. I have been with IG many years and 4 other trading companies for 40 years and NEVER had this happen. It would have been nice to have been told prior to IG moving the money out of my ISA so that I could have sold TP and bought it back again. Anyone else had this with IG. The other 22 stocks and shares i have with iG were un effected.
So, after weeks since i brought this up with IG, they have just told me its not their fault but the fault of HMRC as Tortoise Pipeline merged with another subsidiary of its self which is not tradable within an isa and therefor Tortoise Pipeline was moved from my ISA account to a trading account losing the tax benefits. Waiting on more senior person to call me now. I have messaged the CEO (Breon Corcoron) through Linkedin as no one at IG would give me his contact details
Loss calculated as 20% £5560 as this is £5560 that is no longer in a tax free isa. I will not put anymore money into IG so it will only go into my other accounts from now on. also last call with them they say its Tortoise pipelines fault (the fund) and that i should contact them to sort this out to which i replied "your the trading desk so you should deal with it" to which they say we are really sorry, would you like the number for tortoise Pipeline. Still not heard from Breon Corcoron the ceo so I guess if those at the top can't be bothered those beneath certainly are not.
Last edited:
I started spreadbetting with IG in 2003. They were great back then, easy to contact, talk to the someone on the trading floor. I was even invited to their offices to meet them. I've still got an account with them, but agree wholeheartedly that their service has gone downhill. I still run an ISA with them, although TBH I've gone several providers and don't place any further business through them at present.
In terms of your post #6 I'm still not sure how you feel you've lost 20%? If you held cash, IG don't pay interest. If it's from the fund which has moved then the move to a GIA from the ISA is a disposal for tax purposes, so is revalued at that time.
In terms of your post #6 I'm still not sure how you feel you've lost 20%? If you held cash, IG don't pay interest. If it's from the fund which has moved then the move to a GIA from the ISA is a disposal for tax purposes, so is revalued at that time.
i'm probably. not explaining well but what i'm saying is I put 20k for the year into a different isa account and IG have moved 5.6k out of my ig ISA. As a result of this i can not put another 5.6k into the IG account to replace it as IsA rules do not allow this, as far as i know and have lost any tax benefits that i would have made on the 5.6k to the tune of 20%.
Last edited:
And you’re sure it’s not a flexible ISA you’ve got?
Definitely not a flexible ISA.
Got the explanation below from another department at IG along with a goodwill gesture as this had been going on for quite some time.
Tortoise Pipeline & Energy PLC Merger
On the 23 December 2024, Tortoise Capital Advisors LLC announced that they had finalised combining three of their assets, Tortoise Pipeline & Energy Fund Inc, Tortoise Power and Energy Infrastructure Fund Inc, and Tortoise Energy Independence Fund Inc, into one actively managed Exchange Traded Fund (ETF). This announcement and further details can be found on Tortoise Capital Advisors’ website, the relevant link for which I provide below:
As the resulting ETF from this merger is listed on the NYSE, it is classified as a US ETF, and is therefore not eligible to be held in an ISA. For this reason, after the merger was finalised, IG were required to move your Tortoise Pipeline & Energy Fund ETF into your General Investment Account (GIA), also known as a ‘share dealing’ account. This is to adhere to HMRC rules on ISA eligibility.
