Sorry to be a bearer of potentially bad news @JohnBates, but if you live in the UK I think the taxman may view this as a disposal of the accumulation units, since the income variant of the same fund is considered a different investment, even if it’s from the same provider and invests in the same underlying assets.
I’d love to know how you get on with this @hkphooey. I’ve got it into my head that the free tier features 500 API calls as a welcome bonus, but this then drops down to 20/day
Sorry to be a bearer of potentially bad news…
You may have more experience than I do in this area, and I am aware that this is not a tax advice forum, but my information suggests that it can be done without a capital gain.
In spite of my wording I didn’t actually sell the units and then buy them back - I wrote to Hargreaves Lansdown (a physical letter being their requirement) and requested that they perform a fund swap from accumulation units to income units.
They said (in writing): “I would like to confirm that when you swap the fund from accumulation to income or vice versa, you will always remain invested in the fund. Therefore, you will not be liable to pay any capital gains tax on it because you haven’t booked or realized the profit.”
There is also a question and answer on it on the HMRC website here: CGT on switch from Accumulation to Income Units - Community Forum - GOV.UK
And, a less readable discussion, here: IFM16210 - Exchanges of units for units in the same collective investment scheme - HMRC internal manual - GOV.UK
There didn’t seem to be a way to represent such a fund swap in Portfolio-Performance and so, in it, I had to represent the swap as a sell and a buy transaction.
I had to declare this same scenario on a tax return for my missus last month.
The investment when it gets swapped does not incur any realised funds and I don’t think there’s even a charge (I’m with interactive investors). However the units on the income product ARE different and so is the ISIN so on pp I did have to do a sell buy.
I had to chase my broker for some written statements / evidence in case the tax man enquires. Not sure how common an occurrence it is
Yeah I’ve done all impacted funds. The Yahoo data is clean up to early Dec so I just chose a date in Nov and did a buy sell with duplicate of the same security and same trade amount but being fed by eodhd. Tip here is the identifier has EUFUND so just indicate the security as .EUFUND
There is a API limit but I just check once a day and hopefully one API call covers multiple funds. All seems to be working and was really easy to setup
I’d like to contradict what I said in my previous two posts and point out that Portfolio-Performance does allow you to perform a share swap without incurring a capital gain (in the application). Rather than a sell and a buy you can perform a “Delivery (Outbound)” of the outgoing units and a “Delivery (Inbound)” of the incoming units (which, on checking my transactions, is what it turns out that I did).
Although the quantities might be different for the two transactions (because Accumulation and Income funds will typically have different prices) the overall value of each of the two transaction will be the same.
This mirrors what happens outside of the application and there is no capital gain recorded in the Portfolio-Performance application.
Like OP, I’ve had a bunch of securities change from GBX to GBP due to Yahoo Finance changes. This time I think it’s permanent.
Since you can’t change the currency in PP, I took a stab at manually editing PP’s XML. I changed the security’s currency, and removed the last 2 digits from all historical prices that weren’t in the new denomination.
Everything looks fine, and I didn’t have to change any transactions. I’ll keep an eye on it over the next couple of weeks.
(Obviously make backups if you want to do this yourself.)
That’s good to know, thanks @hkphooey
I’m just an ordinary guy trying to make sense of HMRC guidance on these matters, which I generally find just about as clear as mud!! Good for you @JohnBates, it seems I may have been wrong in what I said earlier …
HMRC advice is indeed, in my experience, quite poor. Had to deal with some question relating to pensions and in the end received a brilliant answer on Reddit backed by links to an IFAs website article.
Maybe with AI and AI Agents things will get better. Would be truly amazing if PP could somehow incorporate an interface that then allows to be grounded on the portfolio being prompted over. Wonder if that’s a Feature Request already
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Am I stating the obvious if I say that it is possible fix this by exporting transactions, editing the export file and then importing?
If it’s not obvious, I can provide a detailed guide. A little work, but no need to re-enter historic transactions.
I’ve been drawn back to this thread since I now reckon this issue only concerns the pricing of funds while quotes for stocks and ETFs are unaffected - indeed, Yahoo continues to provide both the latest and historical quotes in GBX for these types of investments.
For those that have been affected by this issue, building on the earlier post by @ProgFriese, I set out below what seems to be a good solution, which can be easily implemented (without any need to modify the XML, or entailing any manual edits via an export/import sequence):-
- Use this JSON URL, which will provide access to both current and historical quotes - https://query2.finance.yahoo.com/v8/finance/chart/0P0000XAFE.L?period1=1546300800&period2=1924905600&interval=1d&events=history&includeAdjustedClose=true
- Note, this retrieves data for a certain timeframe, set between ‘period1’ and ‘period2’ and is expressed as Unix timestamps. Modify these timestamps with a converter as you see fit. As things stand ‘period1’ is set to 1/1/2019, while ‘period2’ is set @ 31/12/2030 – meaning all future quotes will continue to be retrieved until the end of that year.
- Path to date = chart.result[0].timestamp[*]
- Path to Close = chart.result[0].indicators.quote[0].close[*]
- Finally, if needs be, set the factor (for quotes) to 100.
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I believe a fix has been added to PP 0.73.0 released yesterday which should resolve this problem:
Therefore there should no longer be any fix required by users, as PP will convert the new GBP prices from Yahoo Finance into GBX (if it’s a GBX security).
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Yep, that fix is very much welcomed, though it addressed PP previously interpretating Yahoo’s GBp quotes as GBP, instead of GBX as it should have done.
This thread relates to a different matter - Yahoo Finance recently changing some quotes, that it previously priced as GBp (GBX), but now provides as GBP. I had felt the issue only concerns the pricing of funds, but it’s now apparent other types of investments may have been affected as well – see for instance the historical data for this JPMorgan ETF, as per the pic below.
Although the original intention of the PP fix was different, it does also solve the OP issue, where a GBX security that was previously providing GBX in YF was changed over to GBP in YF, resulting in differing “last quote” and historical data. PP now converts the new YF GBP prices to GBX if required.
So the fund provided by OP and all my own that were affected, should now look and update fine in PP. YF for these funds is now consistently in GBP, and PP handles the conversion to GBX if required.
Example from 0.72 which no longer happens in 0.73:
Your issue is related as there is clearly an attempt to migrate things over to GBP, but your fund (and I’m sure others) still seem to be in this dodgy crossover phase.
So the windows desktop app seems to be okay and I just deleted Dec historical values.
Loaded the file on my mobile and would it be fair to say the update to that still needs to be done?
I deleted my fix transactions and saved over the portfolio file so no easy way to revert I think…