FAQs for Hungarian TBSZ Account
Updated: 2023-11-13
What is a Long-term Investment Account - "Tartós Befektetési Számla" (TBSZ)?
"Tartós Befektetési Számla" or Long-term Investment Account is abbreviated as TBSZ. Its most significant advantage is that after 3 or 5 years respectively, the tax burden on investment returns will be reduced to 10% or 0% from the standard 15% - when realizing the yield.
Who can open a TBSZ?
Any natural person above 18 years old who is a Hungarian tax resident.
Currently, we do not offer TBSZ for condominiums, fiduciary trusts nor private foundations.
How can I open a TBSZ?
You can open a TBSZ directly in the Client Portal or initiate it as a new customer on the website, just like opening any other account. For existing customers, the account opening process takes only a few minutes.
Why do I need to open an Individual Trading account to open a TBSZ?
Your TBSZ will be linked to the Individual Trading account (“primary account”) as the TBSZ can be funded only from an Individual Trading account, and in case the TBSZ matures or breaks, the assets it holds are swept to the Individual Trading account. Additionally, the TBSZ automatically inherits all trading permissions and settings from the Individual Trading account.
Can I open multiple TBSZ?
You can open 1 TBSZ each calendar year with us. (Starting from 2023.)
How can I deposit money into the TBSZ?
You can transfer money to the TBSZ from your primary account. Money deposit is only allowed during the collection year.
How can I place securities into the TBSZ?
You can only deposit money into the TBSZ. The money can be transferred directly from your primary account. Money deposit is only allowed during the collection year.
What is the minimum and maximum amount I can deposit into the TBSZ?
During the collection year, you can deposit any amount with any frequency into the account. The initial deposit must reach at least 25,000 HUF or an equivalent value in any other supported currency. There is no upper limit for the deposited amount.
What is the "collection year"?
The "collection year" refers to the calendar year of opening the account, also known as year 0. You can only deposit money into the account during this calendar year. After the collection year, you can no longer make further deposits, but you can open a new TBSZ with the current calendar year as its collection year.
The lock-in period begins in the year following the collection year.
What is the lock-in period?
This is a 5-year period following the collection year, separated into a 3-year and a 2-year periods. During this time, you can no longer make deposits but can trade with the funds you have already deposited. The 3-year period is called Holding Period 1, while the 2-year period is called Holding Period 2.
At the end of the third year (i.e., the end of Holding Period 1), you can partially or fully withdraw your assets from the account. At the end of the fifth year (i.e., the end of Holding Period 2), you can terminate, or partially or fully reinvest your assets in another TBSZ.
What is Holding Period 1?
Holding Period 1 is a 3-year period that starts in the calendar year following the collection year, beginning on January 1.
If you break the account during this time, you will be required to pay the standard 15% personal income tax on your returns. The 13% social contribution tax (“szocho”) should not apply to this income.
At the end of this period (between December 1-30), you need to notify IBKR by submitting your statement whether you want to withdraw your assets partially or fully to your primary account. If you decide to do so, make sure that the value of assets remaining in your TBSZ is at least 25,000 HUF; otherwise, the account must be terminated.
How can I submit my statement at the end of the third year?
You will receive notification in the Client Portal about the deadline for making the declaration and instructions on how to do it.
What happens if the 3-year period expires, and I don't submit my statement?
In the absence of a declaration, the account will automatically move into the next, 2-year lock-in period, known as Holding Period 2, carrying your assets in their entirety without any changes.
What is Holding Period 2?
Holding Period 2 is a 2-year period that starts in the calendar year following Holding Period 1, beginning on January 1.
If you break the account during this time, you will be required to pay a reduced, 10% personal income tax on your returns. The 13% social contribution tax ("szocho") should not apply to this income.
At the end of this period your TBSZ will be terminated, unless you declare (between December 1-30) that you want to transfer your assets partially or fully to another TBSZ opened in the second year of Holding Period 2. If you decide to do so, make sure that the value of the assets to be transferred is at least 25,000 HUF; otherwise, the transfer will not take place, and your assets will be transferred in their entirety to your primary account.
How can I submit my statement at the end of the fifth year?
You will receive notification in the Client Portal about the deadline for making the declaration and instructions on how to do it.
What happens if the 5-year period expires, and I don't submit my statement?
In the absence of a statement, the account will be terminated, and the assets will be transferred to your primary account in their entirety. In this case, the achieved returns are tax-exempt, and you are not obligated to include them into your Hungarian annual Personal Income Tax return.
If you are a foreign tax resident in addition to your Hungarian tax residency, please consult the tax authority or tax advisor of the country of your tax residency on the tax liabilities arising under your tax law.
When can I trade or adjust my investment portfolio in the TBSZ?
Within the TBSZ, you are free to manage your investments, which means you can trade, open or close positions from year 0 until the end of the fifth year.
Which financial instrument can be traded in the TBSZ?
Any instrument that you can trade on your primary account can be traded in the TBSZ, as the TBSZ inherits all trading permissions and settings of the primary account.
Is investment loan available in the TBSZ?
No. Investment loan (margin) is not supported in the TBSZ.
Is Stock Yield Enhancement Program (SYEP) available in the TBSZ?
No, SYEP is not supported in the TBSZ.
When can I withdraw assets from the TBSZ?
You can withdraw assets at the end of the third year, which is the end of Holding Period 1. By declaring your intent between December 1st and 30th, you can make partial or full withdrawals on January 1st.
You can modify your declaration multiple times during this time. A new declaration overrides the previous one. If the assets requested for withdrawal are not available on December 31, the requested withdrawal will not be executed, and the assets will remain in the TBSZ. For the returns of the amount withdrawn, you will be liable to pay 10% personal income tax. The 13% social contribution tax ("szocho") should not apply to this income.
If you withdraw assets before the end of the third year (within Holding Period 1), the account will be terminated, and you will be taxed at the standard, 15% tax rate on the returns.
If you withdraw assets after the end of the third year, but before the end of the fifth year (within Holding Period 2), the account will be terminated, and you will be taxed at a reduced, 10% tax rate on the returns.
However, the 13% social contribution tax ("szocho") should not apply to this income in either case.
How do I pay the tax?
You are responsible for determining, declaring, and paying the tax to the NAV through self-assessment. If you withdraw assets from your TBSZ - fully or partially - before your TBSZ ceases, as well if your TBSZ ceases at the end of Holding Period 2, then you will be provided a TBSZ tax certificate issued via the Portal until 31 January of the following year.
If your TBSZ ceases at the end of Holding Period 2 (after 5 years from the end of collection year), and your income is subject to 0% tax rate, then you don't have to include this income into your Hungarian Personal Income Tax return.
If you are a foreign tax resident in addition to your Hungarian tax residency, please consult the tax authority or tax advisor of the country of your tax residency on the tax liabilities arising under your tax law.
Can I transfer my assets to another TBSZ at another service provider?
You can transfer a TBSZ in its entirety, including all assets in the account, to another provider.
This is possible even if you already have a TBSZ at the receiving service provider with the same collection year as the TBSZ you wish to transfer. In this case, the two TBSZs will merge.
How can I initiate a TBSZ transfer from IBKR to another service provider?
You can initiate the transfer of an existing TBSZ in the Client Portal where you will receive further instructions about the transfer process.
Can I transfer my TBSZ to IBKR?
Yes. You need to open a TBSZ for each year you wish to transfer, and then to complete the transfer-in request for each of them.
To open a TBSZ in Client Portal, go to Settings > Open an Additional Account > Individual Brokerage Accounts > TBSZ.
To complete a transfer-in request in Client Portal, select the TBSZ on the home screen, then go to Transfer &Pay > Transfer Funds > Transfer from Another Broker.
Note: if you do not see the Transfer from Another Broker option in Client Portal it is because it is not available for you at the moment due to the gradual rollout of the function. Please check the option later.
Can I transfer my NYESZ to IBKR?
No, you cannot transfer NYESZ to IBKR. However, you can convert your NYESZ into a TBSZ at your current service provider and instruct the service provider to transfer the TBSZ to IBKR. The year when the NYESZ is converted to a TBSZ will be the collection year of this TBSZ.
When does the TBSZ expire or terminate?
The TBSZ terminates under the following circumstances:
- At the end of the 5-year, ergo at the end of Holding Period 2 on December 31st, or
- If the value of the account drops below 0 HUF at any time, or
- If you submit a statement for partial withdrawal, but the value of the assets remaining in your TBSZ is below 25,000 HUF at the end of the 3-year Holding Period 1, on December 31st, or
- If an asset is removed from the TBSZ, except at the end of Holding Period 1.
Does the TBSZ offer tax-exemption for dividends?
The TBSZ account shelters the dividend income only when it originates from Hungary. Foreign dividends do not enjoy the tax protection of the TBSZ because the foreign dividend payers may withhold foreign taxes from the payable amount. The Hungarian personal income tax will not be withheld from the dividend amount.
What are the costs and fees associated with the TBSZ?
A minimum activity fee is imposed in the TBSZ, which amounts to 2,000 HUF per month.
This fee applies collectively to all TBSZs, regardless of their number. So, whether you have 1, 3, or 5 TBSZs, the fee remains 2,000 HUF per month.
The minimum activity fee is reduced based on the total commission generated from trading in the TBSZs in each month. For example, if you have four TBSZs, and each generates commission equivalent to 300 HUF, the payable minimum activity fee would be 800 HUF (2,000 – 4 * 300 = 800).
Do I have to notify NAV about the account opening?
Yes. IBKR will provide you with a certification upon the first funding of the TBSZs. This certificate you will need to submit to NAV within 30 days from the first funding in order to enjoy the tax protection of the TBSZ.
Do I have to notify NAV about account transfers?
You have to notify NAV if you transfer your TBSZ from IBKR to another investment firm. Similarly, you should notify NAV when you transfer your TBSZ from another investment provider to IBKR. In the absence of such notification, you cannot enjoy the tax protection of the TBSZ.
The data that NAV should be notified of: the fact of transfer and the amount of the transferred assets. The timeline is within 30 days from the date of the transfer.
Do I have any reporting obligation towards NAV?
Yes. IBKR will provide you with a tax certificate until 31 January of the following year in the case of TBSZ termination or partial withdrawal from the TBSZ. You will be required to include the amount of the taxable income as per the IBKR tax certificate in your annual Personal Income Tax return.
IBUK Trust Account FAQs
Can I open a Trust account with IB UK?
Yes, you are able to open a Trust account under the IB UK legal entity. To open a Trust account, follow these steps:
- From IBKR’s webpage, select Open Account (https://www.interactivebrokers.co.uk/Universal/Application?locale=en_US)
- Click on Start Application
- The Open an Account page will be presented and you will need to Create a Username and Password
- After you enter a username and password and select your country, click on Create Account
- The next screen will allow you to select the account type: Individual followed by Trust
- Follow the remaining steps to complete the application.
What is a Trust Account?
A trust account is a legal arrangement through which funds or assets are held by a third party (the trustee) for the benefit of another party (the beneficiary). The beneficiary may be an individual or a group. The creator of the trust is known as a "grantor" or "settlor."
Main features of a trust:
- Ownership of the assets must be transferred to the trust. This action is called "funding the trust."
- The trustee must be a mentally competent adult and can be anyone the grantor trusts and who has accepted the responsibility of handling the trust account.
- Subject to terms of an agreement that states otherwise, the trustee has the authority to make changes to the account, including to transfer assets, close the account, open a sub-account and name additional beneficiaries or another successor trustee.
- The trustee has a fiduciary duty to consider the best interests of the beneficiaries first in any decisions.
- The trustee is responsible for annual tax returns and may be required to file regular accountings at the request of beneficiaries, depending on state law.
- All distributions to the trust beneficiary and other related expenses must be paid from the trust account.
Can I appoint a financial advisor to manage, on a discretionary basis, my IBUK Trust account?
Yes, you can appoint a financial advisor to manage your IBUK Trust account on your behalf.
Can I trade on margin in the IBUK Trust Account?
Yes, you are able to trade on margin in an IBUK Trust Account as long as the trust account qualifies for margin.
What is the annual fee or charges for the IBUK Trust Account?
There is no annual, custody, platform or minimum fee for an IBUK Trust Account. The IBUK Trust account will be charged commissions for trades.
Interactive Brokers LLCからインタラクティブ・ブローカーズ証券株式会社への 口座移管「お手続き等のご案内」
概観:
本書は、インタラクティブ・ブローカーズLLC（「IB LLC」）から、インタラクティブ・ブローカーズ証券株式会社（「IBSJ」）への口座移管に関する重要な情報です。本書をすべてお読みいただいた上で、口座移管に関してお決めいただけますようお願いいたします。
Background:
本書は、お客様の口座がInteractive Brokers LLCからインタラクティブ・ブローカーズ証券株式会社に移管されることに伴う注意事項やよくあるご質問等を記載したお知らせです。別途お客様へ電子メールにてお送りしております“取引口座の変更に関する「重要なお知らせ」と合わせて、本書面をお読み頂きご同意のうえお手続き頂きますようお願いします。なお、追加のご質問や情報につきましては、IBSJカスタマーサービスまでお問い合わせください。
この「手続き等のご案内」は、以下の3つのパートで構成されています。
- パートA 口座移管に関する重要な情報を記載しています。
- パートB 口座移管に伴う主要な法的規制に関する重要な情報を記載しています。
- パートC 想定されるご質問とその回答を記載しています。項目は移管に伴い変更となる事項と変更のない事項に分け具体例を挙げて記載しています。
1. 現状と変更の背景について
インタラクティブ・ブローカーズ証券株式会社（以下「IBSJ」）は、2005年以来、お客様にグローバルマーケットへのアクセスを提供することを目指しIBSJの米国関連会社であるInteractive Brokers LLC（以下「IBLLC」）を通じて外国商品へのアクセスを提供し、IBSJを通じて日本国内商品にアクセスすることを可能としてきました。
この度、各種法令等の見直しを行った結果、現在ご提供している商品及びサービス内容を変更し、海外市場へのアクセスをIBSJ口座へ集約し、日本国内居住のお客様にはIBSJを通じて国内外上場証券等を直接取引していただくようにいたします。 これに伴い、現在保有いただいておりますIBLLC口座をIBSJ口座へ移管頂くこととなります。
2. 当該見直しによる変更点について
現在IBLLCがお客様に提供している口座、商品およびサービスのすべてをIBSJが提供することとなります。 （便宜上、これを「口座移管プラン」と呼びます）
3. 口座移管の時期について
2023年6月14日から手続きを開始する予定です。口座移管手続き後に改めてご連絡申し上げます。
4. インタラクティブ・ブローカーズ証券（IBSJ）について
IBSJは、関東財務局において登録されている金融商品取引業者です。登録番号：関東財務局長（金商）第187号）また、商品先物取引業において、経済産業省および農林水産省から許可を受けています。
5. IBSJの概要について
住所：〒100-6025 東京都千代田区霞が関3丁目2番5号 霞が関ビル25F
URL: https://www.interactivebrokers.co.jp/en/home.php
6. 規制、監督の詳細について
上記A-4のとおり、IBSJの金融商品取引業務に関する監督官庁は関東財務局であり、商品デリバティブ業務に関する監督官庁は経済産業省および農林水産省です。また、IBSJは、日本証券業協会（JSDA）および日本商品先物取引協会（CFAJ）の会員です。
上記の規制当局および自主規制機関の詳細は、以下のリンクよりご確認いただけます。
関東財務局（KLFB）
https://lfb.mof.go.jp/kantou/
https://lfb.mof.go.jp/kantou/
経済産業省（METI）
農林水産省（MAFF）
日本証券業協会（JSDA）
社団法人日本商品先物取引協会（CFAJ）
7. IBSJとインタラクティブ・ブローカーズ・グループの関係について
IBSJは、インタラクティブ・ブローカーズ・グループの100％子会社です。
8. 口座移管の影響等について
口座移管の初期段階では、サービス、商品を限定してご提供いたします。IBSJでは、サービス、取扱商品の充実に向けて鋭意準備を進めております。詳細につきましては、パート C-2に記載しています。
9. IBSJとの取引継続するにあたりお手続きいただきたい事項について
インタラクティブ・ブローカーズと継続してお取引をいただく場合には、口座移管の関連書面に記載されている条件にご同意・ご承諾いただく必要があります。
具体的には、移管のお手続き中に表示される重要な情報の項目に含まれるカスタマーアグリーメントおよびその他の書面、移管に関する同意の項目、また、口座移管の関連書面に記載される規制事項への同意と承諾をお願いいたします。お手続きは口座移管の関連書面に記載されている手順に沿って行ってください。
なお、当該口座移管プランは、お客様に強制するものではございません。 しかしながら、お客様がIBSJへの移管に同意されない、もしくは何もお手続きをされない場合、口座移管期間終了後はIBLLC口座のサービス及び商品の提供等はお受けいただくことができなくなります点にご留意ください。移管期間終了後は、お客様のIBLLC口座には取引制限がかかり、強制解約される可能性がありますので、誠に勝手ではございますが、2023年8月31日までに、IBLLC口座の全資産をIBSJまたは他の金融商品取引業者へ移管頂きますよう重ねてお願いいたします。口座の移管をご希望されない場合には、移管の関連書面に記載される手順に沿って、移管を拒否していただくことができます。
「手続き等のご案内」及び取引口座の変更に関する書面を良くお読みになり、口座移管に関してお決めいただけますようお願いいたします。
10. お手続きについて
口座移管プランにご同意いただける場合、口座移管の関連書面に記載されている手順に沿ってお手続いただきますようお願いします。既にIBSJに口座をお持ちの場合、IBLLC口座の資産は、本移管後、IBSJ口座に統合されます。
パートB – 法的規制の変更に関する留意点等、口座移管に伴う主要な法的規制に関する重要情報
1. 移管後に適用される条件について
本移管後にお客様が行う取引は、お客様とIBSJとの間で締結される新たな「カスタマーアグリーメント」等に準拠するものとなります。口座移管の開始は2023年2月1日となる予定です。
2. IBSJにおける業務の運営等に係る規則（最良執行を含む）について
現在、IBLLC口座の取引には、米国の法令が適用されています。これらの法令は、連邦証券取引委員会（「SEC」）および米国商品先物取引委員会（「CFTC」）によって定められたものとなっています。
IBSJ口座の取引には、日本のおける法令が適用されます。
3. IBSJで保管する顧客資産等の保管について
IBLLC口座には、現在、金融業規制機構（FINRA） および全米先物協会（NFA）によって定められた規則を含む、 米国の証券保管業務規則 が適用されています 。
今後、IBSJとの契約においては、 日本の法令が適用され、顧客資産の分別管理に関する規定に基づいています。
4. 損失発生時の顧客資産の保護について
現在、IBLLC口座のお客様の資産は、万が一IBLLCが破綻した場合には、
米国証券投資家保護公社により、一顧客あたり最高50万米ドル（現金25万米ドルのサブリミット付き）まで補償されています。
IBSJ口座に移管後、万が一IBSJが破綻した場合には、日本投資者保護基金により一顧客当たり1,000万円を限度として補償されます。補償の仕組みは、以下のとおりです。
(1) 金融商品取引業者による分別管理
投資家が金融商品（株式等）の取引を行う場合、金融商品取引業者に金銭や金融商品などの資産を預けることになります。金融商品取引業者がお客様からお預かりした資産を金融商品取引業者の自己資産と区別して管理していれば、金融商品取引業者が破綻してもお客様の資産は返還されます。
このように、お客様からお預かりした資産を金融商品取引業者自身の資産と区別して保管することを「顧客資産の分別管理」といいます。この概念は投資家保護の中心であり、分別管理は金融商品取引法上、すべての金融商品取引業者に義務付けられています。
(2) 日本投資者保護基金
この分別管理が守られている限り、金融商品取引業者が破綻した場合でも、基本的に、お客様の資産に影響はなく、破綻した金融商品取引業者に対し、お客様はご自身の資産の返還を求めることができます。
ただし、万が一何らかの理由でお客様の資産の返還が円滑に行われない場合には、日本投資者保護基金を通じて、一顧客あたり1,000万円を上限に補償する制度が設けられています。
なお、日本投資者保護基金は、有価証券価格の下落等によりお客様が被った損失を補償するものではありませんのでご留意ください。
5. 相談、苦情の申し立てについて
IBSJのカスタマーアグリーメントには、IBSJに苦情を申し立てる方法が記載されおり、当該手続きは、IBLLCとの既存の契約に適用されるものと類似の手続きとなります。なお、苦情の原因が口座移管以前に発生したものである場合は、IBLLC宛てにお申立ていただくこととなります。
6. 米国規制当局への苦情のお申し立てについて
苦情のお申立ては、カスタマーアグリーメントに記載されている手続きに従うこととなります。お客様の口座がIBSJへ移管されると、IBLLCに対するお客様の苦情については、米国の規制当局の管轄外となります。ただし、日本では、お客様と金融商品取引業者等との間の苦情・トラブルの解決について、下記の指定紛争解決機関をご利用いただけます。 特定非営利活動法人 証券・金融商品あっせん相談センター（FINMAC） 電話番号：0120-64-5005（フリーダイヤル）ウェブサイト：https://www.finmac.or.jp/english/
7. 個人情報等の取扱いについて
お客様の個人情報は、IBSJの個人情報保護方針に沿って適正な管理を行い、その正確性・機密性の保持に努め、IBLLCとの既存契約に適用されるものと同様、適切に管理されます。個人情報保護方針： https://ndcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4102&lang=ja。
1. 口座移管に係る一般的な質問は、どこに問い合わせればよいですか？
口座移管のお手続き等に係るご不明点につきましてはIBLLCのカスタマーサポートまでお問い合わせください。また、移管手続きを実施後のご質問等につきましては、IBSJカスタマーサービス宛てにご連絡を頂くこととなりますが、IBSJ口座移管に関連する全てのお問合せにつき迅速に対応いたします。尚、お問い合わせは、03-4588-9700（日本語）03-4588-9710（英語）までお願いいたします。
2. 提供される商品や種類は変わらないのでしょうか？
IBSJが提供する商品の範囲は、現在IBLLCで提供されているものと同一ではありません。口座移管当初、IBSJは以下の商品の提供を予定しております。
· 日本において提供可能な外国（日本国内以外）の株式、ETF、及び転換社債。
· 外国の株式および株式指数の先物、オプション、ワラント、先物オプションを含める海外デリバティブ。
· 日本国内の上場株式およびデリバティブ、日本株CFD、日本円建ての海外デリバティブの一部。
IBLLC口座からIBSJ口座への口座移管後は、上記商品に限定されるため、現在IBLLC口座で保有するポジションの全てを移管することはできないことがあります。そのため、移管対象外の商品に関しましては、予め2023年8月31日の期日までに、お客様の判断にて決済を行うようにお願いいたします。
IBSJは、今後、日本国内の規則等を確認しながら、外国証券等ラインアップ増やしていく可能性がございます。その際は、お知らせいたします。 また、IBSJでは、株式利回り向上プログラムの提供は行っておりません。
3. IBSJ口座で対応している通貨を教えてください。
IBSJでは限られた通貨でのご対応を予定しており、入出金にご利用可能な通貨は、日本円、ユーロ、米ドル、英ポンドとなります。
マルチカレンシー口座をご利用のお客様は、入出金可能な通貨のいずれかでのご入金、また口座のプラス残高からのお引き出しが可能です。
マルチカレンシー口座では、入出金通貨として認められていない通貨を含める利用可能な全ての通貨で、プラス残高を保有することができます。マイナス残高のサポートは現在行っておらず、口座内のプラス残高から変換を行うことにより、マイナス残高を自動的に相殺します。
詳細は、マルチカレンシー口座に関する当社のリスク・ディスクロージャーをご参照ください。
4. すでにIBSJ口座を保有している場合にはどうなりますか？
すでにIBSJ口座をお持ちの場合、移管後にIBLLC口座のご資産がIBSJ口座に移管されます。IBSJ口座をお持ちでない場合には、弊社でIBSJ口座を新しく開設いたします
5. 口座移管後も同じ取引プラットフォームを利用できますか、またソフトウェアの変更がありますか？
お客様のお取引や口座管理に使用しているソフトウェア 及び現在ご提供しているテクノロジーに変更はありません。
6. すべての口座残高が同時に移行されるのでしょうか？
利息、配当金などを除くすべての残高がIBLLC口座からIBSJ口座に同時に移管されます。IBLLC口座に計上された未収金は、自動的に移管先であるIBSJ口座に振り込まれます。
7. 口座移管後、IBLLC口座はどうなりますか？
すべての口座残高が移管された後、お客様のIBLLC口座は解約され、お取引きいただくことができなくなりますが、アーカイブされた取引履歴や計算書等の閲覧・印刷等は引き続き、顧客ポータルから可能です。
8. 口座を移管した場合、手数料は変わるのでしょうか？
いいえ。 IBSJ口座の株式手数料は、IBLLC口座と同一です。ただし、IBSJは日本の金融商品取引業者ですので、手数料に消費税が加算されます。
9. 口座を移管した場合、取引権限は変更されますか？
IBSJ口座での取扱商品においては、移管後も取引権限に変更はございません。IBSJにて口座移管の初期段階で取扱いを予定していない商品の取引権限は、IBSJ口座には移行されません。
10. 口座移管されたとき、GTC注文（Good-til-Canceled など）は引き継がれますか？
GTC注文等はIBSJ口座には引き継がれませんので、移行後すぐにGTC注文等が お客様の取引意図と一致しているかどうかの確認をお願いします。
11. 年末に、1つにまとまった年次取引報告書を受け取ることができますか？
年間取引報告書は2023年1月1日から移行日までの期間をカバーする既存口座（IBLLC口座）の年間取引明細書と、移行日から2023年12月末までの期間をカバーする新規口座（IBSJ口座）の2つの年間取引明細書が送付されます。
12. 口座が移行された後、現在のポジションの取得コストは引き継がれますか？
現在のポジションの取得コストが引き継がれますので、お客様のポジションのコスト・ベースには影響がありません。
13. 口座が移行された後の口座の設定はどうなりますか？
移行後の口座の設定は、法令で許容される範囲において、現在の口座の設定と一致します。これには、マーケットデータ、追加ユーザー、アラートなどの属性が含まれます。
14. ログイン情報は変更されますか？
いいえ。 ユーザー名、パスワード、および既存のアカウントに適用されている2段階認証は、口座移管後も変更ありません。 ただし、移行後のIBSJ口座には、新しい口座番号が割り当てられます。
FAQs: Account Migration from IB LLC to IBSJ
概観:
This is an important document regarding the proposed transfer of your account from Interactive Brokers LLC (“IB LLC”) to Interactive Brokers Securities Japan, Inc. (“IBSJ”) that requires your attention. Please read the entirety of this document before deciding whether to accept or decline the Invitation sent to you via email.
Background:
This FAQ document summarizes some of the key changes to the regulatory framework that would result from the Proposed Transfer (as described below) and provides answers to some general questions that you may have. The FAQs should be read in conjunction with the Invitation. If you require any further information, please contact us via the details provided in the Invitation.
This FAQ is split into three parts.
- Part A sets out key information in relation to the Proposed Transfer (as described below).
- Part B covers key legal and regulatory topics related to the Proposed Transfer (as described below).
- Part C aims to answer any other questions that you may have and provides some further and more practical information in relation to what will and will not be changing following the Proposed Transfer (as described below).
PART A – THE PROPOSED TRANSFER
1. What is the situation currently and why are things changing?
Interactive Brokers Securities Japan, Inc. (“IBSJ”) was granted authorization by the Kanto Local Finance Bureau to operate as a Japanese securities firm in October 2005. At that time, we attempted to leverage the strength of Interactive Brokers Group (and its ability to provide clients access to global markets) by offering an account structure that would allow clients to access markets worldwide as well as the Japanese market, all through a single domestic account. In the course of establishing this structure, we realized our goal to provide access to overseas markets from a single domestic account would entail a degree of complexity due to differences in settlement in non-JPY currencies and Japanese domestic regulations. Therefore, we implemented an account structure to offer overseas (non-Japanese domesticated) products through IBSJ’s affiliated broker-dealer based in the U.S., Interactive Brokers LLC (“IB LLC”), intermediated by IBSJ, while offering Japanese domestic products through an IBSJ account.
IBSJ is now modifying this approach and will begin providing access to Japanese and Global markets directly, through a single IBSJ account. As a result, IB LLC will no longer support accounts for retail Japanese clients intermediated by IBSJ.
2. What “changes” will Japanese clients experience?
We propose to transfer the business that you currently conduct with IB LLC to IBSJ. In other words, it is our intention that the accounts, investments and services currently provided to you by IB LLC will instead be provided by IBSJ (for convenience we will refer to this as the “Proposed Transfer”).
3. When will the Proposed Transfer occur?
The Proposed Transfer is scheduled to commence soon after June 14, 2023. We will alert you once your account is transferred.
4. Who is IBSJ? What type of firm is it?
IBSJ is a Japanese online securities broker which is regulated by Kanto Local Finance Bureau under the Registration No.187 for its financial business and regulated by Ministry of Economy, Trade and Industry (METI) / Ministry of Agriculture, Forestry and Fisheries (MAFF) for its commodity derivative business.
5. What are IBSJ’s legal details?
IBSJ is registered as a private company limited by shares and is listed in the Register of Companies maintained by Tokyo legal affairs bureau. Its registered address is Kasumigaseki Building 25F, 2-5 Kasumigaseki 3-Chose, Chiyoda-ku, Tokyo, 100-6025 Japan.
IBSJ’s website is available at: https://www.interactivebrokers.co.jp/en/home.php
6. Who will regulate IBSJ and where are their details?
As set out above, Kanto Local Finance Bureau (KLFB) is the competent financial business regulator for IBSJ while Ministry of Economy, Trade and Industry (METI) / Ministry of Agriculture, Forestry and Fisheries (MAFF) are the regulators for IBSJ’s commodity derivative business. IBSJ is also a member of Japan Securities Dealers Association (JSDA) and the Commodity Futures Association of Japan (CFAJ).
The details for the regulator and the self-regulatory organizations above are set out in the links below:
Kanto Local Finance Bureau (KLFB)
https://lfb.mof.go.jp/kantou/
https://lfb.mof.go.jp/kantou/
Ministry of Economy, Trade and Industry (METI)
Ministry of Agriculture, Forestry and Fisheries (MAFF)
Japan Securities Dealers Association (JSDA)
The Commodity Futures Association of Japan (CFAJ)
7. Where does IBSJ fit in the broader Interactive Brokers group?
IBSJ is a wholly-owned subsidiary that sits within the Interactive Brokers Group.
8. What does the Proposed Transfer mean for me? Will there be any material impacts?
It is very important that you read this FAQs carefully and make sure that you understand what the changes are for you. Initially, IBSJ will have a limited product offering for global markets. However, IBSJ plans to extend its global offering (as further explained in Part C) and will notify you of new products you can trade.
9. What do I have to do if I want to continue doing business with Interactive Brokers?
If you would like to continue to do business with Interactive Brokers, we require your signed consent and action.
Specifically, we require you to consent and agree to the Customer Agreement and other Documents available under the Important Information section of the Proposed Transfer process and to the regulatory matters outlined in the Invitation, the Important Information and Consent sections of the Proposed Transfer process. You can do this by following the instructions in the Invitation.
To be clear, you do not have to agree to the Proposed Transfer. However, if you decide to decline or do nothing, IB LLC will not be able to keep servicing your account after the proposed account transfer period. As part of the process, your account may be restricted, and your account may be forced closed. You have the ability to transfer the positions in your account to either IBSJ or another broker by August 31, 2023. If you wish to decline, please follow the instructions in the Invitation.
In either case, we ask that you read the entirety of this FAQ and the Invitation before deciding to consent to or decline the Proposed Transfer.
10. What happens next?
If you consent to the transfer, please complete all actions detailed in the Invitation and we will prepare your account for the Proposed Transfer. If you already have an IBSJ account, your assets held in the IB LLC account will be consolidated into the IBSJ account following the Proposed Transfer. Following the Proposed Transfer, IBSJ will write to you with further information about the consolidated structure.
PART B – LEGAL AND REGULATORY CHANGES THAT YOU SHOULD BE AWARE OF
1. What terms and conditions will govern my relationship with IBSJ following the Proposed Transfer? Are these different to the ones that currently apply?
Trades that you conduct after the Proposed Transfer will be governed by the new Customer Agreement between you and IBSJ. A copy of the new Customer Agreement is available in the Important Information section of the Proposed Transfer process. Please see the response to Question A3 above in relation to the timing for the Proposed Transfer.
2. What conduct of business rules (including best execution) will apply to my relationship with IBSJ?
The U.S. conduct of business rules apply to IB LLC accounts. These rules are based on the regulations and rules set by the U.S. Securities and Exchange Commissions (“SEC”).
The IBSJ account will be subject to Japan conduct of business rules, which include regulations and rules set by Financial Service Agency (“FSA”), Japan Securities Dealers Association (“JSDA”) and the Commodity Futures Association of Japan (“CFAJ”).
3. How will investments that I custody with IBSJ be held from a legal/regulatory perspective? Are there any material differences that will apply to my agreement with IBSJ compared to those that apply to my existing agreement with IB LLC?
U.S. law and regulations regarding custody of securities and customer funds apply to your accounts with IB LLC. These include rules set by the U.S. Securities & Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”). The US custody rules require that any cash and fully-paid securities held by IB LLC on your behalf must be held segregated from the assets of IB LLC.
Going forward, Japan custody rules will apply to your agreement with IBSJ. Similar to the U.S. custody rules, the Japan conduct of business rules are based on the regulations on segregation of customers assets set by Financial Instruments and Exchange Act (further explain below in Question B4).
4. How am I protected against loss? Are there any material differences that will apply to my relationship with IBSJ compared to those that apply to my existing relationship with IB LLC?
IBSJ’s compensation scheme is different from the compensation scheme you have access to at IB LLC.
Currently, your eligible assets are protected from loss under the U.S. Securities Investor Protection Corporation at an amount of up to USD 500,000 (subject to a cash sublimit of USD 250,000).
After the Proposed Transfer, in the unlikely event of IBSJ’s failure, a certain amount of money is protected by the Japan Investor Protection Fund. Here is a summary of how the Japanese investor protection mechanism works:
(1) Segregated custody by securities firms
When investors trade financial instruments (stocks or other securities), they entrust their assets such as money and financial instruments to a securities firm. If the securities firm keeps the assets entrusted by the customer separate from the securities firm's own assets, the customer's assets will be returned to the customer even if the securities firm fails.
This practice of keeping assets entrusted by customers separate from the securities firm's own assets is called segregated custody. This concept is central to investor protection, and segregated custody is required of all securities companies under the Financial Instruments and Exchange Law.
(2) Japan Investor Protection Fund
Under this segregated custody system, even if a securities firm files for bankruptcy protection, the assets entrusted by customers will be returned to them in full. However, for instances where the securities firm is unable to smoothly return the full amount for any reason, a compensation system is in place through the Japan Investor Protection Fund, which provides compensation up to 10 million yen per customer.
However, as explained in section (1) above, the Japan Investor Protection Fund regulation serves to prevent such a situation from occurring because the assets entrusted by customers will be returned to them if they are kept in the segregated custody of securities companies.
Please note that the Japan Investor Protection Fund (similar to US rules) does not compensate for losses incurred by clients due to a drop in the market value of securities.
5. How do I make a complaint to IBSJ? Are there any material differences that will apply to my agreement with IBSJ compared to those that apply with IB LLC? What if my complaint relates to something that dates to when I was a customer of IB LLC?
The new Customer Agreement sets out how to file a complaint with IBSJ. The complaints handling procedures are materially similar to those that apply to your existing agreement with IB LLC. If the substance of your complaint relates to something that occurred prior to the Proposed Transfer, then you should address your complaint to IB LLC.
6. After the Proposed Transfer, will I still have access to the US regulators to file a complaint?
In case of a complaint, clients should follow the complaints procedure as referred to in the Customer Agreement. Once your account is transferred to IBSJ, the US regulators will cease to have jurisdiction over any complaints you may have in respect to IB LLC. However, please be aware that Japan has a dispute resolution process in the form of the Financial Instruments Mediation Assistance Center (FINMAC), a non-profit organization, to resolve complaints and disputes between customers and IBSJ regarding covered issues. Please refer to the following link for the details of FINMAC.. https://www.finmac.or.jp/english/
7. How will my personal data be processed and protected? Are there any material differences that will apply to my agreement with IBSJ compared to those that apply to my existing agreement with IB LLC in this context?
Your data will be processed and protected in accordance with the IBSJ Privacy Policy. which can be found at: https://ndcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4102&lang=ja. There will be no material change to how your data is protected now.
PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS
1. Who should I contact before the Proposed Transfer takes place and after the Proposed Transfer if I have any general questions?
Generally speaking, you should contact IB LLC with any questions that you may have prior to the Proposed Transfer, and you should contact IBSJ with any questions that you may have after the Proposed Transfer takes place. Regardless of who you contact at Interactive Brokers, we will ensure your query is promptly dealt with and we will make best efforts to expediate any issues related to the account migration.
2. Will the range of products offered be the same?
The range of products offered by IBSJ will not be the same as what is currently offered at IB LLC. Initially, IBSJ will offer:
· Fully-paid trading in overseas (non-Japanese domesticated) stocks, ETFs and exchange listed bonds that can be offered in Japan; and
· The Japanese domestic listed stocks and derivatives, Japanese stock CFDs, and some Japanese yen-denominated overseas derivatives that IBSJ has historically offered.
All unsupported holdings in your IB LLC account need to be closed out before your account can transfer to IBSJ. If you hold any product other than those stated above, please take the time to close out such positions before the Proposed Transfer to allow for a smooth transfer of your account and to avoid any account restrictions.
IBSJ plans to expand the types of other overseas products that it offers in the coming months. We will update these FAQs with additional details as we do.
View the list of available IBSJ products here: https://www.interactivebrokers.co.jp/en/trading/products.php
3. What currencies are supported at IBSJ?
IBSJ will support a limited number of deposit currencies. The following four deposit currencies, the "Allowed Deposit Currencies"' are JPY, EUR, USD and GBP.
Clients with multi-currency accounts can make deposits in, and withdraw positive balances held in their account, of any Allowed Deposit currencies.
Multi-currency accounts may hold long currency balances in all available IBKR global currencies, including currencies that are not Allowed Deposit Currencies. Short currency balances are not supported at this time. IBSJ will automatically flatten any short currency balance by converting from a long currency balance available in the account.
For further information, please see IBSJ's Risk Disclosure Statement for IB Multi-Currency Accounts.
4. What happens if I already have an account at IBSJ?
If you have an existing account with IBSJ, the assets in your IB LLC account will be transferred to your IBSJ account after the Proposed Transfer takes place. If you do not have an IBSJ account, we will create a new one for you.
5. Will I have access to the same trading platform or be subject to any software changes following the transfer of my account?
The migration will have no impact upon the software you use to trade or administer your account. The technology will remain the same as it is today.
6. Will all account balances be transferred at the same time?
All balances, with the exception of accruals (e.g., interest, dividends) will be transferred at the same time. Once accruals have been posted to cash, they will automatically be swept to the transferred account.
7. What will happen to my current account following the transfer of my account to IBSJ?
Once all accruals have been swept, your current IB LLC account will be closed and inaccessible for trading purposes. You will still be able to access this closed account via the Client Portal for purposes of viewing and printing archived activity and tax statements.
8. Will IBSJ’s commissions and fees change when my account is transferred?
No. IBSJ commissions and fees do not vary from the ones charged by IB LLC for your current account. However, since IBSJ is a Japanese securities broker, Japanese consumption tax will be added to all fees.
9. Will my trading permissions change when my account is transferred?
Your trading permissions will not change when your account is transferred for products that are supported by IBSJ. Trading permissions not supported by IBSJ will not migrate to the IBSJ account.
10. Will open orders (e.g., Good-til-Canceled) be carried over when my account is migrated?
Open orders will not be carried over to the new account. You must resubmit any orders when your account is migrated.
11. Will I receive a single, combined annual activity statement at year end?
You will receive an annual statement for your existing IB LLC account which will cover the period starting 1 January 2023 through the date of transfer and a second annual statement for your new account at IBSJ which will cover the period starting from the migration date through the end of the year ending December 2023.
12. Will the current cost basis of positions be carried over when my account is migrated?
Yes, this migration will have no impact upon the cost basis of your positions.
13. Will the migrated account retain the same configuration as the current account?
The configuration of the account following migration will match that of the current account to the extent permissible by regulation. This includes attributes such as market data, additional users, and alerts.
14. Will my login credentials change?
No. Your username, password, and any 2-factor authentication process in place for your existing account will remain active following migration. If you have an existing IBSJ account, your account number will not change. If you do not have an IBSJ account and we create a new one for you, you will receive a new account ID.
制裁対象となる有価証券のためのエスクロー口座について
概観:
米国財務省の外国資産管理局（OFAC）による制裁措置の対象となる有価証券をお持ちのお客様には、お客様のお名前でエスクロー口座が開設されました。
なぜエスクロー口座を開設する必要があるのですか？
「エスクロー口座」は制裁措置による規制に基づき、制裁対象となる有価証券のポジションを、他のご資産と分けて保有するために開設されました。
エスクロー口座とは何ですか？
エスクロー口座とは、制裁対象となるため取引や移管ができない有価証券の保有のためのみに使用される口座です。
エスクロー口座を解約することはできますか？
制裁対象の有価証券を保有されている限り解約はできません。
エスクロー口座にはどうやってアクセスできますか？
お客様の保有するその他の口座すべてと同様に、エスクロー口座もクライアントポータルに表示されます。アクセスは読み取り専用となり、ステートメントとレポートを取得できます。
エスクロー口座に保有している資産に対する利子/配当金の受取りはありますか？
あります。発行体によって支払われる利子や配当金は、すべてエスクロー口座に入金されます。これらのご資金も制裁対象となるため、エスクロー口座以外の口座に移動することはできません。
エスクロー口座に保有している資産による、私の口座の純資産価値（NAV）への影響はありますか？
エスクロー口座はお客様のその他の口座にリンクされていますが、保有される有価証券が制裁対象となっているため、純資産価値の一部とはみなされません。
エスクロー口座に保有している資産による、私の口座の証拠金への影響はありますか？
制裁対象となる有価証券はどれも信用銘柄ではないため、他のポジションの担保として利用することはできません。
エスクロー口座のステートメントはどのように作成できますか？
ステートメントは他の口座のステートメントと同じ様に、クライアントポータルから作成できます。
自分の口座用に個別のステートメントと統合したステートメントを作成できますか？
できます。ステートメントはエスクロー口座ではない口座を複数保有する場合と同じ様に作成できます。
エスクロー口座に保有する資産を税金から差し引くことはできますか？
エスクロー口座にある資産の税金への影響は、お客様のお住まいの場所によって異なります。お持ちの有価証券による税金への特定の影響は、お客様の地域の専門家にご相談されることをお勧め致します。
エスクロー口座に保有される資産の利子/配当金に対する税金支払いの義務はありますか？
上に記載されるよう、エスクロー口座にある資産の税金への影響は、お客様のお住まいの場所によって異なります。このため弊社では、お持ちの有価証券による税金への特定の影響は、お客様の地域の専門家にご相談されることをお勧め致します。
エスクロー口座はIBKRの証券口座と同じ保護の対象になりますか？
なります。ご資産はエスクロー口座に保有されたままとなりますが、IBKRの証券口座と同じ保護の対象となります。
About Escrow Accounts for Sanctioned Securities
概観:
An escrow account was opened in your name if you own securities that are subject to comprehensive sanctions imposed by the US Treasury Department's Office of Foreign Asset Control ("OFAC").
Why do I have an escrow account?
We created an “escrow account” for you to hold positions in sanctioned securities so they are segregated from your other holdings in accordance with sanctions regulations.
What is an escrow account?
This escrow account will be used only to hold your sanctioned securities, which cannot be traded or transferred.
Can I cancel my escrow account?
No, you are not able to cancel your escrow account so long as you hold sanctioned securities.
How do I access my escrow account?
Escrow accounts will be visible in Client Portal in the same way as all other accounts owned by the clients. You will have read only access to the new escrow account and obtain statements & reports.
Do I earn any interest / dividends on the assets held in escrow?
No, IBKR is not allocated the interest or dividend from the custodian and is prohibited from processing dividend payments on sanctioned securities.
How do assets held in escrow affect my account’s NAV?
Your escrow account is linked to your regular account(s) but its equity is not considered part of the value of your non-escrow account(s), as these securities are subject to sanctions.
How do assets held in escrow affect my margin limits?
All sanctioned securities are non-marginable and cannot be used as collateral to support other positions.
How do I generate statements for the escrow account?
You can generate statements through Client Portal just as you would for your regular account.
Can I generate separate and combined statements for my accounts?
Yes, statements should be generated in the same way you would if you held multiple non-escrow accounts.
Can I write off assets held in escrow from my taxes?
The tax impact of your escrowed assets may vary by your location. Interactive Brokers recommends you consult with a local tax professional to understand the specific tax impacts of these sanctioned securities.
Is my escrow account subject to the same protections as my IBKR brokerage account?
Yes, your assets will remain in the escrow account but have the same protections as your IBKR brokerage account.
非米国居住者は源泉徴収の対象になりますか？
概観:
納税義務に関する情報は、お客様の居住国の税務当局に義務として報告され、また取引商品が現地で源泉徴収の対象となる場合には、その他の国にも報告されます。 IBKRでは税務当局からの特別な指示がない限り、有価証券の売却に対する源泉徴収は行いません。米国の税法により、例えば米国の法人が外国人に支払う配当金に対しては、30%の源泉徴収を義務付けられています。税率は米国とお客様の国の間で租税条約が結ばれている場合には、これより低いことがあります。また、投資の利子による収益は米国源泉徴収の対象になりません。米国外の個人および法人の源泉徴収はすべて、各年度末にForm 1042-Sで報告されます。詳細は、「IRS publication 901」をご参照いただくか、専門の税理士にお問合せ下さい。
Information Regarding IBUK JISA (Junior Individual Savings Account)
1. What is a Junior ISA and what benefits does it offer your child?
Junior ISAs (Individual Savings Accounts), or JISAs, were introduced as a replacement for Child Trust Funds (CTFs). A Junior ISA is a tax-free savings or investment account to save or invest in for your child. There are two types of Junior ISA: a Junior cash ISA that pays interest, and a Junior stocks and shares ISA that lets you invest in “qualifying instruments” such as stocks and shares, funds, etc. The interest on cash accumulates on a tax-free basis, as does income and capital gains made on investments.
A Junior stocks and shares ISA is not an investment in its own right. The best way to think of a Junior stocks and shares ISA is as a ‘wrapper’ with which you can shelter your child’s savings and investments from both Income Tax and Capital Gains Tax. The IBUK Junior Stocks and Shares ISA lets you choose from a range of investments to invest in for your child (see below section 12 ‘What can I invest in for my child?’). You can select and manage your child’s IBUK Junior Stocks and Shares ISA yourself or arrange for your financial advisor to do so on your behalf (see below section 9 ‘Can I appoint a financial advisor to manage, on a discretionary basis, my child’s IBUK Junior Stocks and Shares ISA?’).
2. What ISA types are offered at IBUK?
Interactive Brokers (U.K.) Limited (IBUK) only offers stocks and shares ISAs (including, Junior Stocks and Shares ISA). IBUK does not offer cash ISAs (including, Junior cash ISA).
3. Who is eligible for a Junior ISA?
Your child is eligible for a Junior ISA if they’re under the age of 18, and resident in the UK. You can also open a Junior ISA for your child if you are a crown employee serving overseas.
A child cannot hold both a CTF (Child Trust Fund) account and a Junior ISA. This is relevant to anyone under 18 who was born between 1 September 2002, when CTFs were introduced, and 3 January 2011 when they came to an end. If your child holds a CTF account, you cannot open an IBUK Junior ISA since IBUK does not support CTF transfers, other Junior ISA providers may accommodate your Junior ISA request.
4. How many Junior ISAs can a child have?
A child can have no more than one Junior cash ISA and one Junior stocks and shares ISA at any one time (don’t have to be with the same provider). A child cannot hold both a CTF (Child Trust Fund) account and a Junior ISA.
5. Who can open a Junior ISA and who is the registered contact?
You can open a Junior ISA for a child if you’re their parent or legal guardian. The parent or legal guardian opening the account will be the ‘registered contact’, but the money will not be accessible to them and will always belong to the child. The child normally won’t be able to access the money until their 18th birthday, at which point their Junior ISA is converted into an ‘adult’ ISA.
As the registered contact for a Junior ISA, you are the only person authorised to make decisions about the management of the account. You’ll also need to keep IBUK informed if the child’s personal details change, e.g., if they change their name, address, contact number, etc.
6. How do I change the registered contact for an IBUK Junior Stocks and Shares ISA?
You should use the Interactive Brokers change of registered contact form (via Client Portal) to change the registered contact for an IBUK Junior Stocks and Shares ISA. The existing registered contact must sign this application to authorise this change unless where certain exemptions apply.
NB. IBUK will not allow a child to be the Registered Contact upon their 16th birthday, other ISA providers may allow this (i.e., once the child reaches the age of 16, the child can apply to become the Registered Contact).
For more information on how to change a registered contact please contact our dedicated ISA Support team who are available 8am to 6pm GMT Monday to Friday, excluding public holidays (see below section 29 ‘What if I have additional questions?’)
7. Who owns the Junior ISA and what happens when the child turns 18?
All payments made into a Junior ISA belong to the child (i.e., all payments made into the Junior ISA are a gift to the child and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind). The parent or guardian who opened the Junior ISA acts as the registered contact, but they can’t access the money once it has been deposited, unless there are exceptional circumstances (see below section 11 ‘Can I make withdrawals from a Junior Stocks and Shares ISA?’). When your child turns 18, the IBUK Junior Stocks and Shares ISA will automatically become an ‘adult’ IBUK Stocks and Shares ISA (i.e., when the child turns 18, account ownership is automatically transferred to them). As an adult, they’ll become the account holder, responsible for managing their account and able to withdraw monies. For more information on how this transfer of control (from the registered contact to the child (upon the child’s 18th birthday)) works, please contact our dedicated ISA Support team who are available 8am to 6pm GMT Monday to Friday, excluding public holidays (see below section 29 ‘What if I have additional questions?’)
8. Can you lose your child’s money paid into a Junior Stocks and Shares ISA?
The value of investments your child holds in the IBUK Junior Stocks and Shares ISA and the income received from them can fall as well as rise. As a result, you may get back less than you invested in for your child. Past performance is not an indication of future performance, and some investments need to be held for the long term to achieve a return. The IBUK Junior Stocks and Shares ISA is an execution only service, Interactive Brokers does not provide investment advice. If you need advice about whether an investment is suitable, you need to consult a suitably qualified financial advisor.
9. Can I appoint a financial advisor to manage, on a discretionary basis, my IBUK Junior Stocks and Shares ISA?
Yes, you can appoint a financial advisor to manage the IBUK Junior Stocks and Shares ISA on your behalf. Click on the link for additional details:
10. Can I trade on margin under the IBUK Junior Stocks and Shares ISA?
No. You can only open an IBUK Junior Stocks and Shares ISA under a GBP cash account type. A cash account requires that all transactions are made with available cash or long positions.
11. Can I make withdrawals from a Junior Stocks and Shares ISA?
No, unless exceptional circumstances exist. All payments made into the IBUK Junior Stocks and Shares ISA are a gift to the child and so cannot normally be withdrawn until the child turns 18. NB. withdrawals are permitted if the child is terminally ill or has died in accordance with the ISA Regulations.
12. What can I invest in for my child?
Under a Junior stocks and shares ISA you can invest in any of the following investments (also known as 'qualifying investments'):
- Shares;
- Securities issued by Companies;
- Recognised UCITS;
- Depository Receipts, American Depository Receipts and American Depository Shares.
13. What exchanges does IBUK support?
HMRC recognised exchanges supported by IBUK:
|
Country
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Exchange
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Australia
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The Australian Stock Exchange (and any of its stock exchange subsidiaries)
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Austria
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Vienna Stock Exchange
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Belgium
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NYSE Euronext Brussels
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Canada
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Toronto Stock Exchange
Montreal Stock Exchange
Toronto Venture Exchange (TSX Venture Exchange)
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France
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MATIF
MONEP |
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Germany
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Frankfurt Stock Exchange
Stuttgart Stock Exchange
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Hong Kong
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Hong Kong Stock Exchange
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Italy
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Italian Stock Exchange (Borsa Italia)
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Japan
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Tokyo Stock Exchange
Osaka Stock Exchange
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Lithuania
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NASDAQ OMX Vilnius
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Mexico
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Mexico Stock Exchange
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Poland
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Warsaw Stock Exchange
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Singapore
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Singapore Exchange Limited
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South Korea
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Korea Exchange
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Spain
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Spanish Stock Exchange (Bolsa de Valores in Madrid)
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Switzerland
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Swiss Stock Exchange (SIX Swiss Exchange)
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United Kingdom
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London Stock Exchange
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United States of America
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BATs Exchange Inc
Chicago Board Options Exchange
Chicago Stock Exchange
International Securities Exchange
National Stock Exchange
New York Stock Exchange
NYSE ARCA
NASDAQ OMX PHLX
NASDAQ
|
14. What is the Junior ISA Allowance for 2023/2024 tax year?
Tax year runs from 6 April to the following 5 April. Each tax year’s Junior ISA subscription limit is specific to that year and can be checked on the HMRC website.
NB. For each tax year, you can check (via the funding page in Client Portal) how much you have subscribed to your child’s IBUK Junior Stocks and Shares ISA and the maximum amount that you can contribute to your child’s IBUK Junior stocks and shares ISA in that tax year, assuming you have not contributed to another Junior ISA away from Interactive Brokers.
For the 2023/24 tax year, the Junior ISA annual subscription limit is £9,000. This is a combined annual limit across both types of Junior ISA: cash, and stocks and shares. The subscription limit can be split in any way between cash, and stocks and shares Junior ISAs each tax year.
15. How do I make subscriptions to my IBUK Junior Stocks and Shares ISA?
You can make one-off payments (wire transfers deposits) as and when you choose, but the combined total of all payments (or subscriptions) must not exceed any given annual tax year allowance (see section 14. What is the 2023/2024 Junior ISA Allowance?).
Interactive Brokers accepts wire transfers only, and there is a minimum subscription amount of £1. Your child’s IBUK Junior Stocks and Shares ISA can only have GBP cash.
Although other Junior ISA providers might have different terms, only parent or legal guardian can pay into your child’s Junior ISA with IBUK.
16. What happens if I exceed my child’s Junior ISA allowance?
If you have accidentally paid too much into your child’s Junior ISAs your child won’t get any tax relief on the excess payments you’ve made. The Junior ISA allowance is a combined annual limit across both types of Junior ISA: cash, and stocks and shares.
17. What should I do if I exceed my child’s Junior ISA allowance?
In the event you oversubscribe to your child’s Junior ISA (in other words your child’s Junior ISA annual allowance was exceeded), you should not attempt to correct the mistake by withdrawing the excess funds from a Junior ISA (including, but not limited to, your IBUK Stocks and Shares ISA). Instead, you should call HMRC’s ISA helpline to explain the situation and inform them about the oversubscription. HMRC will advise you on the next steps. NB. The Junior ISA allowance for the tax year 2023/2024 is GBP 9,000 (this is a combined limit across both types of Junior ISA: cash, and stocks and shares).
18. What is the annual fee for the IBUK Junior Stocks and Shares ISA?
There is no annual Junior ISA fee at IBUK. Other costs and charges apply, see below section 19 for more information.
19. What are the charges for the IBUK Junior Stocks and Shares ISA?
£1 per month minimum activity fee.
One free withdrawal per month. Thereafter, £7 withdrawal fee is applicable.
Click on the link for an overview of our commissions:
20. How do I transfer my child’s Junior Stocks and Shares ISA from my current ISA manager to IBUK?
You will need to submit a transfer instruction to Interactive Brokers (via the transfer & pay funding page in Client Portal), and if, in IBUK’s discretion IBUK decides to accept the transfer, IBUK will instruct your existing ISA manager to transfer the investments (where IBUK supports such investments) and/or cash into your child’s IBUK Junior Stocks and Shares ISA. Where IBUK does not support all the investments held at your existing ISA Manager, you can either liquidate these investments yourself prior to submitting your transfer instruction to IBUK via Client Portal (any cash proceeds of such liquidation will be transferred into your child’s IBUK Junior Stocks and Shares ISA) or you can instruct IBUK (as part of your transfer instruction via Client Portal) to do so on your behalf. NB. IBUK does not accept the transfer of a Child Trust Fund (CTF) over to a Junior Stocks and Shares ISA, other Junior ISA providers might support such transfer service.
Transfers between an ‘adult’ ISA and Junior ISA are not permitted.
21. How do I transfer a Junior ISA out to another Junior ISA provider?
An ISA account transfer to another ISA provider must be requested at the receiving ISA provider. Please contact the ISA provider you wish to have your account transferred and ask them to contact us via email at isa-transfer@interactivebrokers.com (for ISA provider communication only) sending us the client-signed transfer form for processing. Please note your ISA provider may have their own forms and procedures to follow. Please contact them for further information.
22. What are the Transfer Charges?
Interactive Brokers does not charge for transfers (the transferring ISA manager may charge you for transferring investments or cash proceeds to us).
23. Can I cancel my IBUK Junior Stocks and Shares ISA?
You have a legal right to cancel your child’s IBUK Junior Stocks and Shares ISA if you change your mind but there are time limits on doing so, see below section 24 for more information.
24. How can I cancel my child’s IBUK Junior Stocks and Shares ISA?
If you want to cancel your child’s IBUK Junior Stocks and Shares ISA, you must do so within 14 days from the date you receive our email confirming the establishment of your child’s IBUK Junior Stocks and Shares ISA (a cancellation must be requested from the Client Portal).
Cancellation rights will also apply to the receipt of transfer payments. You have 14 days from the date you receive our email acknowledging the transfer to exercise your right to cancel (a cancellation must be requested from the Client Portal). NB. If you cancel the transfer of your child’s Junior Stocks and Shares ISA from another ISA manager to IBUK, that ISA manager may not agree to accept the Junior Stocks and Shares ISA back. This may result in that Junior Stocks and Shares ISA being closed, and the tax benefits being lost.
25. How safe is your child’s IBUK Junior Stocks and Shares ISA?
IBUK is authorised and regulated by the Financial Conduct Authority (FCA), and is approved by HMRC to act as an ISA manager (including in respect of stocks and shares ISAs).
Under our client terms, and in accordance with the FCA rules relating to client money and assets (Assets), IBUK will be responsible for holding and protecting your child’s Assets. IBUK is required to separate your child’s Assets from its own resources. IBUK is not permitted to use your child’s Assets to carry out its business activities.
In the unlikely event that IBUK became insolvent, an administrator would be appointed to return your child’s Assets to you. If there is any shortfall, eligible claims will be covered by the UK Financial Services Compensation Scheme (FSCS). The FSCS is an independent body set up by the UK Government to pay compensation if a UK firm, such as IBUK is in default and cannot meet any valid claims against it. FSCS claims are limited to £85,000 per client. Please note the FSCS applies to designated investments and may not cover all investments or transactions (and in particular these protections don’t apply to investment losses). For more information on the FSCS see www.fscs.org.uk.
26. How can I file a complaint with IBUK?
Customers are actively encouraged to use the WebTicket system for prompt attention.
A copy of our Complaints Procedure is available here: https://www.interactivebrokers.com/en/index.php?f=292. You can also direct your ISA specific complaints via email to isa@interactivebrokers.co.uk (Please note that in order to ensure that your complaint is flagged and given the required attention, Interactive Brokers kindly asks you to state "COMPLAINT" in the subject header field of the email).
27. Are Corporate Actions allowed under my child’s IBUK Junior Stocks and Shares ISA?
Allowed to participate but cannot exceed the annual Junior ISA subscription limit. If it were to exceed the subscription limit, the shares should be transferred to a non-ISA account (see above sections 17 ‘What should I do if I exceed my child’s Junior ISA allowance?’.
28. FX Handling and the IBUK Junior Stocks and Shares ISA
Interactive Brokers will automatically convert currencies when trading non-GBP denominated securities. To do this, Interactive Brokers will engage in “spot” currency transactions on your behalf in order to settle your buy orders or convert the proceed of a sell order. Interactive Brokers will base the exchange rate off the spot exchange rate at the time of trade 0.03% fee.
The below example illustrates the cost in GBP of a $1,000 USD Trade
Example GBP/USD Spot Rate: 1.3432/1.3433
| Order Type | FX Conversion Rate inc 0.03% fee | Cost of $1000 USD Trade |
| Buy | 1.3430 | £744.61 |
| Sell | 1.3435 | £744.31 |
29. What if I have additional questions?
Our customer services team are on hand to help via phone or email. If you have any questions about your IBUK Stocks and Shares ISA, please contact our dedicated ISA Support team who are available 8am to 6pm GMT Monday to Friday, excluding public holidays.
FAQs: IBLUX Migration to IBIE Restricted Account
Background:
As previously explained, Interactive Brokers Luxembourg SARL ("IBLUX") will no longer provide brokerage services to investors and is ceasing regular operations. In June 2021, we invited IBLUX’s existing clients to transfer their account to another Interactive Brokers entity or to otherwise move their account to a bank or a broker outside of the Interactive Brokers family. Despite being reminded repeatedly, you did not to take the actions required to move the assets held in your IBLUX account. As such we are transferring your account to our affiliate, Interactive Brokers Ireland Limited ("IBIE") ("Transfer") where your assets will remain in safe custody until we receive transfer instructions from you. These FAQs provide important factual, legal and regulatory information regarding the Transfer.
1. What does the Transfer mean for me? What terms and conditions will govern my relationship with IBIE following the Transfer?
Following the Transfer, IBIE will be responsible for ensuring the safe custody of your assets and the following terms ("Account Terms") will govern your account and assets. You will not be able to place trades or make other financial decisions on your account and IBIE will not provide any investment services to you unless you sign the IBIE Customer Agreement and complete any other open steps needed to open an IBIE account. IBIE will send you an email following the Transfer with the steps to take to secure your login credentials to access your account at IBIE.
2. What do I have to do if I want to continue doing business with Interactive Brokers?
If you want to continue doing business with Interactive Brokers, we require your cooperation and action in order for IBIE to provide you investment services. Specifically, we need you to open a new account with IBIE, agree to and sign the Customer Agreement and any other required documents and provide any additional documents or information requested.
If you do not want to continue doing business with Interactive Brokers, you may instruct IBIE to transfer your assets to another broker or bank, and IBIE will comply with your instructions subject to applicable laws and IB's standard procedures.
3. How will my assets be custodied with IBIE?
Until you agree to and accept the Customer Agreement and open a brokerage account with IBIE, IBIE will provide custody services in limited scope:
· for any cash balance transferred to IBIE, you will be entitled to the amount of the cash balance in your account base currency on the date it is transferred to IBIE and IBIE will not convert your cash balance to another currency or pay any interest on cash that it holds in custody for you.
· for any financial instruments transferred to IBIE, you will be entitled to those financial instruments and IBIE will not provide any investment services in relation to your financial instruments while they are in IBIE’s custody. For example, IBIE will not take any measures to mitigate losses resulting from market movements. However, in the event your account has insufficient margin, IBIE will take appropriate measures and liquidate positions, without issuing a margin call to you, to bring your account in compliance with margin requirements which are subject to change. More information is provided in FAQ 10.
If you open an IBIE account, Irish custody rules will fully apply to your relationship with IBIE. Further information is provided in the IBIE Client Assets Key Information Document. Like the Luxembourg custody rules, the Irish conduct of business rules are based on the recast Markets in Financial Instruments Directive, the Markets in Financial Regulation and various delegated directives and regulations (collectively, "MiFID").
4. Am I protected against loss? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBLUX?
After the Transfer, the Ireland Investor Compensation Scheme may apply to your account. Ireland’s compensation scheme is similar to the compensation scheme you have access to in Luxembourg. The purpose of the Irish Investor Compensation Scheme is to pay compensation to you (subject to certain limits) if you have invested money or investment instruments in either of the following cases:
· A firm goes out of business and cannot return your investments or money; and
· A Central Bank of Ireland determination or a court ruling has been made under the Investor Compensation Act 1998.
The Investor Compensation Company DAC (ICCL) administers the scheme. IBIE will be a member of the scheme.
The scheme covers investment products including:
- Public and private company shares
- Units in collective investment schemes
- Life insurance policies (including unit-linked funds)
- Non-life insurance policies
- Tracker bonds
- Futures and options
Usually, you can only make a claim after a firm goes out of business and its assets have been liquidated and distributed to those who are owed money. Please check the details of the schemes for any limits that apply – not all losses will be covered as there are maximum levels of compensation. The ICCL will pay you compensation for 90% of the amount you have lost, up to a maximum of €20,000.
5. How do I make a complaint to IBIE? What if my complaint relates to something that happened while I was a customer of IBLUX?
The IBIE complaints handling procedures are materially similar to those that apply to your existing relationship with IBLUX, but the scope of the complaint provisions is much narrower as the services provided to you are limited to IBIE's holding your assets in safe custody until you submit transfer instructions or become a full IBIE client. All formal complaints should be made using one of the following means: (i) by WebTicket in Account Management on the IBIE website; (ii) by letter to Complaints Handling, Compliance Department, IBIE Dublin Landings, North Wall Quay, North Dock, Dublin 1, Ireland; or (iii) by email to complaints@interactivebrokers.ie.
If the substance of your complaint relates to something that happened prior to the Transfer, then you should address your complaint to IBLUX.
6. After the Transfer, will I still have access to the CSSF to file a complaint?
In case of a complaint, investors should follow the complaints procedure as referred to in the IBLUX Customer Agreement. Once the Transfer has taken place, the CSSF will cease to have jurisdiction over any complaints that you may have in respect of IBLUX. However, please be aware that Ireland has a dispute resolution scheme in the form of the Financial Services and Pensions Ombudsman ("FSPO"). The FSPO is a free and independent statutory dispute resolution scheme for financial services. You may be eligible to make a complaint to the FSPO if you are an "eligible complainant". Details of who are “eligible complainants” can be found on www.fspo.ie. The FSPO can be contacted at:
Postal Address
Financial Services and Pensions Ombudsman
Lincoln House,
Lincoln Place
Dublin 2
D02 VH29
Telephone
+353 (0)1 567 7000
Info@fspo.ie
7. How will my personal data be processed and protected? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBLUX in this context?
Your data will be processed and protected in accordance with the Interactive Brokers Group Privacy Policy which can be found at: https://www.interactivebrokers.com/en/index.php?f=305. There will be no material change.
8. Will the range of services be the same?
No. This account has been created solely for the safe custody of your assets while we wait for you to instruct us on where to transfer your assets or elect to become a full IBIE client. As a result, our services are limited to holding your assets and where relevant taking action to ensure you meet applicable margin requirements.
9. Did you liquidate some or all the positions in my account to facilitate the Transfer?
As we previously wrote to you explaining, in many cases we liquidated positions in client accounts, back to the account’s base currency, to facilitate that Transfer to IBIE. Where positions remain, FAQs 10-11 address how they will be transferred and custodied at IBIE.
10. I have a margin account. Are the margin terms governing my account different following the Transfer to IBIE?
No. Your obligations and responsibilities in connection with your margin account and trading on margin remain following the Transfer as they were at IBLUX. However, you are not able to freely operate the account, including opening of new positions, unless you become a full IBIE client. Please review the Account Terms for more information.
11. What happens to any security I have granted to IBLUX as part of a margin loan?
If you have granted security or collateral to IBLUX this will transfer to IBIE upon the Transfer taking place.
12. Will all account balances be transferred at the same time and what is the timing?
All cash balances will be transferred at the same time, and your current account at IBLUX will be closed and inaccessible for trading purposes. You will still be able to access this closed account via the Client Portal for purposes of viewing and printing historical statements.
13. Will IBKR’s commissions and fees change when my account is migrated?
IBKR commissions and fees do not vary by the broker your account is maintained with.
However, while your assets are held in safe custody at IBIE until you either transfer your assets to another financial institution or to a new account with IBIE, IBIE will apply a monthly fee to hold your account initially set at Euro 100. The monthly fee can be amended at any time in IBIE’s sole discretion notification to you, which might be by way of email or IBIE’s website.
In addition, IBIE will not pay interest to you but shall charge interest to you at such interest rates and on credit or debit balances as are then set forth on the IBIE website.
Keep in mind, when the cash balance of your account is insufficient to cover these fees, IBIE may liquidate assets in the same manner IBLUX would liquidate assets before the Transfer.
14. I have other questions about what will and will not be changing following the Transfer?
If you still have questions, please contact IBKR Client Services.
