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Post by carol167 on Mar 30, 2018 9:53:29 GMT
Is it possible next tax year - to open an IFISA with LC and move my existing currently invested 5k from LC's non IFISA growth account into it ? And if so - what would the costs be ? lendingcrowd |
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Post by laidbackgjr on Apr 3, 2018 7:29:04 GMT
I will be interested to hear as I'm planning to do this next tax year (Friday!) - I'm assuming that the only way to do it quickly would be to sell your loans and pay the fee. I'm planning to simply move repayments across and re-invest inside the ISA Self select account.
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muh3
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Post by muh3 on Apr 6, 2018 15:00:42 GMT
laidbackgjr is correct. You can't move the loans over, the only option is to sell and buy, but you are able to move money from one account to the other.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Apr 9, 2018 5:13:10 GMT
But don't forget that you can only buy back composite loans at around the average interest rate as you can't buy specific loans parts on the SM.
That MIGHT cost you more than the tax saved!
HtH
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Post by lendingcrowd on Apr 10, 2018 10:12:25 GMT
Hi carol167, Thank you for your message. Unfortunately HMRC ISA regulations do not allow non-ISA investments to be transferred directly into an ISA. The investments must first be sold and then the resulting cash added to an ISA. As laidbackgjr and muh3 say, the quickest way to do this is to sell loans on the Loan Market and then transfer cash into one of our ISAs via internal transfer. We have seen increased Loan Market activity since the start of the new tax year and therefore any investments listed for sale should hopefully be sold reasonably quickly. Please do contact us at investor@lendingcrowd.com if you have any questions about the process or need more information. Kind regards, LendingCrowd |
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Post by Rod on Apr 26, 2018 21:54:07 GMT
The HMRC rules need to know the cash value of the transfer. So some enterprising P2P company could move an investment from one side of the fence to the other, declaring a cash value as it goes. This would save the sale fee and the risk of not being able to buy back at the same rate. It's a programming excercise, try it and I'm sure HMRC will agree. Read the rules and be inventive!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 27, 2018 1:27:12 GMT
The HMRC rules need to know the cash value of the transfer. So some enterprising P2P company could move an investment from one side of the fence to the other, declaring a cash value as it goes. This would save the sale fee and the risk of not being able to buy back at the same rate. It's a programming excercise, try it and I'm sure HMRC will agree. Read the rules and be inventive! Said the film investment company to the celebrities, here's your massive tax bill, Gary, said HMRC. Rules specifically prohibit 'bed& ISA' of P2P loans so no platform can or will do it
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