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Post by misotu on Apr 6, 2018 0:33:04 GMT
... apparently I can still open a 2017-18 IFISA with RS. Is this legal?
I was hoping to get in early and avoid the rush. RS has been running pretty slowly at times recently, won't be great later today I suspect. Ho hum.
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Post by misotu on Apr 6, 2018 1:12:39 GMT
And this year's ISA is *still* not open, but I can still open an IFISA for last year, despite the deadline for that having expired. Exasperating. Giving up, need sleep  |
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Post by stevepn on Apr 6, 2018 14:24:05 GMT
And this year's ISA is *still* not open, but I can still open an IFISA for last year, despite the deadline for that having expired. Exasperating. Giving up, need sleep I got 3.2% on Rolling this morning which is better than Banks and BS.
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Post by misotu on Apr 6, 2018 18:49:18 GMT
Yes, 3.2%. Congratulations, I suppose.
It doesn't alter the fact that the tax year changeover was a shambles. I opened my IFISA this morning - finally! But the declaration I had to sign was for the tax year 2017-18. When my husband opened his some time later, this had been corrected to 2018-19.
They've had a while to prepare for this. Not like the new tax year was sprung on us all, out of the blue, is it? I yearn for competence, but I guess "roughly right" is ok with most. Let's hope their reporting to the tax man is more accurate than their web site, eh?
Edited to add: You *do* understand that RS is neither a bank nor a building society, no FSCS cover and your capital is at risk? Just checking.
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Post by stevepn on Apr 7, 2018 14:26:05 GMT
Yes, 3.2%. Congratulations, I suppose. It doesn't alter the fact that the tax year changeover was a shambles. I opened my IFISA this morning - finally! But the declaration I had to sign was for the tax year 2017-18. When my husband opened his some time later, this had been corrected to 2018-19. They've had a while to prepare for this. Not like the new tax year was sprung on us all, out of the blue, is it? I yearn for competence, but I guess "roughly right" is ok with most. Let's hope their reporting to the tax man is more accurate than their web site, eh? Edited to add: You *do* understand that RS is neither a bank nor a building society, no FSCS cover and your capital is at risk? Just checking. Yes I realise there is no FSCS cover. I probably won't put to much in, I'll stick with the usual banks.
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ashtondav
Member of DD Central
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Post by ashtondav on Apr 7, 2018 15:19:27 GMT
And this year's ISA is *still* not open, but I can still open an IFISA for last year, despite the deadline for that having expired. Exasperating. Giving up, need sleep I got 3.2% on Rolling this morning which is better than Banks and BS. Outside of an isa these rates are  for a 40% taxpayer. 3.2% is 1.92% post tax. I can get an average of 1.4% tax free on premium bonds. The extra interest is not worth the risk. These interest levels are DANGEROUS for your health. PS the rate now is 2.8% pre tax - 1.68% post 40% tax. MADNESS. Completely bonkers outside of an isa or if you’re a non taxpayer.
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Post by gricehead on Apr 11, 2018 13:43:51 GMT
Hope you don't mind me hijacking this thread...
Couple of questions about the 18/19 IFISA that the forum may be able to answer:
1) If you have a 17/18 Ratesetter IFISA, what's the process for opening an 18/19 one? Is it implied by the process of funding your ISA account after 6th April? I assume this to be the case, as following the workflow for funding from everyday account, the IFISA allowance figure seems to have reset. I would have expected a tickbox about the 18/19 tax year, though, to acknowledge that you're locking yourself in to Ratesetter IFISA for the 18/19 year. *this may have come after the point at which I backed out.
2) Any news on transfer in in 18/19. Coming "after April" was the last I read.
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Post by befuddled on Apr 13, 2018 12:09:41 GMT
I am not expert - but common sense says as far as the tax office is concerned the important date is the date the money hits the account, The "name" of the account is irrelevant.
So as long as you don't contribute to two isa's or exceed the £20k for any April 5 to April 5 period you are clearly within the "spirit" of isa and not gaming any advantage so what
can the IR possibly pursue you for....
I opened RS ISA last year and only applied funds to same ISA this year.
So I applied funds from 2018-2019 allowance into an ISA created 2017-2018. As RS permit this it implies it is OK...?
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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 13, 2018 12:36:36 GMT
IIRC depends on whether RS use continuous authorisation ie if you open an ISA in one financial year you can continue to deposit funds each successive financial year without a new application/declaration. If you miss a year then you are required to complete a new declaration/application.
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for a 40% taxpayer. 3.2% is 1.92% post tax. I can get an average of 1.4% tax free on premium bonds. The extra interest is not worth the risk. These interest levels are DANGEROUS for your health.