lara
Posts: 345
Likes: 300
|
Post by lara on Sept 5, 2018 11:09:50 GMT
I'm not sure if I am understanding you correctly but with ISA money, once you have removed money from the ISA wrapper, you have effectively decreased your annual allowance by the amount you have withdrawn. So if you transferred £1,000 to a non ISA account, you will then only have a total of £19,000 ISA allowance to use for the year. I don't believe this is the case (it used to be) - now you can remove and return money to the same ISA in the same (current) year. I had £20K in ISA - removed some yesterday and was able to put some back today (just tested after reading your message) It worked. So this goes to someway mitigate the 14 days ban - though has it's obvious drawbacks... Oh, ok, thanks for the correction. Yes, it definitely used to be the case . Now I just subscribe to my (S&S) ISA at the beginning of the year and leave it be, so am not up to date with the nuances any more!
|
|
ceejay
Posts: 971
Likes: 1,149
|
Post by ceejay on Sept 5, 2018 11:33:36 GMT
I'm not sure if I am understanding you correctly but with ISA money, once you have removed money from the ISA wrapper, you have effectively decreased your annual allowance by the amount you have withdrawn. So if you transferred £1,000 to a non ISA account, you will then only have a total of £19,000 ISA allowance to use for the year. I don't believe this is the case (it used to be) - now you can remove and return money to the same ISA in the same (current) year. Only if the IFISA is advertised as "Flexible". Ratesetter's is, so that's fine in this context, but in case anyone is reading this in relation to another provider, it might not be.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Sept 5, 2018 11:34:23 GMT
I'm not sure if I am understanding you correctly but with ISA money, once you have removed money from the ISA wrapper, you have effectively decreased your annual allowance by the amount you have withdrawn. So if you transferred £1,000 to a non ISA account, you will then only have a total of £19,000 ISA allowance to use for the year. I'm not a tax expert so please don't take this as advice but I think not only was this issue covered in a recent budget but further, believe the RS IFSA is a 'flexible' (fairly new/ recent term) ISA which means you can indeed take money out and replace it later without losing the tax wrapper advantage on it.
Edit: Just found the following bullet point regarding the RS IF ISA on their website's homepage: "Flexibility to withdraw and replace funds in the same tax year without affecting your ISA allowance."
|
|
|
Post by RateSetter on Sept 5, 2018 11:35:19 GMT
Seems to me that today is 5 September, and has been for the last 9 hours, but on my account there still appears to be zero re-investment options for rolling other than to accept Ratesetter's very contrived version of 'market rate'. They even make banks look efficient. Yep. Just checked mine and there is still no option is set to your own rate nor to specify 'Capital and Interest' or 'Capital Only' as the move-to-holding option. Good afternoon. The Rolling market changes are on track to go live later this afternoon.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Sept 5, 2018 13:11:30 GMT
I'm not sure if I am understanding you correctly but with ISA money, once you have removed money from the ISA wrapper, you have effectively decreased your annual allowance by the amount you have withdrawn. So if you transferred £1,000 to a non ISA account, you will then only have a total of £19,000 ISA allowance to use for the year. I'm not a tax expert so please don't take this as advice but I think not only was this issue covered in a recent budget but further, believe the RS IFSA is a 'flexible' (fairly new/ recent term) ISA which means you can indeed take money out and replace it later without losing the tax wrapper advantage on it.
Edit: Just found the following bullet point regarding the RS IF ISA on their website's homepage: "Flexibility to withdraw and replace funds in the same tax year without affecting your ISA allowance."
Sorry, my mistake.
|
|
oik
Member of DD Central
Posts: 254
Likes: 349
|
Post by oik on Sept 5, 2018 14:18:01 GMT
From 5 September, you will be able to set your own rate on both reinvested capital and interest, or choose to automatically match at the prevailing Market Rate. Hi RateSetter . There has now been an update to the site but so far it allows an option for interest received only, not for capital. I trust the update to provide the option for " both reinvested capital and interest" will be completed today as promised? And from www.ratesetter.com/blog/article/Rate-setting-in-the-Rolling-market: "How will I be able to set my own rate for capital reinvested in the Rolling market? Investors wishing to set their own rate for reinvested capital may log into their account and update their Rolling market reinvestment settings from 5 September onwards."
|
|
|
Post by RateSetter on Sept 5, 2018 15:35:16 GMT
From 5 September, you will be able to set your own rate on both reinvested capital and interest, or choose to automatically match at the prevailing Market Rate. Hi RateSetter . There has now been an update to the site but so far it allows an option for interest received only, not for capital. I trust the update to provide the option for " both reinvested capital and interest" will be completed today as promised? And from www.ratesetter.com/blog/article/Rate-setting-in-the-Rolling-market: "How will I be able to set my own rate for capital reinvested in the Rolling market? Investors wishing to set their own rate for reinvested capital may log into their account and update their Rolling market reinvestment settings from 5 September onwards."Yes, the functionality to set your own rate for reinvested capital and interest is now live.
|
|
voss
Member of DD Central
Posts: 153
Likes: 84
|
Post by voss on Sept 5, 2018 16:29:58 GMT
Not what I expected: although I can now control both capital and interest payments, I can't send them to the holding account but only to Rolling. So I have to set my own rate, set it high so that it doesn't get matched, then change the rate at my leisure. Am I missing something?
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
|
Post by coogaruk on Sept 5, 2018 17:33:18 GMT
Don't think so
|
|
tyrex
Posts: 78
Likes: 36
|
Post by tyrex on Sept 5, 2018 18:04:38 GMT
Possibly... We have noticed that a small number of investors have been using the 'cancel order' option as a way to set their own rate on capital reinvesting in the Rolling market and this has also been flagged by forum participants. As, investments in the Rolling market 'roll' until you request to withdraw fee-free and, from 5 September onwards, you will be able to set you own rate on all money reinvested in the Rolling market, from 5 September you will no longer be able to cancel reinvestment orders in the Rolling market. You will be able to change your rate on reinvestment orders and to cancel orders on newly invested money. I assume this means that if you choose an unrealistically high reinvestment rate, you'll money will be locked into an unachievable order in perpetuity? Impossible to cancel and thus impossible to withdraw?
|
|
|
Post by Badly Drawn Stickman on Sept 5, 2018 19:17:36 GMT
Possibly... We have noticed that a small number of investors have been using the 'cancel order' option as a way to set their own rate on capital reinvesting in the Rolling market and this has also been flagged by forum participants. As, investments in the Rolling market 'roll' until you request to withdraw fee-free and, from 5 September onwards, you will be able to set you own rate on all money reinvested in the Rolling market, from 5 September you will no longer be able to cancel reinvestment orders in the Rolling market. You will be able to change your rate on reinvestment orders and to cancel orders on newly invested money. I assume this means that if you choose an unrealistically high reinvestment rate, you'll money will be locked into an unachievable order in perpetuity? Impossible to cancel and thus impossible to withdraw? You can adjust the rate so i don't think your doomsday scenario will become reality. It just means setting a 'defensive level' probably 5% in my case prevents lending at current market rate, this can then be adjusted up and down to suit your needs. the trick as in truth it always was is to lend only at a rate you are happy with the auto renewal then becomes a plus factor.
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Sept 5, 2018 19:30:30 GMT
Possibly... We have noticed that a small number of investors have been using the 'cancel order' option as a way to set their own rate on capital reinvesting in the Rolling market and this has also been flagged by forum participants. As, investments in the Rolling market 'roll' until you request to withdraw fee-free and, from 5 September onwards, you will be able to set you own rate on all money reinvested in the Rolling market, from 5 September you will no longer be able to cancel reinvestment orders in the Rolling market. You will be able to change your rate on reinvestment orders and to cancel orders on newly invested money. I assume this means that if you choose an unrealistically high reinvestment rate, you'll money will be locked into an unachievable order in perpetuity? Impossible to cancel and thus impossible to withdraw? To withdraw your money, I think you would have to use the return your investment function and suffer the 14 day ban.
|
|
rscal
Posts: 929
Likes: 513
|
Post by rscal on Sept 5, 2018 20:15:22 GMT
Possibly... I assume this means that if you choose an unrealistically high reinvestment rate, you'll money will be locked into an unachievable order in perpetuity? Impossible to cancel and thus impossible to withdraw? To withdraw your money, I think you would have to use the return your investment function and suffer the 14 day ban. Not correct. To withdraw your money use the 'One-off withdrawal' option. This shows the total available to withdraw (w/o cancelling any loans via 'RYI') and includes holding PLUS currently unmatched orders.
|
|
TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
|
Post by TheDriver on Sept 6, 2018 2:54:37 GMT
Possibly... I assume this means that if you choose an unrealistically high reinvestment rate, you'll money will be locked into an unachievable order in perpetuity? Impossible to cancel and thus impossible to withdraw? To withdraw your money, I think you would have to use the return your investment function and suffer the 14 day ban. My first thought was you would have to lower the rate using the "change" option, then the day after it was matched use RYI to return to Holding. However, rscal notes an alternative I wasn't aware of, and it will be interesting to see how that option functions in the world of "Rolling reinvestment restriction revisited" which seems to introduce another version of virtually pointless complication for the sake of a claimed minimal gain (remember the 93% assertion?).
|
|
|
Post by fiatlender on Sept 6, 2018 8:06:47 GMT
Can anyone confirm if they have been banned by cancelling reinvestment capital today?
I did a RYI this morning and also cancelled reinvested capital that was placed back on the market, so cannot tell. There was no notification of a ban when I cancelled my reinvestment capital.
|
|