sj
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Post by sj on Sept 9, 2019 21:49:35 GMT
Searched the web but can't find an answer, so hoping someone here can help...
If I have already used up my ISA allowance this year (all in a stocks and shares ISA if that is relevant), am I still allowed to transfer money from an existing IFISA (from a previous tax year) into the aforementioned stocks and shares ISA in this tax year?
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IFISAcava
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Post by IFISAcava on Sept 9, 2019 22:00:24 GMT
Searched the web but can't find an answer, so hoping someone here can help...
If I have already used up my ISA allowance this year (all in a stocks and shares ISA if that is relevant), am I still allowed to transfer money from an existing IFISA (from a previous tax year) into the aforementioned stocks and shares ISA in this tax year?
Yes But not all S&S ISA providers seem willing to accept IFISA transfers. See thread here p2pindependentforum.com/thread/15444/transfer-ifisa-isa
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sj
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Post by sj on Sept 9, 2019 22:19:24 GMT
Thank you! Exactly the info I was after. Think I might have to do the same as you and do a transfer to a cash ISA and then onwards to a S&S ISA, will talk to my S&S ISA provider....
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boundah
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Post by boundah on Sept 10, 2019 17:18:49 GMT
Thank you! Exactly the info I was after. Think I might have to do the same as you and do a transfer to a cash ISA and then onwards to a S&S ISA, will talk to my S&S ISA provider.... My S&S ISA provider (Charles Stanley) accepted a direct transfer from my IFISA. The process took about 7 days.
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IFISAcava
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Post by IFISAcava on Sept 10, 2019 17:38:11 GMT
Thank you! Exactly the info I was after. Think I might have to do the same as you and do a transfer to a cash ISA and then onwards to a S&S ISA, will talk to my S&S ISA provider.... My S&S ISA provider (Charles Stanley) accepted a direct transfer from my IFISA. The process took about 7 days. Begs the question why they told me they wouldn't accept an IFISA transfer.
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zendog
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Post by zendog on Sept 11, 2019 5:14:00 GMT
I transfered an IFISA into Vanguard with no problems a couple of months ago.
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IFISAcava
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Post by IFISAcava on Sept 11, 2019 7:12:42 GMT
I transfered an IFISA into Vanguard with no problems a couple of months ago. And yet, again, they told me they wouldn't accept an IFISA transfer. Bizarre
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jester
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Post by jester on Sept 11, 2019 7:41:22 GMT
I transfered an IFISA into Vanguard with no problems a couple of months ago. And yet, again, they told me they wouldn't accept an IFISA transfer. Bizarre I could be wrong here, but I suspect the confliction comes down to whether the IFISA is currently invested in loans or not. When you ask if they accept IFISA transfers they are probably naively stating they can't transfer those investments types across, when in reality the transfer will be for ininvested cash held on account with a P2P platform and will effectively transfer across the same as any other Cash ISA. I state any transfer from P2P as Cash ISA and it has worked just fine so far.
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IFISAcava
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Post by IFISAcava on Sept 11, 2019 8:00:35 GMT
And yet, again, they told me they wouldn't accept an IFISA transfer. Bizarre I could be wrong here, but I suspect the confliction comes down to whether the IFISA is currently invested in loans or not. When you ask if they accept IFISA transfers they are probably naively stating they can't transfer those investments types across, when in reality the transfer will be for ininvested cash held on account with a P2P platform and will effectively transfer across the same as any other Cash ISA. I state any transfer from P2P as Cash ISA and it has worked just fine so far. This will be my ongoing strategy.
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Post by brianac on Sept 11, 2019 22:03:51 GMT
Be Aware thaat they charge a transfer out fee of £50
Brian
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sj
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Post by sj on Sept 11, 2019 22:14:30 GMT
Be Aware thaat they charge a transfer out fee of £50 Brian Who charge a transfer-out fee? Moneything?
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johni
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Post by johni on Sept 12, 2019 8:06:24 GMT
Yes moneything do as per terms and conditions
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sj
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Post by sj on Sept 12, 2019 8:10:06 GMT
Bugger. Well, they've taken thousands already in defaults, a few more quid won't make much difference.
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mason
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Post by mason on Jan 20, 2020 21:03:02 GMT
One thing to watch out for is they processed a partial transfer for me about a month before the wind-down and I've just noticed they've treated this as if it were a flexible withdrawal and added the balance of the transfer to my annual allowance and it shows as going to my linked current account under withdrawal history. It is correctly shown as a transfer out in my transaction history. It nearly caught me out as I start thinking about where I need to make replacement subscriptions to preserve the ISA status of my funds.
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