rscal
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Post by rscal on Dec 2, 2023 12:22:43 GMT
Per the November Autumn Statement announcement: From April 2024, people will be able to subscribe to multiple Isas of the same type every year and to partially transfer Isa funds between different providers.
[implications?]
Will you be 'ISA-splitting' (which I can almost hear the financial press chortling over as they have to find stuff to put in their rags)?
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Post by Ace on Dec 2, 2023 17:16:27 GMT
Yes. I'll be taking maximum advantage of the new rules. It never made sense to me that I could put £20k in one IFISA per year, but I couldn't put £5k each in 4 different ones.
For instance, all of my ElfinMarket investments have had to be outside of an ISA so far. I've generally been adding roughly £100 per month. I haven't wanted to put £20k on that platform, so it never made sense for me to waste my ISA allowance there. From next April I'll be able to add £100 per month to Elfin ISA and use the remainder of my allowance on other platforms.
I'll also be able to take advantage of the new rules on platforms where I have both Standard and ISA accounts to move funds from Standard to ISA as Standard loans repay.
It also makes it much easier to move funds between platforms if you won't be using your full ISA allowance, as you'll be able to do it without bothering with the ISA transfer process.
All in all I see the changes as a massive improvement, almost a game changer.
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rscal
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Post by rscal on Dec 2, 2023 18:57:36 GMT
It also makes it much easier to move funds between platforms if you won't be using your full ISA allowance, as you'll be able to do it without bothering with the ISA transfer process. All in all I see the changes as a massive improvement, almost a game changer. Presumably by that you mean: "in one go." That is, you may 'start an ISA' and continue to add to it but without a predetermined target (say) to meet so can opportunistically 'top up' some 'fallback product' (e.g The Loanpad ISA*) right up to the end of the tax year? Currently for instance I will drip feed my one chosen ISA as funds allow. *subject to their minimum acceptance (£500?) of course
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Post by Ace on Dec 2, 2023 19:11:54 GMT
It also makes it much easier to move funds between platforms if you won't be using your full ISA allowance, as you'll be able to do it without bothering with the ISA transfer process. All in all I see the changes as a massive improvement, almost a game changer. Presumably by that you mean: "in one go." That is, you may 'start an ISA' and continue to add to it but without a predetermined target (say) to meet so can opportunistically 'top up' some 'fallback product' (e.g The Loanpad ISA*) right up to the end of the tax year? Currently for instance I will drip feed my one chosen ISA as funds allow. *subject to their minimum acceptance (£500?) of course In the bit you highlighted, I was referring to moving funds between ISA accounts. For example: if I'm running down ISA A (that contained past-year ISA funds), and I wanted to split those funds between ISAs B, C and D, I would previously have needed to have gone through the official ISA transfer process, by completing ISA transfer forms for platforms B, C and D whenever funds were available in platform A. With the new rules: if I won't be using my full £20k allowance that year, I can simply withdraw from A and fund B, C and D whenever I want without the hassle (and associated delays) of completing transfer forms.
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rscal
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Post by rscal on Mar 4, 2024 6:22:58 GMT
It occurred to me that nothing can prevent 'porting' (to coin a phrase) one's ISA allowance throughout the Tax Year - that is 'opening' [Subscribing] to the limit in two or more Providers and (as conditions permit) withdrawing some from 'A' and moving that to 'B' but never returning it to 'A' for the end of the year. Is this correct? Or, a rule been made against it I wonder
'Porting': to withdraw some amount of current year subscription and placing (as part of the same current subscription) into a different ISA
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benaj
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Post by benaj on Mar 4, 2024 9:02:21 GMT
It occurred to me that nothing can prevent 'porting' (to coin a phrase) one's ISA allowance throughout the Tax Year - that is 'opening' [Subscribing] to the limit in two or more Providers and (as conditions permit) withdrawing some from 'A' and moving that to 'B' but never returning it to 'A' for the end of the year. Is this correct? Or, a rule been made against it I wonder 'Porting': to withdraw some amount of current year subscription and placing (as part of the same current subscription) into a different ISA I have already splitted my ISA from AJ Bells and "transferred" to three different ISA providers in current tax year. No top-up with AJ Bells in the current year. 1) Transfer to Provider A without new subscription top up (S&S) 2) Transfer to Provider B with new subscription top up (S&S) 3) Transfer to Provider C with new subscription top up (cash) 4) Opened a new account with Provider D with no transfer and no top up by mistake.
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ilmoro
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'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 Mar 4, 2024 9:46:49 GMT
It occurred to me that nothing can prevent 'porting' (to coin a phrase) one's ISA allowance throughout the Tax Year - that is 'opening' [Subscribing] to the limit in two or more Providers and (as conditions permit) withdrawing some from 'A' and moving that to 'B' but never returning it to 'A' for the end of the year. Is this correct? Or, a rule been made against it I wonder 'Porting': to withdraw some amount of current year subscription and placing (as part of the same current subscription) into a different ISA Currently providing the ISA are of different types & A is flexible. After Apr, the only restrictions will be the ISA terms ie still probably wont be able to withdraw from a fixed term without penalty
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Greenwood2
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Post by Greenwood2 on Mar 4, 2024 12:53:35 GMT
It occurred to me that nothing can prevent 'porting' (to coin a phrase) one's ISA allowance throughout the Tax Year - that is 'opening' [Subscribing] to the limit in two or more Providers and (as conditions permit) withdrawing some from 'A' and moving that to 'B' but never returning it to 'A' for the end of the year. Is this correct? Or, a rule been made against it I wonder 'Porting': to withdraw some amount of current year subscription and placing (as part of the same current subscription) into a different ISA Currently providing the ISA are of different types & A is flexible. After Apr, the only restrictions will be the ISA terms ie still probably wont be able to withdraw from a fixed term without penalty I was assuming flexible and non-flexible were staying? Non-flexible you can't pay back in, is that differential disappearing? Or will you be able to pay back in from a non-flexible to a flexible?
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ilmoro
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Post by ilmoro on Mar 4, 2024 13:43:06 GMT
Currently providing the ISA are of different types & A is flexible. After Apr, the only restrictions will be the ISA terms ie still probably wont be able to withdraw from a fixed term without penalty I was assuming flexible and non-flexible were staying? Non-flexible you can't pay back in, is that differential disappearing? Or will you be able to pay back in from a non-flexible to a flexible? You may be right ... for some reason I just assumed that they would be largely pointless and add cost & bureaucracy ... I dont think the final rules have been published yet PS Flexibility would come under t&cs anyway so wouldnt be impacted by ISA rule changes directly
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k6
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Post by k6 on Mar 4, 2024 14:18:55 GMT
Yes. I'll be taking maximum advantage of the new rules. It never made sense to me that I could put £20k in one IFISA per year, but I couldn't put £5k each in 4 different ones. For instance, all of my ElfinMarket investments have had to be outside of an ISA so far. I've generally been adding roughly £100 per month. I haven't wanted to put £20k on that platform, so it never made sense for me to waste my ISA allowance there. From next April I'll be able to add £100 per month to Elfin ISA and use the remainder of my allowance on other platforms. I'll also be able to take advantage of the new rules on platforms where I have both Standard and ISA accounts to move funds from Standard to ISA as Standard loans repay. It also makes it much easier to move funds between platforms if you won't be using your full ISA allowance, as you'll be able to do it without bothering with the ISA transfer process. All in all I see the changes as a massive improvement, almost a game changer. First time hearing about ElfinMarket. Had a brief glance on their webpage but would you mind giving some of your thoughts ? Have you been using it for long time ? Thanks in advance
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Post by Ace on Mar 4, 2024 14:26:22 GMT
Yes. I'll be taking maximum advantage of the new rules. It never made sense to me that I could put £20k in one IFISA per year, but I couldn't put £5k each in 4 different ones. For instance, all of my ElfinMarket investments have had to be outside of an ISA so far. I've generally been adding roughly £100 per month. I haven't wanted to put £20k on that platform, so it never made sense for me to waste my ISA allowance there. From next April I'll be able to add £100 per month to Elfin ISA and use the remainder of my allowance on other platforms. I'll also be able to take advantage of the new rules on platforms where I have both Standard and ISA accounts to move funds from Standard to ISA as Standard loans repay. It also makes it much easier to move funds between platforms if you won't be using your full ISA allowance, as you'll be able to do it without bothering with the ISA transfer process. All in all I see the changes as a massive improvement, almost a game changer. First time hearing about ElfinMarket. Had a brief glance on their webpage but would you mind giving some of your thoughts ? Have you been using it for long time ? Thanks in advance I've been with ElfinMarket for 4 years now. I've achieved an annualised return of 8.72%. The account has run smoothly over that time. There's a fair bit of user experience detailed in their board on this forum here: p2pindependentforum.com/board/141/elfin-market
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agent69
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Post by agent69 on Mar 4, 2024 14:28:39 GMT
So does this mean that if you put £20k into a cash ISA you will be able to move it if better rates appear?
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Post by Ace on Mar 4, 2024 15:04:24 GMT
So does this mean that if you put £20k into a cash ISA you will be able to move it if better rates appear? Yes, subject to the specific account terms.
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archie
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Post by archie on Mar 4, 2024 15:22:39 GMT
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Post by overthehill on Mar 4, 2024 16:43:05 GMT
No change to flexible and non-flexible ISA status in april2024, that is the choice made by the provider and I imagine they wouldn't be too happy if the government got rid of non-flexible.
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