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Post by masquedefer on Dec 1, 2016 13:54:05 GMT
Hello
Can anyone suggest a low cost self-managed "IF ISA" which I can use to invest in Saving Stream and may Assetz and TC
Many thanks
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 1, 2016 14:04:12 GMT
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Post by Deleted on Dec 1, 2016 15:28:24 GMT
Very eagerly, Lending Works is catching my eye for the first time as the first of the larger players to launch, especially if they are the only ones this tax year ......
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elliotn
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Post by elliotn on Dec 1, 2016 15:37:33 GMT
If you use the p2p platform as your manager then IF ISA should be free ie same loans as normal but purchases will be ring-fenced as tax free.
You will only be allowed one ISA manager so it will be SS or AC or TC for current year investments although you will be able to transfer to a new provider in the same year.
However, It is anticipated you will be able to transfer prior year ISA funds to the platforms of your choice.
You may be able to find a p2p IF ISA manager that invests in different platforms for you although you will then incur fees for something you could do yourself.
Or you could just wait for Bond Mason's IF ISA.
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n
Member of DD Central
Yet another Nick
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Post by n on Dec 1, 2016 16:15:51 GMT
If you use the p2p platform as your manager then IF ISA should be free ie same loans as normal but purchases will be ring-fenced as tax free. You will only be allowed one ISA manager so it will be SS or AC or TC for current year investments although you will be able to transfer to a new provider in the same year. However, It is anticipated you will be able to transfer prior year ISA funds to the platforms of your choice. You may be able to find a p2p IF ISA manager that invests in different platforms for you although you will then incur fees for something you could do yourself. Or you could just wait for Bond Mason's IF ISA. My bold. Surely you can have as many as you like so long as only one (at a time) is used for "this year's allocation"? I plan to only use platforms running their own schemes to avoid 3rd party fees, and to fund all bar one using 'old' ISA money. Maybe it's just wishful thinking.
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fp
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Post by fp on Dec 1, 2016 16:18:03 GMT
Hargreaves Lansdowne aim to Launch into P2P in April, I've absolutely no doubt they will be into the ISA side of things
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seeingred
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Post by seeingred on Dec 1, 2016 19:32:51 GMT
There is some discussion here: p2pindependentforum.com/thread/7003/desperate-ifisa-tax-relief-arrive?page=2linkThe key question for existing large investors in P2P is how to transfer existing large P2P holdings in SS into the new F-ISA wrapper. Ideally you'd be able to sell existing investments and rebuy them for no 'transfer' fee. HMRC insist that 'cash' must be used hence the need to 'sell' to convert existing holdings into cash. You can't just transfer a large existing cash ISA - maybe 100k - to (say) Faintly Comical and ask then to put all your existing loans to that value into the new F-ISA wrapper. Then you'd remove the cash that was previously in the wrapper, and use some of it to buy yet more loans up the current year limit in a new F-ISA. . Z told me they may do a lower fee buy/sell service but how it will all work........... Z foresee a problem with a wall of money arriving for NEW F-ISAs (this years ISA money basically) and not sufficient new quality borrowers to lend it to. |
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mikes1531
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Post by mikes1531 on Dec 3, 2016 4:02:08 GMT
No IFISA is available for SS yet. Eagerly anticipated....  Very eagerly, Lending Works is catching my eye for the first time as the first of the larger players to launch, especially if they are the only ones this tax year ...... @nirish: Are you saying LW already have launched their IFISA? Or just that you expect them to be the first to launch? Hargreaves Lansdowne aim to Launch into P2P in April, I've absolutely no doubt they will be into the ISA side of things I thought HL made an announcement early in the tax year that they would do this, and then later decided they wouldn't do it after all. Am I misremembering/imagining things?
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archie
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Post by archie on Dec 3, 2016 7:34:17 GMT
Hargreaves Lansdown aim to Launch into P2P in April, I've absolutely no doubt they will be into the ISA side of things I thought HL made an announcement early in the tax year that they would do this, and then later decided they wouldn't do it after all. Am I misremembering/imagining things? I found this link for HL which suggests 2017.
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pom
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Post by pom on Dec 3, 2016 9:47:42 GMT
Very eagerly, Lending Works is catching my eye for the first time as the first of the larger players to launch, especially if they are the only ones this tax year ...... @nirish : Are you saying LW already have launched their IFISA? Or just that you expect them to be the first to launch? LW have already announced they are planning to launch in Jan now they have full auth
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Post by Deleted on Dec 3, 2016 10:01:58 GMT
mikes1531I wasn't saying LW have launched yet but I can see the wording wasn't clear. I can't see any other big players beating them to the punch though given they have their FCA authorisation and are saying they will launch in January!
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seeingred
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Post by seeingred on Dec 3, 2016 12:50:18 GMT
My understanding is that several big players are ready (and have been for some months) but the FCA are delaying firing the starting gun until a group of the larger platforms can be authorised at the same time, so as not to give one platform an unfair advantage. It has caused frustration in some platforms - they have been ready for ages but are just having to wait for FCA.
The other issue is what to do with the wall of money that is expected to arrive - Z have already restricted new money inputs (a few days ago and owing to seasonal slowdown) and may restrict ISA input money also if they cannot find borrowers of sufficient calibre to lend to.
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elliotn
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Post by elliotn on Dec 3, 2016 13:24:04 GMT
The wall of money could be a hurdle too far and lead to rates tumbling down.
(Or at least nationwide sleeplessness as people try to sell to themselves in the middle of the night).
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seeingred
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Post by seeingred on Dec 3, 2016 18:15:27 GMT
The wall of money could be a hurdle too far and lead to rates tumbling down. (Or at least nationwide sleeplessness as people try to sell to themselves in the middle of the night). As a general point, I'm surprised rates have stayed so high for so long. There have been vastly more A+ and A loan parts for sale on Faintly Comical these last few days, not sure what is going on. Many are property and at 7 to 9%, less FC fees. In respect of selling to oneself, this is all very well except if there is a flock of sharp eyed fast clawed vultures circling around. I am wondering if it would be 'legal' from HMRC's viewpoint were SS to modify their selling process on the SM so that in the first ten minutes after the loan was put up for sale only the seller was allowed to buy it - it could be an option like 'are you really sure you wish to sell this?'. If yes, you release to the open market, if no, you buy it back but within your ISA. Wishful thinking? Given the speed of some bot-assisted vultures, I fail to see how 'normal' investors are not going to lose out. Multiple computers side by side at 3am seems one possible answer but can two machines be connected to one account at the same time?? Forward planning......which platforms are going to be most helpful with ISAs?
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archie
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Post by archie on Dec 3, 2016 18:40:36 GMT
Forward planning......which platforms are going to be most helpful with ISAs? MT mentioned they are planning to use a third party supplier which would allow you to invest all in MT or across several platforms.
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