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Post by webbski9 on Jan 23, 2017 20:10:00 GMT
Thanks Filip.I will follow progress
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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 Jan 25, 2017 10:21:12 GMT
IFISA now launched and available on site
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jan 25, 2017 11:23:32 GMT
They have only two properties available at present. I have quite a lot in old cash ISAs earning next to nothing. My quandary is; Do I grab some of these two now or wait for a more established platform to launch. I suppose for the previous years' ISAs it does not make much difference if they are switched into IFISA in this tax year or the next, it is just this year's allowance that has to be invested before 5/4, or it is lost.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 25, 2017 12:19:46 GMT
Littleoldlady I think you can transfer certain years over. Why not move your worst paying ones, up to your personal investment risk limit, into the IFISA and invest. Replace flexi drawings first then this yrs allowance. Then wait 4 next 3@once!
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fp
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Post by fp on Jan 25, 2017 12:59:47 GMT
You can only open one ISA in anyone tax year though, so whatever you open this year, you really need to at least get your cash on the platform, if nothing else before the tax year end.
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Post by Deleted on Jan 25, 2017 13:03:26 GMT
You can only open one ISA in anyone tax year though, so whatever you open this year, you really need to at least get your cash on the platform, if nothing else before the tax year end. Is it not the case you can open multiple IFISA but only put current year money into one and then transfer existing previous years cash ISA into others???
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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 Jan 25, 2017 13:07:20 GMT
You can only open one ISA in anyone tax year though, so whatever you open this year, you really need to at least get your cash on the platform, if nothing else before the tax year end. Is it not the case you can open multiple IFISA but only put current year money into one and then transfer existing previous years cash ISA into others??? Correct. Restrictions only apply to current year money.
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james
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Post by james on Jan 25, 2017 13:38:42 GMT
They have only two properties available at present. I have quite a lot in old cash ISAs earning next to nothing. My quandary is; Do I grab some of these two now or wait for a more established platform to launch. I suppose for the previous years' ISAs it does not make much difference if they are switched into IFISA in this tax year or the next, it is just this year's allowance that has to be invested before 5/4, or it is lost. It'd be foolish to put your money into a platform you don't want. Just put it into a cash ISA and wait. For your old money on low rates just transfer it to any ISA which offers the flexible ISA feature that lets you withdraw money and return it as a replacement subscription within the same tax year. Then you can withdraw, invest in any P2P with easy exit terms, exit before the tax year ends and put the money back into the ISA to preserve your ISA pot value.
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Post by Matthew on Jan 25, 2017 17:00:04 GMT
Is it not the case you can open multiple IFISA but only put current year money into one and then transfer existing previous years cash ISA into others??? Correct. Restrictions only apply to current year money. You can also transfer current year subscriptions from one IFISA to another, subject to a few conditions (e.g. you must transfer the current year subscriptions in full, along with any income on those subscriptions). Main drawback of that for P2P is liquidating your investments before transfer, which may incur fees.
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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 Jan 25, 2017 23:50:32 GMT
Correct. Restrictions only apply to current year money. You can also transfer current year subscriptions from one IFISA to another, subject to a few conditions (e.g. you must transfer the current year subscriptions in full, along with any income on those subscriptions). The other noteworthy point is that you cannot then add any further current year subscriptions to the new IFISA, only the old one (the one ISA in each category in each year rule). Main drawback of that for P2P is liquidating your investments before transfer, which may incur fees. Not quite sure what your trying to say here but currently it is misleading and appears wrong. If you transfer current year IFISA money to new a new IFISA, you cant subscribe further new money to the previous IFISA (assuming it is still open with previous year money) as that would mean you would have two IFISA with current year money. Any further subscriptions of current year money would have to be to the new IFISA, up to the total annual ISA subscription limit - any subscriptions to current year cash or S&S ISA.
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james
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Post by james on Jan 26, 2017 1:32:19 GMT
Ilmoro is correct about the ISA rules. The destination ISA manager is told how much of the ISA allowance has been used as part of the move process per 11.18 of the Guidance Notes for ISA Managers and subscribing new money to the old ISA is prohibited after the transfer date agreed between the managers.
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Post by Matthew on Jan 26, 2017 6:52:36 GMT
You can also transfer current year subscriptions from one IFISA to another, subject to a few conditions (e.g. you must transfer the current year subscriptions in full, along with any income on those subscriptions). The other noteworthy point is that you cannot then add any further current year subscriptions to the new IFISA, only the old one (the one ISA in each category in each year rule). Main drawback of that for P2P is liquidating your investments before transfer, which may incur fees. Not quite sure what your trying to say here but currently it is misleading and appears wrong. If you transfer current year IFISA money to new a new IFISA, you cant subscribe further new money to the previous IFISA (assuming it is still open with previous year money) as that would mean you would have two IFISA with current year money. Any further subscriptions of current year money would have to be to the new IFISA, up to the total annual ISA subscription limit - any subscriptions to current year cash or S&S ISA. Thanks ilmoro I was referring to section 3.14 of the Guidance Notes for ISA Managers which states that if (and presumably only if) a transfer of current year subscriptions (and income) is made between two different types of ISA (e.g. cash to S&S) then the subscriptions are deemed to have always been made with the new provider. It should therefore be assumed that where a transfer is made between ISAs of the same type (e.g. IFISA to IFISA) that this does not apply i.e. HMRC regards you as having subscribed only to the previous ISA. Interested to hear your views. Clearly it is worth confirming that this is not intended to be tax advice, just a discussion on available options. Before making any decisions people should seek independent advice if required.
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james
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Post by james on Jan 26, 2017 11:48:20 GMT
Matthew , section 3.14 that you referenced is not for the general transfer case but to say that if you subscribed to cash and transferred to S&S you no longer count as having had a cash ISA open with current year money and are free to open another cash ISA. Same for the other permutations, like IFISA to cash ISA meaning you can subscribe to a new IFISA if you like. In the transfer section, 11.12a should clear things up for you. Note particularly the bit about being regarded as never having subscribed to the original ISA. The example in 11.18c may also help to clarify since it is explicit in saying which manager can have new subscriptions. 11.20 covers the requirement to get an application before they can accept new subscriptions after the transfer if that wasn't done via the transfer form approach, which would be pointless if new subscriptions weren't allowed. While on the subject of the one of each type rule it's perhaps also worth noting that this is really one ISA manager, not one account, and an individual can have an unlimited number of accounts of the same type with current year money if they are with the same manager. This is mostly used with cash ISAs to allow a mixture of HTB, term and easy access accounts, all with current year money. If you still have even the slightest belief that your thoughts on this are correct please contact the HMRC ISA Helpline and ask them to explain, perhaps reading them the replies you have received so they can confirm to you that they are correct. While they don't normally deal with ISA managers they indicated that they should have no difficulty clarifying for you.
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Post by Deleted on Jan 26, 2017 12:48:07 GMT
Hi all, As this thread relates to LandlordInvest, not associated with any other company(ies) that may be mentioned in this thread, I want to make it clear that LandlordInvest does not provide any tax advice and you should always seek advice from an independent and professional adviser.
If you have any questions regarding LandlordInvest's IFISA, please see the following page: landlordinvest.com/ifisa or contact us directly. Many thanks, Filip
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Post by Matthew on Jan 26, 2017 13:29:53 GMT
Thanks james, that's really informative. I agree it would make no sense to not allow any further current year subscriptions after transferring an ISA of the same type. I have edited my original post as it was based on an interpretation of a different section (3.14).
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