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Post by newlender on Oct 6, 2017 9:14:41 GMT
I am re-investing all income from Investing to ISA Core (manually because there's no way to automate this process, which is a pain). I also have re-investing on for all returns from the ISA. Presumably, when the Deposits total reaches £20k I can continue with ISA re-investing turned on (as it will be interest or returned capital) but will be prevented from going from the Investing side into the ISA as this will be new money. Will Zopa automatically block over-funding or will it be up to me to decide?
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Post by misotu on Oct 6, 2017 9:27:29 GMT
From the FAQ: What will happen if I try to fund more than the annual allowance into my Zopa ISA for the new tax year?
If you try to transfer more than £20,000 of new funds into your Zopa ISA, Investor Services will contact you to advise that you’ve gone above the annual allowance and will let you know your options. Which is all a bit vague! Seems like it would be a simple matter to block new funds when the limit is hit, and return them to the originating account, but what do I know? I can, however, tell you that Zopa *will* block any transfers from your investing account into your ISA account once you hit the limit. My ISA deposits now stand at £19,999.99 When I tried to transfer that last, vital penny from my investment account, the system refused to complete the transfer on the basis that I would exceed my allowance  |
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Post by newlender on Oct 6, 2017 10:14:54 GMT
I hadn't spotted that FAQ - thanks. Presumably your ISA will still allow you to re-invest your repayments though.
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aju
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Post by aju on Oct 6, 2017 10:49:33 GMT
I can, however, tell you that Zopa *will* block any transfers from your investing account into your ISA account once you hit the limit. My ISA deposits now stand at £19,999.99 When I tried to transfer that last, vital penny from my investment account, the system refused to complete the transfer on the basis that I would exceed my allowance when you are moving money out of investment can you define how much is lent to ISA or does it just say no to lending if its above threshold and you have to move money out and back in to control it. I still have relend on in classic at the moment and when I turn it off in December I will relend into ISA to catch what I have outstanding lallowance I have left in the ISA stream. ( I've kept relend on at the moment to catch as much safeguarded as I can although I'm getting >25% in ISA core at the moment as well). I'm guessing that Zopa Core in "investment" will also pick up SG stuff whilst investers are selling out of Classic for next few years. It will tail off eventually.
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Post by misotu on Oct 11, 2017 9:50:22 GMT
@ Newlender Oh yes, the ISA allows you to set repayments to re-lend automatically, that's no problem.
@ aju Yes, when you choose the transfer to ISA option you can enter the exact amount you want to be transferred from the funds available in holding. Transferring funds into the ISA from the Investing holding account is always a manual process, can't be automated.
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aju
Member of DD Central
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Post by aju on Oct 11, 2017 10:01:21 GMT
@ Newlender Oh yes, the ISA allows you to set repayments to re-lend automatically, that's no problem. @ aju Yes, when you choose the transfer to ISA option you can enter the exact amount you want to be transferred from the funds available in holding. Transferring funds into the ISA from the Investing holding account is always a manual process, can't be automated. Thanks thats encouraging as I can just wait until I get enough to lend fastest and maintain £10 loans still and I can direct where I want as I want and also not have to keep going into it.
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