marka
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Post by marka on May 3, 2018 14:52:02 GMT
I don't think you could do that (subscribe to an IFISA this year and then transfer it all to an S&S ISA). I think a "same year transfer" has to be to the same type of ISA. You can transfer to a different type of ISA according to this link. Hmmm. OK, that link does seem to say that. Maybe I was getting confused with the the fact hat for current years contribs you have to transfer the entire ISA (i.e. not just a part of it). I would always advise speaking to the company running the ISA that you're looking to transfer into though to be certain.
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Post by elephantrosie on May 5, 2018 19:27:02 GMT
surely you do not need to open cash isa for this. you can deposit money into any ISAs, be it s+s or IFISA and then transfer the cash to multiple IFISAs in a tax year.
the key is transfer in, and not withdrawal followed by deposit in
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marka
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Post by marka on May 5, 2018 19:30:51 GMT
surely you do not need to open cash isa for this. you can deposit money into any ISAs, be it s+s or IFISA and then transfer the cash to multiple IFISAs in a tax year. the key is transfer in, and not withdrawal followed by deposit in You can't transfer the current year's subscriptions to a single ISA out to multiple other ISAs.
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Post by elephantrosie on May 5, 2018 19:48:58 GMT
you can transfer from this year IFISA to a cash account and then transfer to multiple IFISAs
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ceejay
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Post by ceejay on May 5, 2018 22:08:23 GMT
you can transfer from this year IFISA to a cash account and then transfer to multiple IFISAs How do you square that with "If you want to transfer money you’ve invested in an ISA during the current year, you must transfer all of it." from the .gov.uk link given above? Sure, you can move this year's IFISA subscriptions to a Cash ISA, but the money is still "this year's ISA" and has to be kept together?
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archie
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Post by archie on May 6, 2018 6:15:35 GMT
you can transfer from this year IFISA to a cash account and then transfer to multiple IFISAs How do you square that with "If you want to transfer money you’ve invested in an ISA during the current year, you must transfer all of it." from the .gov.uk link given above? Sure, you can move this year's IFISA subscriptions to a Cash ISA, but the money is still "this year's ISA" and has to be kept together? You can't split the current year ISA amount. You can transfer to the same or a different ISA type (*) but it has to be the whole amount. (*) As long as you haven't got another current year ISA of the same type.
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Post by elephantrosie on May 6, 2018 9:00:50 GMT
i admit i misunderstood it. thanks both.
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zlb
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Post by zlb on Jun 13, 2018 12:41:20 GMT
I've happily transferred bits and pieces of previous years cash ISAs into multiple other etc. and fully understand the allowance to do this.
However, has anyone put a lump of new allowance into an account which already has previous allowance in it, and then transferred the new allowance elsewhere, once you know where you want to put it? Ie the initial total amount, leaving behind previous year's investment/transfers. (You can't have multiple accounts on each p2p platform)
I'm wanting to do this as one can only deposit in one p2p ISA each year and I want a bit more time to decide which other for diversity, and working out the machinations of what else I want to transfer. I wrote to the platform concerned about this a couple of weeks ago, no reply.
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ilmoro
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Post by ilmoro on Jun 13, 2018 13:07:19 GMT
I've happily transferred bits and pieces of previous years cash ISAs into multiple other etc. and fully understand the allowance to do this. However, has anyone put a lump of new allowance into an account which already has previous allowance in it, and then transferred the new allowance elsewhere, once you know where you want to put it? Ie the initial total amount, leaving behind previous year's investment/transfers. (You can't have multiple accounts on each p2p platform) I'm wanting to do this as one can only deposit in one p2p ISA each year and I want a bit more time to decide which other for diversity, and working out the machinations of what else I want to transfer. I wrote to the platform concerned about this a couple of weeks ago, no reply. Not done it but should be easy. The ISA transfer form from the new provider should have a box to say you have subscribed to the IFISA being transferred in the current tax year & for you to enter how much, and then a box to say you wish to transfer the whole amount incl accrued interest. ISA manager will provide new manager with additional info eg date of subscription, to verify the detail when funds are sent.
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zlb
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Post by zlb on Jun 13, 2018 21:40:07 GMT
I've happily transferred bits and pieces of previous years cash ISAs into multiple other etc. and fully understand the allowance to do this. However, has anyone put a lump of new allowance into an account which already has previous allowance in it, and then transferred the new allowance elsewhere, once you know where you want to put it? Ie the initial total amount, leaving behind previous year's investment/transfers. (You can't have multiple accounts on each p2p platform) I'm wanting to do this as one can only deposit in one p2p ISA each year and I want a bit more time to decide which other for diversity, and working out the machinations of what else I want to transfer. I wrote to the platform concerned about this a couple of weeks ago, no reply. Not done it but should be easy. The ISA transfer form from the new provider should have a box to say you have subscribed to the IFISA being transferred in the current tax year & for you to enter how much, and then a box to say you wish to transfer the whole amount incl accrued interest. ISA manager will provide new manager with additional info eg date of subscription, to verify the detail when funds are sent. thanks ilmoro.
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littleoldlady
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Post by littleoldlady on Jun 14, 2018 6:18:42 GMT
you can transfer from this year IFISA to a cash account and then transfer to multiple IFISAs This only works if the amount is under £10k. Technically you would be losing tax shelter on the money in the first transfer and then using up a further chunk of this year's allowance in the second transfer. Eg if the ISA was £8k you could transfer it to a non-ISA cash account and then transfer 4 x £2k to 4 ISA a/cs leaving £4k of this year's allowance.
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marka
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Post by marka on Jun 14, 2018 6:33:47 GMT
you can transfer from this year IFISA to a cash account and then transfer to multiple IFISAs This only works if the amount is under £10k. Technically you would be losing tax shelter on the money in the first transfer and then using up a further chunk of this year's allowance in the second transfer. Eg if the ISA was £8k you could transfer it to a non-ISA cash account and then transfer 4 x £2k to 4 ISA a/cs leaving £4k of this year's allowance. You cannot do that. It would be making new subscriptions to 4 different IFISAs in this tax year.
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littleoldlady
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Post by littleoldlady on Jun 14, 2018 14:14:46 GMT
This only works if the amount is under £10k. Technically you would be losing tax shelter on the money in the first transfer and then using up a further chunk of this year's allowance in the second transfer. Eg if the ISA was £8k you could transfer it to a non-ISA cash account and then transfer 4 x £2k to 4 ISA a/cs leaving £4k of this year's allowance. You cannot do that. It would be making new subscriptions to 4 different IFISAs in this tax year. True, they cannot be the same type and there are only 3 types so a 3 way split is the max.
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ilmoro
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Post by ilmoro on Jun 14, 2018 15:50:03 GMT
You cannot do that. It would be making new subscriptions to 4 different IFISAs in this tax year. True, they cannot be the same type and there are only 3 types so a 3 way split is the max. unless you are eligible for a LISA when it's 4.
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littleoldlady
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Post by littleoldlady on Jun 15, 2018 8:07:02 GMT
One thing is clear - ISAs have become too complicated. There does not seem to be any obvious rationale for many of the rules and I would hope that they can be simplified.
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