jw01
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Post by jw01 on Feb 28, 2018 9:44:36 GMT
My wife and I each have IFISAs. We also each have cash ISAs which mature in May.
2 questions:
1 Could both cash ISAs be transferred in to one IFISA? In fact, is there any restriction on ISA to IFISA transfers between holders (assuming annual allowance limits are not breached).
2 Given the May maturity date, does the transfer amount count towards the 2018-19 allowance or is it additional as an expired ISA? I assume the former but I thought I’d check.
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archie
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Post by archie on Feb 28, 2018 10:06:14 GMT
My wife and I each have IFISAs. We also each have cash ISAs which mature in May. 2 questions: 1 Could both cash ISAs be transferred in to one IFISA? In fact, is there any restriction on ISA to IFISA transfers between holders (assuming annual allowance limits are not breached). 2 Given the May maturity date, does the transfer amount count towards the 2018-19 allowance or is it additional as an expired ISA? I assume the former but I thought I’d check. 1) No. ISAs are for individuals only 2) Allowance counts in the tax year of deposit only. As long as you don't withdraw the cash from the ISA it can be transferred without affecting that years allowance.
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jw01
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Post by jw01 on Mar 1, 2018 11:55:00 GMT
Thanks for the reply but I don't think I was clear.
I am not thinking of terminating the cash ISAs.
My question concerns the point when the cash ISAs mature in May and I want to put the proceeds into an IFISA.
What is the position on my two questions in that case?
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archie
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Post by archie on Mar 4, 2018 7:25:22 GMT
Thanks for the reply but I don't think I was clear. I am not thinking of terminating the cash ISAs. My question concerns the point when the cash ISAs mature in May and I want to put the proceeds into an IFISA. What is the position on my two questions in that case? When an ISA matures it doesn't end. If it did the tax break would disappear. It would be rolled over into a low interest variable rate ISA until you transfer it elsewhere. Allowances aren't relevant here. You can only deal with ISAs on an individual basis. They can't be transferred to other people or merged with an ISA from another person.
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pom
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Post by pom on Mar 4, 2018 10:42:30 GMT
You can only deal with ISAs on an individual basis. They can't be transferred to other people . Except if you die... which would be a bit drastic !!
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Post by Ace on Apr 6, 2018 21:39:24 GMT
On a similar note. Can I open multiple new IFISA accounts in a tax year as long as I only put new money in one of them?
For example, if I have a cash ISA with £40k in. Can I open 4 new IFISA accounts (say with LW, FC, AZ and ABLrate) and transfer £10k to each? I'm fairly sure that the answer is yes, but I started to create an IFISA account with LW and noticed that I am required to sign a declaration that says:
"I have not subscribed and will not subscribe to another Innovative Finance ISA in the same tax year that I subscribe to this Innovative Finance ISA;"
This is blatantly untrue since I intend to sign up to others!
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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 Apr 6, 2018 21:43:25 GMT
On a similar note. Can I open multiple new IFISA accounts in a tax year as long as I only put new money in one of them? For example, if I have a cash ISA with £40k in. Can I open 4 new IFISA accounts (say with LW, FC, AZ and ABLrate) and transfer £10k to each? I'm fairly sure that the answer is yes, but I started to create an IFISA account with LW and noticed that I am required to sign a declaration that says: "I have not subscribed and will not subscribe to another Innovative Finance ISA in the same tax year that I subscribe to this Innovative Finance ISA;"This is blatantly untrue since I intend to sign up to others! Assuming that the 40k is previous year money, yes you can do that. You are not actually subscribing you are transferring. Subscriptions mean new money not previous year money but its a standard form.
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treeman
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Post by treeman on Apr 6, 2018 21:47:26 GMT
On a similar note. Can I open multiple new IFISA accounts in a tax year as long as I only put new money in one of them? For example, if I have a cash ISA with £40k in. Can I open 4 new IFISA accounts (say with LW, FC, AZ and ABLrate) and transfer £10k to each? I'm fairly sure that the answer is yes, but I started to create an IFISA account with LW and noticed that I am required to sign a declaration that says: "I have not subscribed and will not subscribe to another Innovative Finance ISA in the same tax year that I subscribe to this Innovative Finance ISA;"This is blatantly untrue since I intend to sign up to others! AIUI 'subscribe' is the word for new money. What you're talking about is 'transfers'. Your 40k scenario above does not involve any 'subscriptions'. I've done similar last year  note: this is my understanding only, not an expert/advisor ........................... <EDIT> x'd with ilmoro
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