stevio
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Post by stevio on Aug 10, 2018 10:27:16 GMT
From IWeb chat support You: Can I transfer a IFISA to IWeb in cash?
Ellen: you can transfer ISA to us. in cash you will need to fill in the ISA manager transfer form and send it to us.
Ellen: this can bee found in the transfers section of the menu on the right side of the page.
You: I am specifically asking if an Innovative Finance ISA (IFISA) can be transferred to IWeb, this is NOT a transfer of a Cash ISA or Stocks and Shares ISA. Can you check this is possible?
Ellen: i will check with my transfers team
You: Thank you. I have looked at the transfer form and it only gives the options for Cash or Stocks and Shares ISA transfer
Ellen: My colleagues in the transfers team have said it does not really matter what you list it as at that point on the form, you as it will be coming over in cash anyway i have been told you can tick either box.
Very shoddy IMO. A cash ISA is a completely different animal to the cash from an IFISA or a S&S ISA, even though it results in a cheque just the same. By this logic firms could use the same transfer form for a cash ISA and a S&S ISA but I don't know of any that do. Dont have a go at me, think the logic is that both cash and IFISA need to be transferred in cash, so you basically are just stating an amount to transfer in both instance I think she was just referring to the similarity between transferring as cash
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ilmoro
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Post by ilmoro on Aug 10, 2018 10:39:33 GMT
From IWeb chat support You: Can I transfer a IFISA to IWeb in cash?
Ellen: you can transfer ISA to us. in cash you will need to fill in the ISA manager transfer form and send it to us.
Ellen: this can bee found in the transfers section of the menu on the right side of the page.
You: I am specifically asking if an Innovative Finance ISA (IFISA) can be transferred to IWeb, this is NOT a transfer of a Cash ISA or Stocks and Shares ISA. Can you check this is possible?
Ellen: i will check with my transfers team
You: Thank you. I have looked at the transfer form and it only gives the options for Cash or Stocks and Shares ISA transfer
Ellen: My colleagues in the transfers team have said it does not really matter what you list it as at that point on the form, you as it will be coming over in cash anyway i have been told you can tick either box.
Very shoddy IMO. A cash ISA is a completely different animal to the cash from an IFISA or a S&S ISA, even though it results in a cheque just the same. By this logic firms could use the same transfer form for a cash ISA and a S&S ISA but I don't know of any that do. Not really. I suspect they use differenct forms to avoid confusion because share ISA allow the transfer of investments as well as cash so there are some extra boxes and a slightly different declaration, otherwise the info required is the same. All the transfer form is is a set of instructions and a declaration so can actually be done over the phone (ie not in writing).
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Post by GentlemansFamilyFinances on Aug 10, 2018 12:12:41 GMT
I am looking to transfer from Abundance Generation to my YouInvest ISA.
I like Abundance but I have enough bad debt relief to cover all interest for the year - so I'm moving the money as we speak.
So far it's been pretty smooth and although it's only for around £1000, if it's easy, then I'll transfer piecemeal until it's all gone.
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ceejay
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Post by ceejay on Aug 11, 2018 9:13:20 GMT
From IWeb chat support You: Can I transfer a IFISA to IWeb in cash?
Ellen: you can transfer ISA to us. in cash you will need to fill in the ISA manager transfer form and send it to us.
Ellen: this can bee found in the transfers section of the menu on the right side of the page.
You: I am specifically asking if an Innovative Finance ISA (IFISA) can be transferred to IWeb, this is NOT a transfer of a Cash ISA or Stocks and Shares ISA. Can you check this is possible?
Ellen: i will check with my transfers team
You: Thank you. I have looked at the transfer form and it only gives the options for Cash or Stocks and Shares ISA transfer
Ellen: My colleagues in the transfers team have said it does not really matter what you list it as at that point on the form, you as it will be coming over in cash anyway i have been told you can tick either box.
Very shoddy IMO. A cash ISA is a completely different animal to the cash from an IFISA or a S&S ISA, even though it results in a cheque just the same. By this logic firms could use the same transfer form for a cash ISA and a S&S ISA but I don't know of any that do. Not shoddy at all, entirely correct. Current ISA rules don't really care what kind of ISA you have, apart from rule about only subscribing new money to one of each type in any tax year. Once the money is into the ISA shelter, you can move it about as much as you like and the transfer will always be done as cash.
The separate forms for Cash and S&S are just for the convenience of gathering information cleanly.
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archie
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Post by archie on Aug 11, 2018 9:17:18 GMT
Very shoddy IMO. A cash ISA is a completely different animal to the cash from an IFISA or a S&S ISA, even though it results in a cheque just the same. By this logic firms could use the same transfer form for a cash ISA and a S&S ISA but I don't know of any that do. Not shoddy at all, entirely correct. Current ISA rules don't really care what kind of ISA you have, apart from rule about only subscribing new money to one of each type in any tax year. Once the money is into the ISA shelter, you can move it about as much as you like and the transfer will always be done as cash.
The separate forms for Cash and S&S are just for the convenience of gathering information cleanly.
Not entirely true, with an S&S ISA it's possible to transfer the holdings rather than just cash.
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ceejay
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Post by ceejay on Aug 11, 2018 9:20:43 GMT
Not shoddy at all, entirely correct. Current ISA rules don't really care what kind of ISA you have, apart from rule about only subscribing new money to one of each type in any tax year. Once the money is into the ISA shelter, you can move it about as much as you like and the transfer will always be done as cash.
The separate forms for Cash and S&S are just for the convenience of gathering information cleanly.
Not entirely true, with an S&S ISA it's possible to transfer the holdings rather than just cash. You are right, of course - though I'm not sure how common that is. This thought did pop into my head even as I wrote my post but I left it out, perhaps on the grounds that it wasn't relevant to the current discussion.
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littleoldlady
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Post by littleoldlady on Aug 11, 2018 18:09:06 GMT
You are entitled to your opinion, as I am to mine. I still think it's shoddy to have an on-line form to download for an IFISA which clearly states at the top "Cash ISA" simply because they can't be bothered to change a couple of words on their site. It is unnecessarily confusing to simple minded old folk like me.
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stevio
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Post by stevio on Aug 18, 2018 14:00:43 GMT
It may take me some time to sell down my loans, if they are not already in default and waiting for resolution
Is there any reason I cant transfer previous years ISA allowances, in parts, to a new provider?
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IFISAcava
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Post by IFISAcava on Aug 18, 2018 14:26:02 GMT
It may take me some time to sell down my loans, if they are not already in default and waiting for resolution Is there any reason I cant transfer previous years ISA allowances, in parts, to a new provider? Nope, HMRC specifically allows this. However, not all ISA providers will do that - my old S&S provider allowed only all or nothing transfers of the whole ISA. But my experience of IFISA providers is that all have done part transfers of previous years.
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littleoldlady
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Post by littleoldlady on Aug 21, 2018 18:39:33 GMT
Different rules apply to transfers of current year funds. This begs a question as to what happens with a transfer started before the end of a year and completed in the following year. Does anyone know which event fixes the date and so determines the year?
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mason
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Post by mason on Aug 21, 2018 19:15:36 GMT
Different rules apply to transfers of current year funds. This begs a question as to what happens with a transfer started before the end of a year and completed in the following year. Does anyone know which event fixes the date and so determines the year? The transfer date is agreed between sending and receiving ISA manager early on in the process. This dictates the tax year in which the transfer is deemed to have taken place. Some transfer forms allow you to specify a future date before which the transfer will not complete.
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littleoldlady
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Post by littleoldlady on Aug 22, 2018 8:38:34 GMT
Different rules apply to transfers of current year funds. This begs a question as to what happens with a transfer started before the end of a year and completed in the following year. Does anyone know which event fixes the date and so determines the year? The transfer date is agreed between sending and receiving ISA manager early on in the process. This dictates the tax year in which the transfer is deemed to have taken place. Some transfer forms allow you to specify a future date before which the transfer will not complete. Thanks. So if wanting to transfer 2018/19 allowance as a previous year it would be unwise to commence the transfer before April 6th 2019 or to specify this date if the form allows it (though I have never noticed this option myself)?
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archie
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Post by archie on Aug 22, 2018 8:45:01 GMT
The transfer date is agreed between sending and receiving ISA manager early on in the process. This dictates the tax year in which the transfer is deemed to have taken place. Some transfer forms allow you to specify a future date before which the transfer will not complete. Thanks. So if wanting to transfer 2018/19 allowance as a previous year it would be unwise to commence the transfer before April 6th 2019 or to specify this date if the form allows it (though I have never noticed this option myself)? Wait until 6th April.
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Post by slopsjon on Aug 22, 2018 9:21:53 GMT
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mason
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Post by mason on Aug 22, 2018 16:59:52 GMT
The transfer date is agreed between sending and receiving ISA manager early on in the process. This dictates the tax year in which the transfer is deemed to have taken place. Some transfer forms allow you to specify a future date before which the transfer will not complete. Thanks. So if wanting to transfer 2018/19 allowance as a previous year it would be unwise to commence the transfer before April 6th 2019 or to specify this date if the form allows it (though I have never noticed this option myself)? As above, it's best to wait and not risk your instructions being misinterpreted.
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