IFISAcava
Member of DD Central
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Post by IFISAcava on Sept 18, 2018 7:24:20 GMT
The cut-off does unfortunately mean that it is unlikely any ISA transfers would make it in time. As it's "Cashback", am I right in thinking it wouldn't be subject to tax? That would be the consensus view So if you invested for 9 months in the 30-day account as a 45% tax payer: Outside ISA: taxable interest 5.1% * 9/12 * 0.55 = 2.1%; + 2% cashback = 4.1% net return Inside ISA: non-taxable interest 5.1% * 9/12 = 3.8%; + no bonus = 3.8% net return So over 9 months better off outside the ISA. Effects greater for those with lower marginal tax rate. Of course, if you can get the bonus within an ISA (ie new subscription) so much the better: 3.8% + 2% = 5.8% over 9 months. (calculations simplified to ignore any compounding, so approximated but close enough)
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Post by stuartassetzcapital on Sept 18, 2018 7:30:59 GMT
Hi, many people treat cash backs of various types as a 'discount' which appears widely accepted to be non taxable but you should seek your own advice in relation to P2P. We split it out on tax reports to assist people.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Sept 18, 2018 7:54:03 GMT
The cut-off does unfortunately mean that it is unlikely any ISA transfers would make it in time. In my own experience I would say it definitely wouldn't. I started a transfer in July which they managed to squeeze into the window between the Summer bonus ending 31st Aug and the new one starting on 14th Sep thus avoiding having to pay me anything.
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puddleduck
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Post by puddleduck on Sept 18, 2018 8:05:32 GMT
I'm going to have a stab at an ISA transfer - annoyingly the process starts electronically, then creates a form that needs to be physically printed off and mailed in. Anyway, I'll filled in the .pdf electronically and e-mailed it in instead, as I can't see any obvious need for this to be handled via conventional post.
It's going to be tight either way!
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IFISAcava
Member of DD Central
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Post by IFISAcava on Sept 18, 2018 8:20:50 GMT
The cut-off does unfortunately mean that it is unlikely any ISA transfers would make it in time. In my own experience I would say it definitely wouldn't. I started a transfer in July which they managed to squeeze into the window between the Summer bonus ending 31st Aug and the new one starting on 14th Sep thus avoiding having to pay me anything. same here - obviously just pure coincidence
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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 Sept 18, 2018 9:07:09 GMT
I'm going to have a stab at an ISA transfer - annoyingly the process starts electronically, then creates a form that needs to be physically printed off and mailed in. Anyway, I'll filled in the .pdf electronically and e-mailed it in instead, as I can't see any obvious need for this to be handled via conventional post. It's going to be tight either way! It will depend on whether the provider you are transfering from requires a wet signature on the form. If not then it can all be done electronically, the rules don't require a physical copy.
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cb25
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Post by cb25 on Sept 18, 2018 11:46:53 GMT
stuartassetzcapital Should AC being willing to shell out £100,000-£200,000 to get another £10m invested be seen as a good/bad move? Could be seen as a bit of a desperate move.
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Post by stuartassetzcapital on Sept 18, 2018 11:48:38 GMT
The cut-off does unfortunately mean that it is unlikely any ISA transfers would make it in time. In my own experience I would say it definitely wouldn't. I started a transfer in July which they managed to squeeze into the window between the Summer bonus ending 31st Aug and the new one starting on 14th Sep thus avoiding having to pay me anything. It depends a lot on who your ISA is with right now - transfer time from them varies dramatically from what I hear.
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cb25
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Post by cb25 on Sept 18, 2018 11:51:44 GMT
Just asked AC via Livechat why no mention of this offer on the dashboard. Apparently that's coming later this week.
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Post by stuartassetzcapital on Sept 18, 2018 11:53:09 GMT
stuartassetzcapital Should AC being willing to shell out £100,000-£200,000 to get another £10m invested be seen as a good/bad move? Could be seen as a bit of a desperate move. It's just part of the marketing budget. TV campaigns will be millions a year ! We want to grow market share, and are doing just that as the second fastest growing P2P lender in the UK behind Funding Circle. That means that both origination and investor funding need to grow in line. Our proposition is popular for both investors and borrowers and we wouldn't be fulfilling demand and doing our shareholders justice if we let the opportunity to grow just slip on by...
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Post by stuartassetzcapital on Sept 18, 2018 11:53:58 GMT
In my own experience I would say it definitely wouldn't. I started a transfer in July which they managed to squeeze into the window between the Summer bonus ending 31st Aug and the new one starting on 14th Sep thus avoiding having to pay me anything. same here - obviously just pure coincidence Indeed it is - any pressure you can apply to your old provider to transfer will make a difference hopefully.
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Post by molliesboy on Sept 18, 2018 12:01:19 GMT
In my own experience I would say it definitely wouldn't. I started a transfer in July which they managed to squeeze into the window between the Summer bonus ending 31st Aug and the new one starting on 14th Sep thus avoiding having to pay me anything. It depends a lot on who your ISA is with right now - transfer time from them varies dramatically from what I hear. It does vary greatly. I have just transferred 2 different ISA onto the AC platform. Barclays - 2 weeks, Scottish Widows - 2 months and still waiting! That one was a cash ISA and the other a stocks and shares one may have a bearing on this.
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dermot
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Post by dermot on Sept 18, 2018 12:47:49 GMT
Just asked AC via Livechat why no mention of this offer on the dashboard. Apparently that's coming later this week. Just what I was about to ask ...
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angrysaveruk
Member of DD Central
Say No To T.D.S
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Post by angrysaveruk on Sept 18, 2018 18:08:55 GMT
If you are a lender with AC you are also an investor. You benefit from the growth of the platform with lower risk and greater liquidity No I don't, I just have the same risk but a lower return, we used to get about 11 or 12% with the occasional default leaving 9 or 10. So you would rather have loans on a platform in which the capital invested is in decline? Whatever...
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Sept 18, 2018 18:27:55 GMT
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