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Post by overthehill on Aug 29, 2021 19:10:36 GMT
"You can also Transfer your current Cash ISA, Stock & Shares ISA, Lifetime ISA or IF-ISA, earning up to 7% gross per annum.*"
Kuflink, you should make this statement much clearer in your marketing. The asterisk should point to more meaningful text like...
o You can only transfer in new money which has been invested in the current tax year. o You can't transfer in new money from a cash, stocks & shares or Lifetime ISA if you have already added money to another IFISA in the current tax year.
For people who do open the IFISA only to find out they can't fund it in the way they intended, don't worry just leave it empty, you can open as many IFISAs as you like in a tax year as long as you only put new funds into one.
Not sure what needs clarification. There is nothing special with KL's ISA? If you download their transfer form it shows that you can transfer this or previous year's money, as well as part of it. The rules that you can only fund a single IFISA per tax year with new money and have to transfer it all if you do, are the tax-man's, not theirs. That holds for all types of ISAs. Also: This is a tautology: "You can only transfer in new money which has been invested in the current tax year." -- What you pay in in the current tax year is by definition "new" money. It would not make sense to turn "old" money from previous years into "new" subscriptions? That would effectively limit your ISA allowance. You can transfer old money into a new account anyway without restrictions. I had several "new" ISAs over the years that have never seen any new money, only transfers in. The second claim you make is not entirely correct. You can transfer all the money from the "other" this-years account to a new IFISA and then add more new money from other ISAs or by cash to that new IFISA; you just always have to transfer all "this-year's money" regardless of ISA type if you transfer new money. If you tried to add new money to two IFISAs that is indeed not allowed. Usually one can avoid this by shifting funds around. If you have an old S&S ISA or cash ISA you could move previous years money from there into a new IFISA and refill the S&S ISA with fresh money. This works because you can pay fresh money into different types of ISAs, but only into one per type. That way you could keep your money in the IFISA that you already paid into and also get the second one filled. Something else: KL do accept forms emailed in, which would make a transfer easy. More and more sites allow this now. Last year several still insisted on an original signature by snail mail. I had a fully electronic transfer from AC to PL last week that cleared in less than 24 hours. That was after having a paper-based one hanging with iWeb that did not finish within 4 months for various mistakes, regardless of several communications with their support team. Sorry, I was referring to a self select IFISA and a previous post which I have no reason to disbelieve. I don't have any ISAs with Kuflink yet so I admit there was probably a better thread for the posting. I'm not interested in the autoinvest IFISA.
"I messaged them and the self select ISA loans can only be funded from new current year deposits, you cannot use previous year transfers"
I think the 2nd point is valid for most investors who wouldn't want to transfer an IFISA with new money (current tax year) to Kuflink just so they can open a new Kuflink IFISA and transfer in new money from cash/stock+shares/lifetime isa. I might be wrong but self select IFISA loans must use new money.
3rd point, if the investment rules are different between the autoinvest and self select IFISAs, I don't see any mention of this in the marketing emails.
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ilmoro
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Post by ilmoro on Aug 29, 2021 20:23:25 GMT
Not sure what needs clarification. There is nothing special with KL's ISA? If you download their transfer form it shows that you can transfer this or previous year's money, as well as part of it. The rules that you can only fund a single IFISA per tax year with new money and have to transfer it all if you do, are the tax-man's, not theirs. That holds for all types of ISAs. Also: This is a tautology: "You can only transfer in new money which has been invested in the current tax year." -- What you pay in in the current tax year is by definition "new" money. It would not make sense to turn "old" money from previous years into "new" subscriptions? That would effectively limit your ISA allowance. You can transfer old money into a new account anyway without restrictions. I had several "new" ISAs over the years that have never seen any new money, only transfers in. The second claim you make is not entirely correct. You can transfer all the money from the "other" this-years account to a new IFISA and then add more new money from other ISAs or by cash to that new IFISA; you just always have to transfer all "this-year's money" regardless of ISA type if you transfer new money. If you tried to add new money to two IFISAs that is indeed not allowed. Usually one can avoid this by shifting funds around. If you have an old S&S ISA or cash ISA you could move previous years money from there into a new IFISA and refill the S&S ISA with fresh money. This works because you can pay fresh money into different types of ISAs, but only into one per type. That way you could keep your money in the IFISA that you already paid into and also get the second one filled. Something else: KL do accept forms emailed in, which would make a transfer easy. More and more sites allow this now. Last year several still insisted on an original signature by snail mail. I had a fully electronic transfer from AC to PL last week that cleared in less than 24 hours. That was after having a paper-based one hanging with iWeb that did not finish within 4 months for various mistakes, regardless of several communications with their support team. Sorry, I was referring to a self select IFISA and a previous post which I have no reason to disbelieve. I don't have any ISAs with Kuflink yet so I admit there was probably a better thread for the posting. I'm not interested in the autoinvest IFISA.
"I messaged them and the self select ISA loans can only be funded from new current year deposits, you cannot use previous year transfers"
I think the 2nd point is valid for most investors who wouldn't want to transfer an IFISA with new money (current tax year) to Kuflink just so they can open a new Kuflink IFISA and transfer in new money from cash/stock+shares/lifetime isa. I might be wrong but self select IFISA loans must use new money.
3rd point, if the investment rules are different between the autoinvest and self select IFISAs, I don't see any mention of this in the marketing emails.
A quick read of the T&Cs would confirm your assessment and support your suggestion. That said the t&cs are a bit of a dogs breakfast as they seem to contradict themselves - no auto invest?
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Post by overthehill on Sept 24, 2021 16:34:34 GMT
I think Kuflink missed an opportunity - made a mistake - not doing the extra necessary work to make it a flexible IFISA (last time I checked).
For me at least , it's a pain and deterrent to transfering in an existing ISA because it means 1) I have to invest it straight away, or 2) leave it in an account with unknown FSCS status and not able to use temporarily somewhere else. All but one of my P2P IFISA a/c's are flexible.
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Post by Ace on Sept 24, 2021 16:55:21 GMT
I think Kuflink missed an opportunity - made a mistake - not doing the extra necessary work to make it a flexible IFISA (last time I checked).
For me at least , it's a pain and deterrent to transfering in an existing ISA because it means 1) I have to invest it straight away, or 2) leave it in an account with unknown FSCS status and not able to use temporarily somewhere else. All but one of my P2P IFISA a/c's are flexible.
I agree that not being flexible is a disincentive. For me, not being able to use transferred-in ISA funds in manually selected loans is an even bigger disincentive.
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Post by overthehill on Sept 24, 2021 17:40:15 GMT
I think Kuflink missed an opportunity - made a mistake - not doing the extra necessary work to make it a flexible IFISA (last time I checked).
For me at least , it's a pain and deterrent to transfering in an existing ISA because it means 1) I have to invest it straight away, or 2) leave it in an account with unknown FSCS status and not able to use temporarily somewhere else. All but one of my P2P IFISA a/c's are flexible.
I agree that not being flexible is a disincentive. For me, not being able to use transferred-in ISA funds in manually selected loans is an even bigger disincentive.
True. Mistakenly thinking that was / might be / will be addressed. We still don't know what if anything was done during the last planned outage ! I've not seen any communication.
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corto
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Post by corto on Oct 8, 2021 17:11:41 GMT
If you recently transferred "previous years money" into a KL ISA check that your remaining ISA allowance is still what you would expect.
They reduced my allowance and it needed a few emails to fix. If this occurs to you and you don't fix it you can run into a tax problem.
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gramsky
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Post by gramsky on Oct 10, 2021 15:00:41 GMT
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corto
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Post by corto on Oct 10, 2021 19:43:28 GMT
When you invest in an ISA eligible loan you will have an option to choose if it goes into your standard or ISA self-select account.
Haven't tried ISA but assume it would work.
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gramsky
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Post by gramsky on Oct 10, 2021 22:24:03 GMT
When you invest in an ISA eligible loan you will have an option to choose if it goes into your standard or ISA self-select account. Haven't tried ISA but assume it would work. This is the point I am trying to make. I don't get an option, so I assume that it is because I have not opened and funded an ISA yet. But, as I say, I am reluctant to go through the lengthy process of transferring money from another ISA to then find that the facility is not available. This is the only reason I opened an account with Kuflink and I have been waiting for this to be available and consider it poor that I have received no email notification about it nor is there any information available on their website.
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Post by Ace on Oct 10, 2021 22:42:02 GMT
When you invest in an ISA eligible loan you will have an option to choose if it goes into your standard or ISA self-select account. Haven't tried ISA but assume it would work. This is the point I am trying to make. I don't get an option, so I assume that it is because I have not opened and funded an ISA yet. But, as I say, I am reluctant to go through the lengthy process of transferring money from another ISA to then find that the facility is not available. This is the only reason I opened an account with Kuflink and I have been waiting for this to be available and consider it poor that I have received no email notification about it nor is there any information available on their website. I'm pretty sure they haven't fixed it yet, as I've been keeping an eye out. They would have crowed about it if they had. Narinder is scheduled to be on FinancialThing's livestream this coming Thursday at 19:30. You can ask the question via the comments if you join the livestream. Or, just ask their CS.
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Post by overthehill on Oct 11, 2021 8:53:06 GMT
This is the point I am trying to make. I don't get an option, so I assume that it is because I have not opened and funded an ISA yet. But, as I say, I am reluctant to go through the lengthy process of transferring money from another ISA to then find that the facility is not available. This is the only reason I opened an account with Kuflink and I have been waiting for this to be available and consider it poor that I have received no email notification about it nor is there any information available on their website. I'm pretty sure they haven't fixed it yet, as I've been keeping an eye out. They would have crowed about it if they had. Narinder is scheduled to be on FinancialThing's livestream this coming Thursday at 19:30. You can ask the question via the comments if you join the livestream. Or, just ask their CS. I've not seen any communication about it since the last 1) planned or 2) unplanned outage. I'm not transferring in an ISA until I know I can invest in loans manually.
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Post by birdie on Nov 7, 2021 9:21:10 GMT
Anyone having problems with the account display, I have a one year Auto ISA but the active display box shows no active investments!!!!
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Post by Ace on Nov 12, 2021 13:17:10 GMT
Does anyone know whether Kuflink's recent changes to the ISA wallet means that we can now invest previous year transferred in ISA cash in their self select deals? I seem to recall that they said there was some wallet issue that previously prevented this, so I'm hoping the recent change means that it's now fixed, but if so it seems strange that they haven't made a big announcement. By the way, if you're reading kuflink , your T&Cs (last updated 1/11/21) are in a mess. All subparagraphs are labelled as "1.". |
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Post by overthehill on Nov 12, 2021 13:55:53 GMT
Does anyone know whether Kuflink's recent changes to the ISA wallet means that we can now invest previous year transferred in ISA cash in their self select deals? I seem to recall that they said there was some wallet issue that previously prevented this, so I'm hoping the recent change means that it's now fixed, but if so it seems strange that they haven't made a big announcement. By the way, if your reading kuflink , your T&Cs (last updated 1/11/21) are in a mess. All subparagraphs are labelled as "1.". I'm guessing no but T+C's are not my forte. Picked this line out of section 1 !
"Investors are not permitted to transfer an existing ISA into a Select Invest IF-ISA Eligible deal"
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qwakuk
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Post by qwakuk on Nov 12, 2021 13:58:57 GMT
Does anyone know whether Kuflink's recent changes to the ISA wallet means that we can now invest previous year transferred in ISA cash in their self select deals? I seem to recall that they said there was some wallet issue that previously prevented this, so I'm hoping the recent change means that it's now fixed, but if so it seems strange that they haven't made a big announcement. By the way, if your reading kuflink , your T&Cs (last updated 1/11/21) are in a mess. All subparagraphs are labelled as "1.". Per long webchat on 22nd Oct it was not possible, only current year funds allowed and as I had used the £20k elsewhere it is a non starter. Left the interest sitting on the site (from early Oct 2021 interest pay out) and will transfer less the £35 fee when the next lot in January 2022 pays out. Only one fee then at least. Did ask about removing it and putting it back later, but the ISA is not flexible eithe r!
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