criston
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Post by criston on Apr 29, 2019 7:40:07 GMT
When a complete transfer out (which includes selling all available loans) to another IFISA provider is requested, FC state the following;
"Any loans that can’t be sold will be transferred over to a new Classic account, and will no longer be eligible for tax-free interest"
Do the loss’s up to the point of transfer, remain showing in the IFISA account tax statement, or do they show in the new Classic account tax statement ?
It has been suggested elsewhere, there could be a tax advantage in doing this, enabling the offsetting of loss’s for tax purposes.
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Post by poptart on Apr 30, 2019 23:13:23 GMT
I recently sold everything saleable in my FC IFISA and the liberated cash was pulled into another providers ISA in accordance with my instructions.
The residual unsellable zombie loans are still sitting in the IFISA account; FC don't seem to have (yet) changed its status in any way.
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Post by Ace on May 1, 2019 6:51:10 GMT
I think that the dregs are only converted to a classic account if you requested to transfer the whole ISA account to a new provider, rather than asking to transfer a fixed sum of the amount that you have managed to liberate.
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corto
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Post by corto on May 1, 2019 7:02:43 GMT
I have partly transferred this month to several other ISAs to diversify. The FC account is still an ISA, but there is also still some money in it, so, that makes sense at the moment. FC did ask me by email if I wanted to change it into a standard account.
Poptart: If you want to have the status changed you could call them. Their FAQs state that they would do it.
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Post by Ace on May 1, 2019 14:48:32 GMT
I have partly transferred this month to several other ISAs to diversify. The AC account is still an ISA, but there is also still some money on it, so, that makes sense at the moment. AC did ask me by email if I wanted to change it into a standard account. Poptart: If you want to have the status changed you could call them. Their FAQs state that they would do it. Did you really mean "AC"? This was a question regarding FC.
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corto
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Post by corto on May 1, 2019 15:02:53 GMT
I have partly transferred this month to several other ISAs to diversify. The AC account is still an ISA, but there is also still some money on it, so, that makes sense at the moment. AC did ask me by email if I wanted to change it into a standard account. Poptart: If you want to have the status changed you could call them. Their FAQs state that they would do it. Did you really mean "AC"? This was a question regarding FC. Sorry! Mistake. FC, not AC. Corrected in original post.
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