corto
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Post by corto on Apr 18, 2020 21:04:10 GMT
I may be missing something on their web pages, but it looks like the money in my RS ISA is not flexible anymore.
I can Release Investments to Holding, or Withdraw from Holding to a bank account. But I can't route funds from ISA Holding via the Standard account to a bank anymore, in order to possibly feed it back again at better p2p times.
I suspect if I withdraw from the ISA to a bank account I loose the tax wrapper. Does anybody know?
It's all previous tax year's money, but that shouldn't impact flexibility in general. Afaik, it's RSs choice to offer the option.
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Post by Ace on Apr 18, 2020 21:23:19 GMT
I may be missing something on their web pages, but it looks like the money in my RS ISA is not flexible anymore. I can Release Investments to Holding, or Withdraw from Holding to a bank account. But I can't route funds from ISA Holding via the Standard account to a bank anymore, in order to possibly feed it back again at better p2p times. I suspect if I withdraw from the ISA to a bank account I loose the tax wrapper. Does anybody know? It's all previous tax year's money, but that shouldn't impact flexibility in general. Afaik, it's RSs choice to offer the option. From RateSetter faqs: Yes – the RateSetter ISA is a flexible ISA. This means that if you move money out of your RateSetter ISA, you can put it back in without affecting your annual ISA allowance. You can do this with your current tax year allowance as well as your previous tax year allowances, so long as funds are replaced in the same tax year as they’re withdrawn.
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corto
Member of DD Central
one-syllabistic
Posts: 851
Likes: 356
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Post by corto on Apr 19, 2020 0:45:09 GMT
I may be missing something on their web pages, but it looks like the money in my RS ISA is not flexible anymore. I can Release Investments to Holding, or Withdraw from Holding to a bank account. But I can't route funds from ISA Holding via the Standard account to a bank anymore, in order to possibly feed it back again at better p2p times. I suspect if I withdraw from the ISA to a bank account I loose the tax wrapper. Does anybody know? It's all previous tax year's money, but that shouldn't impact flexibility in general. Afaik, it's RSs choice to offer the option. From RateSetter faqs: Yes – the RateSetter ISA is a flexible ISA. This means that if you move money out of your RateSetter ISA, you can put it back in without affecting your annual ISA allowance. You can do this with your current tax year allowance as well as your previous tax year allowances, so long as funds are replaced in the same tax year as they’re withdrawn.
Thanks. I did move money in and out a few times in the previous tax year. At that time there was an option to move money from the ISA to the standard account and withdraw from there, which I thought is the proper way to keep the tax status (if the money is put back in on time). That option seems gone (or I can't find it anymore). I can still move funds in from standard to ISA but not the other way round.
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Post by Deleted on Apr 19, 2020 8:26:08 GMT
If you click on deposit, you can see the amount you can pay in this tax year. It'll start at 20k, but if you withdraw 1k from your ISA to your bank account, it will then show 21k, confirming the ISA is flexible.
Of course, you can only pay total new money of 20k into ISAs each tax year (cash, S&S and IFISA).
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corto
Member of DD Central
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Post by corto on Apr 19, 2020 9:21:53 GMT
If you click on deposit, you can see the amount you can pay in this tax year. It'll start at 20k, but if you withdraw 1k from your ISA to your bank account, it will then show 21k, confirming the ISA is flexible. Of course, you can only pay total new money of 20k into ISAs each tax year (cash, S&S and IFISA). Thanks for the clarification. I wasn't certain it works that way. I do not plan to add to p2p ISAs this tax year and have indeed already put 20k into S&S ISAs, with money partly routed out of p2p ISAs. The opportunities in S&S are just too good at the moment to make the fuss worthwhile. However, it's good to know that any money extracted now can be put back in before the end of the tax year to keep the tax protection.
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