aju
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Post by aju on May 17, 2020 12:04:05 GMT
So myself and Mrs Aju were going to look for a new ISa provider before the proverbial brown stuff hit the fan in Mid March (well Dec/Jan if you are in China I guess). Thing is we are now pulling back on our Zopa/RS funding and I believe both of these have flexible ISA's. So we have sold quite a bit of funds out of Zopa and in Both RS and Zopa have moved returned funds to safer shore. So all of the returned funds since the start of the new ISA year are part of the flexible terms.
So I am wondering can we come back after this Covid thing has died down, assuming it does, and people go back to work and things start to balance. If we should want to put returned funds back into this years RS and Zopa ISA's does the refunding up to that removed in the same year count towards a new ISa or counted back into the flexible isa part.
For Zopa its easy to see removed funds by just subtracting this years allowance (20000) from the current number. In RS I have records so I know what was withdrawn.
I've a feeling this has been discussed before but I can't remember what the outcome was or find it by searching.
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ilmoro
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'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 May 17, 2020 12:31:03 GMT
So myself and Mrs Aju were going to look for a new ISa provider before the proverbial brown stuff hit the fan in Mid March (well Dec/Jan if you are in China I guess). Thing is we are now pulling back on our Zopa/RS funding and I believe both of these have flexible ISA's. So we have sold quite a bit of funds out of Zopa and in Both RS and Zopa have moved returned funds to safer shore. So all of the returned funds since the start of the new ISA year are part of the flexible terms. So I am wondering can we come back after this Covid thing has died down, assuming it does, and people go back to work and things start to balance. If we should want to put returned funds back into this years RS and Zopa ISA's does the refunding up to that removed in the same year count towards a new ISa or counted back into the flexible isa part. For Zopa its easy to see removed funds by just subtracting this years allowance (20000) from the current number. In RS I have records so I know what was withdrawn. I've a feeling this has been discussed before but I can't remember what the outcome was or find it by searching. Yes both flexible so any funds deposited up to the level of withdrawals in the tax year will count as refunding the deficit not new subscriptions. Anything withdrawn and not replaced within a tax year cant be replaced so would count as new subscriptions www.gov.uk/individual-savings-accounts/withdrawing-your-moneyWithdrawals are made in the order, any current year money, then previous year money, deposits count as previous year money, then current. Current year money withdrawn can be put into a current year ISA of a different type as if the original subscription had not be made, except any income which must be returned to the original ISA.
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aju
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Post by aju on May 17, 2020 13:55:22 GMT
Thx ilmoro, Very quick and concise cheers, |
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 13, 2020 10:07:17 GMT
I have several platforms where I am running down my investment in ISAs as loans repay. Octopus Choice say that a single transfer request is sufficient, they will continue to make further transfers as funds become available. Crowd Property say I must make a new transfer request each time. Does anyone know if this is something that is at the discretion of the company, or has one of them got it wrong?
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pom
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Post by pom on Jun 13, 2020 10:38:18 GMT
I have several platforms where I am running down my investment in ISAs as loans repay. Octopus Choice say that a single transfer request is sufficient, they will continue to make further transfers as funds become available. Crowd Property say I must make a new transfer request each time. Does anyone know if this is something that is at the discretion of the company, or has one of them got it wrong? I suspect it's just Octopus wanting to have to avoid processing multiple transfers per person as they're effectively in wind down....as I think their only real obligation if you tick "all" is to pay out once all funds are available. My challenge at the moment is trying to decide on a cashISA I'll be happy enough to keep long enough to get it all transferred out.
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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 Jun 13, 2020 10:48:00 GMT
I have several platforms where I am running down my investment in ISAs as loans repay. Octopus Choice say that a single transfer request is sufficient, they will continue to make further transfers as funds become available. Crowd Property say I must make a new transfer request each time. Does anyone know if this is something that is at the discretion of the company, or has one of them got it wrong? Management of withdrawals is always at the discretion of the company. AIUI only Cash ISA have a mandatory right for the customer to withdraw their funds on demand. Even fixed term accounts have to allow withdrawals to be made, subject to penalty, without restriction.
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