puffin
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Post by puffin on Apr 5, 2021 17:54:55 GMT
Today is the final tax to open an ISA. I haven't used my ISA allowance this past year. If I open an ISA today, do I have to transfer funds to it today? Because it's bank holiday funds won't transfer until tomorrow. Is it okay to open an ISA today and tranfer fund to it after tomorrow, or will a new ISA tax year start?
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IFISAcava
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Post by IFISAcava on Apr 5, 2021 18:03:35 GMT
Today is the final tax to open an ISA. I haven't used my ISA allowance this past year. If I open an ISA today, do I have to transfer funds to it today? Because it's bank holiday funds won't transfer until tomorrow. Is it okay to open an ISA today and tranfer fund to it after tomorrow, or will a new ISA tax year start?
funds have to get there today - you might be lucky if you use a debit card. Any site will do, then you can transfer elsewhere starting tomorrow (subject to any transfer fees). Would likely have to be someone you have an account with already otherwise KYC etc. Edit: if it were me I'd move heaven and earth to get the money in - these tax shelters are crucial long term (and who knows how long they will still be there).
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puffin
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Post by puffin on Apr 5, 2021 18:14:01 GMT
Okay, better get on it!
Can't the KYC be done afterwards? Debit card is good idea. Thank you.
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IFISAcava
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Post by IFISAcava on Apr 5, 2021 19:08:59 GMT
Okay, better get on it! Can't the KYC be done afterwards? Debit card is good idea. Thank you. Most won't open/let you deposit until KYC done. Good luck!
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Post by overthehill on Apr 7, 2021 12:36:26 GMT
Can anyone with IFISA knowledge tell me if a company is required to get permission from the investor before depositing money in an ISA for a new Tax Year when you already have an ISA with them from the previous tax year.
I'm not going to name the company but I returned ISA funds on Fri 2nd April intended for my 2020/2021 IFISA but they didn't process it until the 6th April and therefore counts as my new IFISA contribution for 2021/2022.
I did three other transfers on the same day without a problem so needless to say I'm not happy but partly to blame.
I didn't think bank holidays and weekends could hold up a transfer like in the past, the money left my account on the 2nd April. I also didn't realise that a new IFISA for a new tax year would just be opened implicitly.
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archie
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Post by archie on Apr 7, 2021 12:55:37 GMT
Can anyone with IFISA knowledge tell me if a company is required to get permission from the investor before depositing money in an ISA for a new Tax Year when you already have an ISA with them from the previous tax year.
I'm not going to name the company but I returned ISA funds on Fri 2nd April intended for my 2020/2021 IFISA but they didn't process it until the 6th April and therefore counts as my new IFISA contribution for 2021/2022.
I did three other transfers on the same day without a problem so needless to say I'm not happy but partly to blame.
I didn't think bank holidays and weekends could hold up a transfer like in the past, the money left my account on the 2nd April. I also didn't realise that a new IFISA for a new tax year would just be opened implicitly.
They wouldn't need permission from the investor. It's unfortunate the money was processed in the wrong tax year. You have two possible options as far as I'm aware. 1) If the company has a cooling off period you should be able to cancel it without affecting the new years allowance. 2) You could transfer the newly opened ISA elsewhere. You may well have lost the allowance from the intended year though. You could check if they received the money in the correct tax year. If they did it should be possible to repair your existing ISA.
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ceejay
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Post by ceejay on Apr 7, 2021 12:56:00 GMT
You'd need to read the small print but I'm pretty sure I remember seeing more than once on an application form that I was authorising subscriptions for this and subsequent tax years. ISA managers really don't want the faff of securing a new authorisation every year.
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macq
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Post by macq on Apr 8, 2021 12:07:42 GMT
Can anyone with IFISA knowledge tell me if a company is required to get permission from the investor before depositing money in an ISA for a new Tax Year when you already have an ISA with them from the previous tax year.
I'm not going to name the company but I returned ISA funds on Fri 2nd April intended for my 2020/2021 IFISA but they didn't process it until the 6th April and therefore counts as my new IFISA contribution for 2021/2022.
I did three other transfers on the same day without a problem so needless to say I'm not happy but partly to blame.
I didn't think bank holidays and weekends could hold up a transfer like in the past, the money left my account on the 2nd April. I also didn't realise that a new IFISA for a new tax year would just be opened implicitly.
Not sure what its like normally and now with working from home etc but there is an HMRC ISA/savings helpline 0300 200 3300 who might help if your platform can't?
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