ukinvestor
Member of DD Central
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Post by ukinvestor on Apr 17, 2023 9:38:55 GMT
From p2pindependentforum.com/post/442977 post:
"Even though the ISA rules have been breached, in the event you have not exceeded the overall limit of £20,000, then it is unlikely that we will take any action..."
There is a difference between what you are entitled to and what you can get away with...
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zlb
Member of DD Central
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Post by zlb on May 5, 2023 14:02:12 GMT
Can't believe I'm asking this but this is ambiguous "You can transfer all or part of previous years' ISAs to a new ISA account. However, if you want to transfer money already paid into an ISA in this tax year, you must transfer all of it."
What's "it" in this context? The new year's money or the whole ISA (which has some previous yr's money)? i.e. can I deposit new money and then transfer that new money (and its interest accrued) and leave the old money behind?
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archie
Posts: 1,838
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Post by archie on May 5, 2023 14:12:37 GMT
Can't believe I'm asking this but this is ambiguous "You can transfer all or part of previous years' ISAs to a new ISA account. However, if you want to transfer money already paid into an ISA in this tax year, you must transfer all of it." What's " it" in this context? The new year's money or the whole ISA (which has some previous yr's money)? i.e. can I deposit new money and then transfer that new money (and its interest accrued) and leave the old money behind? The 'it' is the new money. Yes, you can transfer just the new money leaving the old money behind. Probably a good idea to make it crystal clear you don't want to transfer the old money.
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zlb
Member of DD Central
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Post by zlb on May 5, 2023 14:21:14 GMT
Can't believe I'm asking this but this is ambiguous "You can transfer all or part of previous years' ISAs to a new ISA account. However, if you want to transfer money already paid into an ISA in this tax year, you must transfer all of it." What's " it" in this context? The new year's money or the whole ISA (which has some previous yr's money)? i.e. can I deposit new money and then transfer that new money (and its interest accrued) and leave the old money behind? The 'it' is the new money. Yes, you can transfer just the new money leaving the old money behind. Probably a good idea to make it crystal clear you don't want to transfer the old money. I think further up this thread there is mention of new money plus interest it has earned has to move as one block - I'm hoping that the finance institution will decide how much interest has been accrued by the new money )
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archie
Posts: 1,838
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Post by archie on May 5, 2023 14:33:39 GMT
The 'it' is the new money. Yes, you can transfer just the new money leaving the old money behind. Probably a good idea to make it crystal clear you don't want to transfer the old money. I think further up this thread there is mention of new money plus interest it has earned has to move as one block - I'm hoping that the finance institution will decide how much interest has been accrued by the new money ) Yes the interest from the new money must go with it.
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zlb
Member of DD Central
Posts: 1,412
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Post by zlb on May 9, 2023 8:17:33 GMT
What's the point of the rule which says you have to transfer a whole year's ISA if it's deposit from the current tax year? Who does that benefit? It seems a bit pointless.
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dead-money
Rocket to the Moon
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Post by dead-money on May 9, 2023 8:34:19 GMT
What's the point of the rule which says you have to transfer a whole year's ISA if it's deposit from the current tax year? Who does that benefit? It seems a bit pointless.
Makes the HMRC reporting easier...
You can only contribute to a single ISA of each type in the current tax year.
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