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Post by lb on Oct 14, 2015 18:11:13 GMT
I may very well be wrong but isn't the main reason there is a '3rd' ISA to enable investors to now save MORE tax free if they use it? so they can now save ~ £45k per year (3 x ISA) instead of ~ £30k per year (2 x ISA). so they can save IFISA money in addition to, rather than instead of, S&S?
No. You only get one allowance (15k) which you can split across the types not one allowance per type (45k) Oh I see. Thanks. if you have an ISA built up over several years in cash and s&s do you know if you can transfer that all into P2P or just max 15k per year from April?
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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 Oct 14, 2015 18:37:00 GMT
No. You only get one allowance (15k) which you can split across the types not one allowance per type (45k) Oh I see. Thanks. if you have an ISA built up over several years in cash and s&s do you know if you can transfer that all into P2P or just max 15k per year from April? Depends on if the provider allows transfers I would guess, same as currently for existing ISAs
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bigfoot12
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Post by bigfoot12 on Oct 14, 2015 18:37:05 GMT
if you have an ISA built up over several years in cash and s&s do you know if you can transfer that all into P2P or just max 15k per year from April? Don't know, not sure if anyone will know yet. The platform doesn't have to accept transfers in, but I expect most will want to, if doing so isn't a significant administrative burden. It will be interesting to see who gets this sort of detail up and running first. Large amounts of money if you are ahead of the rest.
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Post by lb on Oct 14, 2015 19:01:15 GMT
if you have an ISA built up over several years in cash and s&s do you know if you can transfer that all into P2P or just max 15k per year from April? Don't know, not sure if anyone will know yet. The platform doesn't have to accept transfers in, but I expect most will want to, if doing so isn't a significant administrative burden. It will be interesting to see who gets this sort of detail up and running first. Large amounts of money if you are ahead of the rest. Presumably it will be the same as it is for cash and s & s. If I have EG £50k cash ISA I suppose I could move that all into a £50k s & s ISA currently?
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Post by planteria on Oct 14, 2015 23:35:02 GMT
Don't know, not sure if anyone will know yet. The platform doesn't have to accept transfers in, but I expect most will want to, if doing so isn't a significant administrative burden. It will be interesting to see who gets this sort of detail up and running first. Large amounts of money if you are ahead of the rest. Presumably it will be the same as it is for cash and s & s. If I have EG £50k cash ISA I suppose I could move that all into a £50k s & s ISA currently? yes, you can do that. i moved some small CashISAs into my S&SISA fund, and can't see the appeal of CashISAs at all in the current market.
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ilmoro
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Post by ilmoro on Oct 15, 2015 0:51:00 GMT
Presumably it will be the same as it is for cash and s & s. If I have EG £50k cash ISA I suppose I could move that all into a £50k s & s ISA currently? yes, you can do that. i moved some small CashISAs into my S&SISA fund, and can't see the appeal of CashISAs at all in the current market. Be aware that FSCS protection is only 50k on S&SISA not 85k (75k from Jan) yoy get on cash so lumping a large sum into one provider carries additional risk.
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jonah
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Post by jonah on Oct 15, 2015 3:47:39 GMT
yes, you can do that. i moved some small CashISAs into my S&SISA fund, and can't see the appeal of CashISAs at all in the current market. Be aware that FSCS protection is only 50k on S&SISA not 85k (75k from Jan) yoy get on cash so lumping a large sum into one provider carries additional risk. And check you understand what that 50k actually covers... Losses from investments which don't perform as hoped aren't covered.
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sand2880
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Post by sand2880 on Oct 15, 2015 6:06:38 GMT
Also bear in mind that collective fund structures ring fence the investment assets and the FSCS are really covering £50k against fraud and mismanagement of those assets. The company may become insolvent but the assets can be taken over by another management team and you may not lose anything.
Banks do not ring fence funds and use as they see fit! Diversification across deposit takers is more important to me.
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