pikestaff
Member of DD Central
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Post by pikestaff on Feb 16, 2016 10:53:15 GMT
No. Under current rules transctions must be with the market and you are not allowed to buy from yourself. This is because, in order to avoid tax leakage, transactions must be at market value. But they might change. See also p2pindependentforum.com/post/92174/thread and the post immediately below.
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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 Mar 3, 2016 17:49:48 GMT
Yes, though not unexpected given the marked lack of full authorisations being trumpeted. If MT havent heard after 9 months it was always surprising that later applicants were suggesting they would make the deadline. Good spot
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Post by nutfield on Apr 1, 2016 9:27:58 GMT
Does anyone have any info as to when we can expect the RS ISA to actually become available?
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Post by westonkevRS on Apr 1, 2016 10:02:34 GMT
Does anyone have any info as to when we can expect the RS ISA to actually become available? Alas no, only the FCA know that. But when given the green light for full authorisation all systems and marketing activity is ready.... Kevin.
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Post by bobthebuilder on Apr 1, 2016 17:09:58 GMT
I've just received a "Dear John" letter (well, e-mail really) from RS on the subject of their ISA. Shame my name isn't actually John  |
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stokeloans
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Post by stokeloans on Apr 1, 2016 17:20:31 GMT
Me too.
Says we'll be able to move money from an existing Ratesetter account into the ISA wrapper as well as transfer in existing ISAs with other companies
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stevio
Member of DD Central
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Post by stevio on Apr 1, 2016 17:26:08 GMT
Are you able to copy and paste here
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stokeloans
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Post by stokeloans on Apr 1, 2016 17:47:40 GMT
RateSetter ISA update
There has been a fair amount of press coverage about the “Innovative Finance ISA” launching in the 2016/17 tax year and as you know we are preparing to launch a RateSetter ISA so that you can enjoy the same interest rates and protection you achieve on RateSetter but in a completely tax free wrapper. It is testament to the government’s enthusiasm for our product that they created this third ISA specifically to accommodate peer-to-peer lending.
Before a peer-to-peer platform can offer its own ISA, it must first become fully authorised by the Financial Conduct Authority (FCA) and also it needs to comply with rules set out by HMRC. As you may know, RateSetter, as well as other peer to peer platforms, are in advanced stages of obtaining full authorisation – we cannot confirm a date yet but can confirm that it is progressing well.
We know the ISA is important to you – many of you have told us that – and so we want to keep you updated on progress. We will let you know as soon as it is available and will keep you updated throughout. We will also be making sure that the transfer process is simple so that you will be able to move across money both from your other ISAs (Cash and / or Stocks & Shares) and from your current RateSetter account to your new RateSetter ISA.
We are very excited at the prospect of being able to offer you a RateSetter ISA and we can assure you that it will be worth waiting for.
Kind regards,
The RateSetter Team
RateSetter.com
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stevio
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Post by stevio on Apr 1, 2016 19:14:44 GMT
It is testament to the government’s enthusiasm for OUR product that they created this third ISA specifically to accommodate peer-to-peer lending.
RS created Innovative Finance ISAs did they! Lol
Just more marketing really it seems
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Post by spareafewcoppersguv on Apr 2, 2016 9:58:29 GMT
Rather disappointing that there is no indication of likely timescale at all.
However this sounds promising "We will also be making sure that the transfer process is simple so that you will be able to move across money both from your other ISAs (Cash and / or Stocks & Shares) and from your current RateSetter account to your new RateSetter ISA." Putting already owned shares into an ISA
alsways involved selling them and re-buying, which was very unappealing (2 lots of transaction costs, stamp duty plus the loss on the spread), so if we could simply and without cost move money from exisiting loans into the ISA wrapper that would be great. If it just means you can put money sitting unallocated on the market into the IFISA.....not so much!!!
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davex
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Post by davex on Apr 2, 2016 14:24:47 GMT
Rather disappointing that there is no indication of likely timescale at all. However this sounds promising "We will also be making sure that the transfer process is simple so that you will be able to move across money both from your other ISAs (Cash and / or Stocks & Shares) and from your current RateSetter account to your new RateSetter ISA." I thought we couldn't transfer existing investments into the new iffy ? if this is the case I may keep my RS account open.
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SteveT
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Post by SteveT on Apr 2, 2016 15:00:03 GMT
Rather disappointing that there is no indication of likely timescale at all. However this sounds promising "We will also be making sure that the transfer process is simple so that you will be able to move across money both from your other ISAs (Cash and / or Stocks & Shares) and from your current RateSetter account to your new RateSetter ISA." I thought we couldn't transfer existing investments into the new iffy ? if this is the case I may keep my RS account open. Money (cash), not investments (loans)
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toffeeboy
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Post by toffeeboy on Apr 4, 2016 15:26:10 GMT
It is testament to the government’s enthusiasm for OUR product that they created this third ISA specifically to accommodate peer-to-peer lending. RS created Innovative Finance ISAs did they! Lol Just more marketing really it seems The product is P2P as a whole not the IFISA.
Not very good marketing if you ask me seeing as this was a letter sent to people that are already members or RS
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jonah
Member of DD Central
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Post by jonah on Apr 4, 2016 20:29:52 GMT
It is testament to the government’s enthusiasm for OUR product that they created this third ISA specifically to accommodate peer-to-peer lending. RS created Innovative Finance ISAs did they! Lol Just more marketing really it seems The product is P2P as a whole not the IFISA.
Not very good marketing if you ask me seeing as this was a letter sent to people that are already members or RS
Could be trying to get people to open with RS instead of say AC... People who think you can only open one ISA (per type) a year for example.
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Post by spareafewcoppersguv on May 17, 2016 14:49:18 GMT
Hot off the RS newsfeed.....no news!!!
We are writing to keep you updated on the RateSetter ISA. As you may know, in order to offer an Innovative Finance ISA platforms must first obtain full authorisation from the Financial Conduct Authority (FCA). All the major marketplace lending platforms, including RateSetter, are awaiting authorisation.
This is a significant operation for the FCA and we are in regular communication with them. At this stage we do not have a date for when the RateSetter ISA will be available but will let you know as soon as possible.
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