jsmithe
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Post by jsmithe on Jul 23, 2016 15:43:34 GMT
That does sound interesting, the big question is will that interest stay within the IF-ISA for reinvestment like interest on a normal ISA? A tax question, how do you handle your tax? After building up funds over say a few years tax at 45% must look daunting to those expecting a large return. A genuine question, I'm not trying to catch anybody out, I'm not a tax official or anything like that. I agree with GSV3MIaC ; I had a meeting with my accountant the other day, and he had some interesting ideas on how to avoid manage some of my impending taxes, but personally I'd rather not be looking over my shoulder all my life. Remember that the IF-ISA is pending, and when that comes into effect we'll be able to invest £15,240/yr tax-free ( and I think that is due to increase?), and all the interest that occurs on that will be tax-free. |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 23, 2016 15:49:17 GMT
That does sound interesting, the big question is will that interest stay within the IF-ISA for reinvestment like interest on a normal ISA? I agree with GSV3MIaC ; I had a meeting with my accountant the other day, and he had some interesting ideas on how to avoid manage some of my impending taxes, but personally I'd rather not be looking over my shoulder all my life. Remember that the IF-ISA is pending, and when that comes into effect we'll be able to invest £15,240/yr tax-free ( and I think that is due to increase?), and all the interest that occurs on that will be tax-free. I'm pretty certain that the interest remains with the IF-ISA, so the compounded interest will also be interest-free.
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jsmithe
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Post by jsmithe on Jul 23, 2016 15:52:59 GMT
Very interesting as it would compound very well tax free, let's hope this IF-ISA goes live soon, does anybody know when/if it will? I think other P2P sites do it now.
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ped
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Post by ped on Jul 23, 2016 16:23:58 GMT
Last I heard SS was going to be Jan 2017 before the IF(Ever)-ISA arrives!
Approvals from FSA pending.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 23, 2016 16:48:19 GMT
Very interesting as it would compound very well tax free, let's hope this IF-ISA goes live soon, does anybody know when/if it will? I think other P2P sites do it now. The IF-ISA actually launched on 6th April 2016, but the pending FSA approval is holding the P2P platforms back from offering their IFISA. Bad planning from those at the top TBH. Nobody is quite sure how long this FCA approval will drag on, and I don't think any P2P platform has been fully approved by the FCA to be able to offer a IFISA.
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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 Jul 23, 2016 17:06:45 GMT
Very interesting as it would compound very well t hope this IF-ISA goes live soon, does anybody know when/if it will? I think other P2P sites do it now. The IF-ISA actually launched on 6th April 2016, but the pending FSA approval is holding the P2P platforms back from offering their IFISA. Bad planning from those at the top TBH. Nobody is quite sure how long this FCA approval will drag on, and I don't think any P2P platform has been fully approved by the FCA to be able to offer a IFISA. 8/9 of which Crowđstacker is ťhe only one probably worth even worrying about. The 9th is Abundance which offers a cash IFISA as its P2P products arent authorised for inclusion. jsmithe Quite a lot of IFISA discussion on forums if you do a search incl SS thread
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Post by GSV3MIaC on Jul 23, 2016 20:28:48 GMT
Very interesting as it would compound very well tax free, let's hope this IF-ISA goes live soon, does anybody know when/if it will? I think other P2P sites do it now. None of the major P2P sites are approved yet, however stuffing the max each year into SOME sort of ISA is a given, surely, even if you just leave it there until a more interesting opportunity comes along (you can MOVE ISA money, after all, pretty much without restriction these days). If you started back at PEPs, you could have several £100k squirrelled away outside the tax system (until/unless the goal posts are moved) by now. Yes all the interest and capital growth stays inside the wrapper(s) (so far .. there has been muttering about lifetime limits). Once you've exhausted your ISA allowance (and your partner's naturally), THEN you can embark on SIPPS, EIS, etc (although it is worth noting that if you put it into a SIPP you reduce THIS year's tax bill .. at the cost of increasing some future tax bill maybe .. ISAs are really about reducing the 'rest of your life's tax bill', don't help much with the 40% or 45% this year).
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jsmithe
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Post by jsmithe on Jul 25, 2016 18:08:08 GMT
They seem keen to get in on it, from an SS email reply:-
Hi,
From April the 6th the new Innovative Finance ISA (IFISA) will enable investors to invest up to £15,240 within peer-to-peer platforms. SavingStream are already working on the infrastructure to allow you to take advantage of the tax-free opportunities it offers.
Unfortunately there is still one hurdle to be overcome:
In order to accept and handle IFISA the governing board - the FCA - have confirmed that it will not be possible to offer this unless full authorisation has been given to the company. As the majority of peer to peer companies (Including ourselves) are still operating under interim permission this may delay the introduction.
As soon as the above issues have been resolved we will be able to confirm the details of our IFISA offering - look out for further news on our website.
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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 Jul 25, 2016 20:02:06 GMT
They seem keen to get in on it, from an SS email reply:- Hi, From April the 6th the new Innovative Finance ISA (IFISA) will enable investors to invest up to £15,240 within peer-to-peer platforms. SavingStream are already working on the infrastructure to allow you to take advantage of the tax-free opportunities it offers. Unfortunately there is still one hurdle to be overcome: In order to accept and handle IFISA the governing board - the FCA - have confirmed that it will not be possible to offer this unless full authorisation has been given to the company. As the majority of peer to peer companies (Including ourselves) are still operating under interim permission this may delay the introduction. As soon as the above issues have been resolved we will be able to confirm the details of our IFISA offering - look out for further news on our website. They are also realistic IFISA next year
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Aug 8, 2016 10:43:46 GMT
SS FAQ - or anything coolingdude hasnt answeŗed within 5 min 
Hang on a second... <looks closer at text>........
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Post by retired2005 on Aug 9, 2016 10:49:26 GMT
.....it's the brandy playing trcks with your eyesight ......  |
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mouse
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Post by mouse on Aug 11, 2016 8:06:01 GMT
Is it the case that SS can extend and extend a loan if they choose to ? Therefore a lender does not know for certain on which date a loan is repaid. Have I got that right?
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Post by dualinvestor on Aug 11, 2016 8:11:35 GMT
Is it the case that SS can extend and extend a loan if they choose to ? Therefore a lender does not know for certain on which date a loan is repaid. Have I got that right? Yes, term 9.6 of the Terms and Conditions state "Notwithstanding any other clause in these terms you agree that, in certain circumstances, for example a change in the borrower’s circumstances, and in its absolute discretion, Saving Stream (acting as agent on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract and you will be bound by these amendments." Edit Although you do have the option of trying to sell the loan part at any time on the Secondary Market
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mouse
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Post by mouse on Aug 11, 2016 8:38:45 GMT
Is it the case that SS can extend and extend a loan if they choose to ? Therefore a lender does not know for certain on which date a loan is repaid. Have I got that right? Yes, term 9.6 of the Terms and Conditions state "Notwithstanding any other clause in these terms you agree that, in certain circumstances, for example a change in the borrower’s circumstances, and in its absolute discretion, Saving Stream (acting as agent on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract and you will be bound by these amendments." Edit Although you do have the option of trying to sell the loan part at any time on the Secondary Market Thanks for that dualinvestor. Personally i think for newbies like me especially, SS should make this point more prominent on their website instead of burying it in their T & C's. Any chance someone could add this point be added to the FAQ sticky at the start ? Am i right in thinking that MT seem to be better on this with their option to renew?
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archie
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Post by archie on Aug 11, 2016 8:52:17 GMT
Yes, term 9.6 of the Terms and Conditions state "Notwithstanding any other clause in these terms you agree that, in certain circumstances, for example a change in the borrower’s circumstances, and in its absolute discretion, Saving Stream (acting as agent on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract and you will be bound by these amendments." Edit Although you do have the option of trying to sell the loan part at any time on the Secondary Market Thanks for that dualinvestor. Personally i think for newbies like me especially, SS should make this point more prominent on their website instead of burying it in their T & C's. Any chance someone could add this point be added to the FAQ sticky at the start ? Am i right in thinking that MT seem to be better on this with their option to renew? MT create a renewal loan. Investors in the current loan are repaid, if they chose to renew it'll automatically buy the equivalent amount of the new loan. Anything not renewed is available for everyone to bid on at 4pm that day.
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A tax question, how do you handle your tax?
