brin
I am trying to stay calm.
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Post by brin on Apr 1, 2016 12:04:28 GMT
Thanks for your time as well pom.  |
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Jeepers
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Post by Jeepers on Apr 1, 2016 12:05:15 GMT
So just to confirm... Someone who has no ISA's can open a stocks and shares ISA on 4th April 2016... Put 15k in it then withdraw it on April 6th 2016 and then are they allow to put 30k in and transfer it into in IF ISA?
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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 Apr 1, 2016 12:24:50 GMT
So just to confirm... Someone who has no ISA's can open a stocks and shares ISA on 4th April 2016... Put 15k in it then withdraw it on April 6th 2016 and then are they allow to put 30k in and transfer it into in IF ISA? Yes, as long as it is a Flexible ISA. You can invest 15-16 allowance on 4th April, withdraw it on 6th, then stick the 15-16 allowance back in, plus the 16-17 allowance and then transfer the whole lot to an IFISA but you need to make sure you understand the account terms & conditions and the rules for ISA to make sure you dont get caught out. You doubt have to put the 16-17 allowance in the same place though, it can be somewhere different. Not sure why you would necessarily want a S&S ISA. Money has to be returned to same account during same financial year and you cant transfer the ISA before you have replaced the cash or you loose the allowance, it doesnt move with the ISA See here for James (more experienced technically than me) explanation, the actual HMRC guidance/rules and here for further discussion on offerings Its a minefield to the unawary so be careful and get proper advice as Im just an amateur with no finance background.
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brin
I am trying to stay calm.
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Post by brin on Apr 1, 2016 12:26:00 GMT
So just to confirm... Someone who has no ISA's can open a stocks and shares ISA on 4th April 2016... Put 15k in it then withdraw it on April 6th 2016 and then are they allow to put 30k in and transfer it into in IF ISA? Jeepers. please take everything i say below with a large pinch of salt and then completely ignore anything i say. But i think you can only transfer £15250.00 into the IFISA as that is the max amount allowed in any one tax year. (i think) edit.. phew.. ilmoro got in before me. And as suspected.. I was completely wrong,  i could delete this post, but i wont, as you can see , i still haven't got my head fully round it.
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Post by spareafewcoppersguv on Apr 1, 2016 12:26:28 GMT
So just to confirm... Someone who has no ISA's can open a stocks and shares ISA on 4th April 2016... Put 15k in it then withdraw it on April 6th 2016 and then are they allow to put 30k in and transfer it into in IF ISA? You won't be able to withdraw it directly, but you will be able to transfer it provided the provider of the IFISA accepts transfers (which I am sure they will)... just make sure the one you invest in in the current tax year allows penalty free transfers...
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pom
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Post by pom on Apr 1, 2016 12:31:51 GMT
So just to confirm... Someone who has no ISA's can open a stocks and shares ISA on 4th April 2016... Put 15k in it then withdraw it on April 6th 2016 and then are they allow to put 30k in and transfer it into in IF ISA? Yes, as long as it is a Flexible ISA. You can invest 15-16 allowance on 4th April, withdraw it on 6th, then stick the 15-16 allowance back in, plus the 16-17 allowance and then transfer the whole lot to an IFISA but you need to make sure you understand the account terms & conditions and the rules for ISA to make sure you dont get caught out. You doubt have to put the 16-17 allowance in the same place though, it can be somewhere different. Not sure why you would necessarily want a S&S ISA. Money has to be returned to same account during same financial year and you cant transfer the ISA before you have replaced the cash or you loose the allowance, it doesnt move with the ISA See here for James (more experienced technically than me) explanation and a link to the rules (draft), need to check for final update and here for further discussion on offerings Its a minefield to the unawary so be careful and get proper advice as Im just an amateur with no finance background. Hmm my assumption was you could only withdraw/replace funds from the same tax year, but could be an incorrect assumption. I guess the moral is check ALL the smallprint before you try it
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Jeepers
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Post by Jeepers on Apr 1, 2016 12:49:02 GMT
Yes, as long as it is a Flexible ISA. You can invest 15-16 allowance on 4th April, withdraw it on 6th, then stick the 15-16 allowance back in, plus the 16-17 allowance and then transfer the whole lot to an IFISA but you need to make sure you understand the account terms & conditions and the rules for ISA to make sure you dont get caught out. You doubt have to put the 16-17 allowance in the same place though, it can be somewhere different. Not sure why you would necessarily want a S&S ISA. Money has to be returned to same account during same financial year and you cant transfer the ISA before you have replaced the cash or you loose the allowance, it doesnt move with the ISA See here for James (more experienced technically than me) explanation and a link to the rules (draft), need to check for final update and here for further discussion on offerings Its a minefield to the unawary so be careful and get proper advice as Im just an amateur with no finance background. Hmm my assumption was you could only withdraw/replace funds from the same tax year, but could be an incorrect assumption. I guess the moral is check ALL the smallprint before you try it I think the rules are changing on 6th April 2016 which is causing the confusion. What is a flexible ISA? Is it any kind of ISA which allows transfers?
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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 Apr 1, 2016 12:59:16 GMT
Yes, as long as it is a Flexible ISA. You can invest 15-16 allowance on 4th April, withdraw it on 6th, then stick the 15-16 allowance back in, plus the 16-17 allowance and then transfer the whole lot to an IFISA but you need to make sure you understand the account terms & conditions and the rules for ISA to make sure you dont get caught out. You doubt have to put the 16-17 allowance in the same place though, it can be somewhere different. Not sure why you would necessarily want a S&S ISA. Money has to be returned to same account during same financial year and you cant transfer the ISA before you have replaced the cash or you loose the allowance, it doesnt move with the ISA See here for James (more experienced technically than me) explanation and a link to the rules (draft), need to check for final update and here for further discussion on offerings Its a minefield to the unawary so be careful and get proper advice as Im just an amateur with no finance background. Hmm my assumption was you could only withdraw/replace funds from the same tax year, but could be an incorrect assumption. I guess the moral is check ALL the smallprint before you try it No you can withdraw previous years money, you can also withdraw any interest earnt previously or in current year and put that back as well. It is actual more flexible still regarding current year subscriptions I think but wont complicate matters
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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 Apr 1, 2016 13:05:31 GMT
Hmm my assumption was you could only withdraw/replace funds from the same tax year, but could be an incorrect assumption. I guess the moral is check ALL the smallprint before you try it I think the rules are changing on 6th April 2016 which is causing the confusion. What is a flexible ISA? Is it any kind of ISA which allows transfers? No it is a specific definition of an ISA that allows withdrawl & replacement of funds without loss of taxfree status. and many places wont offer them. Need to be very careful as many banks etc use the term flexible when it doesnt mean Flexible in a regulatory sense. If you withdraw cash from an ISA currently you cant reinvest it and that will continue to be the case unless the ISA is defined as Flexible. Some banks are offering ISA now that will become Flexible after 6/4 when rules change Skipton, LLoyds, Halifax are the main ones, Share Centre is one for S&S. FC will be flexible when it launches. Note it is only cash that can be withdrawn you cant take shares or P2P loans out of an ISA wrapper & put them back in.
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pom
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Post by pom on Apr 1, 2016 13:07:46 GMT
Hmm my assumption was you could only withdraw/replace funds from the same tax year, but could be an incorrect assumption. I guess the moral is check ALL the smallprint before you try it No you can withdraw previous years money, you can also withdraw any interest earnt previously or in current year and put that back as well. It is actual more flexible still regarding current year subscriptions I think but wont complicate matters Assuming of course you can find someone providing Flexible ISAs (already had a letter from one bank saying they won't be) that also allows transfers-in
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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 Apr 1, 2016 13:19:14 GMT
So just to confirm... Someone who has no ISA's can open a stocks and shares ISA on 4th April 2016... Put 15k in it then withdraw it on April 6th 2016 and then are they allow to put 30k in and transfer it into in IF ISA? Jeepers. please take everything i say below with a large pinch of salt and then completely ignore anything i say. But i think you can only transfer £15250.00 into the IFISA as that is the max amount allowed in any one tax year. (i think) edit.. phew.. ilmoro got in before me. And as suspected.. I was completely wrong, i could delete this post, but i wont, as you can see , i still haven't got my head fully round it. For basic ISA 2016 onwards rules you may find this post helpful p2pindependentforum.com/post/84268/thread. It doesnt include Flexible ISA, might try an write something similar but it can get very complicated.
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ablender
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Post by ablender on Apr 1, 2016 14:15:27 GMT
I can see the interest earned for each investment but not an overall figure for all investments Tax statement is configurable so that could be used for a monthly total. Very clever. Never thought of that.
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stokeloans
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Post by stokeloans on Apr 2, 2016 11:07:17 GMT
Has anyone seen this ?
"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."
That was taken from Ratesetters latest communications with it's customers.
So we won't have to take out our interest,currently around 6% on the 5 year market and put it into a cash ISA paying a fraction of that in order to take advantage of the P2P ISAs when they do materialise.
I would imagine SS will offer the same,no ?
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Post by spareafewcoppersguv on Apr 2, 2016 11:15:34 GMT
Has anyone seen this ? "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." That was taken from Ratesetters latest communications with it's customers. So we won't have to take out our interest,currently around 6% on the 5 year market and put it into a cash ISA paying a fraction of that in order to take advantage of the P2P ISAs when they do materialise. I would imagine SS will offer the same,no ? Who knows. It would be great if HMRC allow this, and if they do and SS do offer this facility, then you shouldn't have to sell down and buy back for the 2016/17 tax year, but if you haven't taken out a 2015/16 ISA and want to be able to get that £15,240 into a tax free wrapper as well then you will have to do that ( take out our interest,currently around 6% on the 5 year market and put it into a cash ISA paying a fraction) - and do it soon!!!!
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pom
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Post by pom on Apr 2, 2016 11:15:58 GMT
Has anyone seen this ? "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." That was taken from Ratesetters latest communications with it's customers. So we won't have to take out our interest,currently around 6% on the 5 year market and put it into a cash ISA paying a fraction of that in order to take advantage of the P2P ISAs when they do materialise.I would imagine SS will offer the same,no ? You would never have needed to do that anyway, unless you haven't yet used your 2015-16 allowance and wanted to. And note they talk about moving money from your RS account to the ISA, NOT loans, so no guarantee you'd still get 6% by the time you'd sold out (with penalties) and reinvested...
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i could delete this post, but i wont, as you can see , i still haven't got my head fully round it.
