SteveT
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Post by SteveT on Apr 2, 2016 11:18:32 GMT
Not certain I understand your point, but it ought certainly be possible (once platforms launch their IFISA accounts) to transfer cash (as opposed to loan holdings) direct from a non-ISA account into an IFISA account. [crossed with pom] |
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mikes1531
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Post by mikes1531 on Apr 7, 2016 3:17:34 GMT
Tax statement is configurable so that could be used for a monthly total. Very clever. Never thought of that. What I do is look at two numbers from my transaction statement -- my balance immediately before the interest payments started being posted, and my balance after all the interest credits were made. The difference is the total interest credited, and means you don't need to add up all the interest credits to find the total credited at the end of every month. The downside is that it won't include any odd bits of interest that might have been credited during the month, such as if a loan is repaid. In addition to the tax statement method, if you import the statement into Excel (or equivalent) you can use filters to separate out all the interest payments.
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mikes1531
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Post by mikes1531 on Apr 7, 2016 3:26:44 GMT
I understand the advantages of putting a 2015/16 contribution into a Flexible ISA so that it could be withdrawn on 6/Apr/16 and put into taxable P2P until IFISAs become available later in the year... earn at a good rate while waiting for IFISAs, then extract the money from the taxable P2P and put it back into the Flexible ISA before doing an ISA-to-IFISA transfer.
But what's the advantage of putting a 2016/17 contribution into a Flexible ISA on 6/Apr/16 just so that it could be withdrawn a few days later and put into taxable P2P until IFISAs become available later in the year? Why not just delay the 2016/17 contribution until it can be put directly into an IFISA? What am I missing?
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Post by GSV3MIaC on Apr 7, 2016 16:11:42 GMT
Nothing. Unless ifisas don't appear until 2017/8, and even then you could jump in march 2017.
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james
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Post by james on Apr 9, 2016 0:59:37 GMT
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 The past year money has to go to the same account. The unused current year allowance gets transferred. Replacement subscriptions reverse current year subscriptions before reversing past year subscriptions, to maximise the amount of allowance that gets transferred.
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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 9, 2016 9:03:15 GMT
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 The past year money has to go to the same account. The unused current year allowance gets transferred. Replacement subscriptions reverse current year subscriptions before reversing past year subscriptions, to maximise the amount of allowance that gets transferred. Other way round. Replacement subscriptions reverse past year subscriptions then current. Past year & any current year interest have to go back to same ISA, current replacement subscriptions can go to any current year ISA as long as no more than one ISA of type rule is followed. If you had already subscribed to a type of ISA with current year money you would still have to transfer the ISA even if you had withdrawn the current year money rather than open a new one of the same type.
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james
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Post by james on Apr 9, 2016 9:12:47 GMT
The past year money has to go to the same account. The unused current year allowance gets transferred. Replacement subscriptions reverse current year subscriptions before reversing past year subscriptions, to maximise the amount of allowance that gets transferred. Other way round. Replacement subscriptions reverse past year subscriptions then current. Past year & any current year interest have to go back to same ISA, current replacement subscriptions can go to any current year ISA as long as no more than one ISA of type rule is followed. If you had already subscribed to a type of ISA with current year money you would still have to transfer the ISA even if you had withdrawn the current year money rather than open a new one of the same type. Thanks, you're right that it's previous year funds replaced first: " 6.80 Flexible ISA withdrawals are deemed to be firstly of current year subscriptions, and secondly of previous year funds. Replacements are deemed to be firstly of previous year funds, and secondly of current year subscriptions"
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Post by brokenbiscuits on May 2, 2016 18:00:26 GMT
Pulled out the interest for the first time for me.
Just because of lack of options!
Will be in a interest bearing account until the next pre fund comes along.
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micky
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Post by micky on May 2, 2016 18:12:22 GMT
Investing in the SM is difficult but i managed to pick up some PBL 94 this morning. Would you mind sharing where you deposit your interest withdrawals or is Santander 123 still the best CA for fairly large deposits?
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ben
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Post by ben on May 2, 2016 18:16:32 GMT
what do you class as fairly large? and what other accouts do you have, quite a few other accounts pay more but on smaller amounts then the Santander account and if unless you talking about £1000's I doubt it worth it for a few days as at the moment SS are doing about 2 loans a month
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Post by earthbound on May 2, 2016 18:36:23 GMT
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micky
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Post by micky on May 2, 2016 19:25:30 GMT
Yep but you've got to be fast.
It is accounts for the 1000's that i would be interested to hear about especially if higher than 123. Thanks
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Post by brokenbiscuits on May 2, 2016 19:38:30 GMT
Not sure if it's still a thing, but you could get hold of 2 tsb accounts each. Meaning in a relationship you can store up to 8k at 5%.
That's where I keep my surplus.
I don't use the accounts Like a current account, but may start after reading about being able to pull a further £5 a month in each by using contactless payments with them.
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micky
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Post by micky on May 2, 2016 20:00:17 GMT
Many thanks bb I will investigate further.
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micky
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Post by micky on May 2, 2016 20:08:12 GMT
Ive just had a quick read on the tsb website it seems that it's max at £2000 per person though, never mind!!
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