jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
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Post by jonah on Apr 4, 2016 20:40:19 GMT
As I couldn't find an existing thread... nice pop up asking if I was interested chris .... I said yes. Basically upon logon I was asked to register for info on IFISA with AC. Simple yes / no / more info. Nice way of telling existing customers this is coming on this platform. |
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AC isa
Apr 5, 2016 8:49:13 GMT
Post by brianac on Apr 5, 2016 8:49:13 GMT
Soon as I clicked yes pop-up disappeared didn't see more info bit, couldn't find any more info on site. Was expecting some sort of confirmation E mail with more info but nothing yet.
Any more detail available yet?
Brian
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428 
Likes: 1,212
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Post by sqh on Apr 5, 2016 9:26:28 GMT
chrisThere is no point in offsetting any P2P losses against tax in an IFISA, so the P2P platform(s) that will win my IFISA will need to give me the chance to sell any bad loans to a my non-ISA account.
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AC isa
Apr 5, 2016 9:30:28 GMT
Post by chris on Apr 5, 2016 9:30:28 GMT
Soon as I clicked yes pop-up disappeared didn't see more info bit, couldn't find any more info on site. Was expecting some sort of confirmation E mail with more info but nothing yet. Any more detail available yet? Brian .
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Post by chris on Apr 5, 2016 9:32:47 GMT
chris There is no point in offsetting any P2P losses against tax in an IFISA, so the P2P platform(s) that will win my IFISA will need to give me the chance to sell any bad loans to a my non-ISA account. Hmm... the opposite of bed and ISA (which is forbidden). I have no idea if there are any rules against it so I'll need to check. To play devil's advocate I suspect you'd need to make the transfer before the loan becomes bad otherwise it's not an unexpected loss, but I'll check and report back.
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AC isa
Apr 5, 2016 11:31:41 GMT
Post by brianac on Apr 5, 2016 11:31:41 GMT
Soon as I clicked yes pop-up disappeared didn't see more info bit, couldn't find any more info on site. Was expecting some sort of confirmation E mail with more info but nothing yet. Any more detail available yet? Brian . Thankz Brian
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AC isa
Apr 5, 2016 12:12:58 GMT
Post by chris on Apr 5, 2016 12:12:58 GMT
chris There is no point in offsetting any P2P losses against tax in an IFISA, so the P2P platform(s) that will win my IFISA will need to give me the chance to sell any bad loans to a my non-ISA account. The feedback I've had thus far is that there are possibly genuine reasons that we'd offer such a tool, but if it were used for the purpose you describe then HMRC could interpret that as tax avoidance. That's something the platform needs to take advice on to make sure providing such a tool would not leave us open to recourse and lenders would need to take their own advice on before trying to claim tax relief in this way. I'll keep the discussion going internally but no promises yet either way.
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investibod
Member of DD Central
Posts: 288
Likes: 152
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AC isa
Apr 5, 2016 14:05:30 GMT
Post by investibod on Apr 5, 2016 14:05:30 GMT
Soon as I clicked yes pop-up disappeared didn't see more info bit, couldn't find any more info on site. Was expecting some sort of confirmation E mail with more info but nothing yet. Any more detail available yet? Brian . The web page implies (but does not say) that the ISA launch is imminent. chris do AC have full FCA authorisation? and when are you realistically hoping to be accepting funds into an ISA?
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AC isa
Apr 5, 2016 14:09:37 GMT
Post by chris on Apr 5, 2016 14:09:37 GMT
The web page implies (but does not say) that the ISA launch is imminent. chris do AC have full FCA authorisation? and when are you realistically hoping to be accepting funds into an ISA? We do not yet have full FCA authorisation. I cannot give a timeline as we're in the hands of the FCA. You're likely to have at least two weeks notice of launch though as we'll need to apply to HMRC once we have FCA authorisation (as I understand it).
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AC isa
Apr 5, 2016 14:40:24 GMT
via mobile
Post by msa on Apr 5, 2016 14:40:24 GMT
Will there be a way to transfer existing MLIA / GBBA / QAA holdings into the ISA without having to liquidate, moving the cash and repurchase them?
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AC isa
Apr 5, 2016 15:20:04 GMT
Post by chris on Apr 5, 2016 15:20:04 GMT
Will there be a way to transfer existing MLIA / GBBA / QAA holdings into the ISA without having to liquidate, moving the cash and repurchase them? All I know at this stage is that all transfers have to go via the open market. It would be a breach of ISA rules to let you transfer loan units from your non-ISA accounts into an ISA account without there being the possibility of others purchasing them instead of you or of you only being able to buy your loan units and not someone else's. I am seeking clarification on some practical definitions within that though.
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AC isa
Apr 5, 2016 22:03:16 GMT
Post by stuartassetzcapital on Apr 5, 2016 22:03:16 GMT
chris There is no point in offsetting any P2P losses against tax in an IFISA, so the P2P platform(s) that will win my IFISA will need to give me the chance to sell any bad loans to a my non-ISA account. Hmm... the opposite of bed and ISA (which is forbidden). I have no idea if there are any rules against it so I'll need to check. To play devil's advocate I suspect you'd need to make the transfer before the loan becomes bad otherwise it's not an unexpected loss, but I'll check and report back. Actually Bed and ISA is the legal version of transferring existing investments (via an open market) into an ISA ;-)
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Post by chris on Apr 5, 2016 22:06:27 GMT
Hmm... the opposite of bed and ISA (which is forbidden). I have no idea if there are any rules against it so I'll need to check. To play devil's advocate I suspect you'd need to make the transfer before the loan becomes bad otherwise it's not an unexpected loss, but I'll check and report back. Actually Bed and ISA is the legal version of transferring existing investments (via an open market) into an ISA ;-) And this is why I let you and the rest of the team deal with the all legally type bits, and I just stick to the coding 
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Post by stuartassetzcapital on Apr 5, 2016 22:06:39 GMT
There are various ways that people legally transfer share holdings into an ISA and we will do the same, if only to annoy other platforms who may find this a technical or legal challenge ;-) Actually it's because our customers want it too and we are getting advice on how to do it correctly even after an HMRC audit afterwards. Expect an easy answer for QAA, GEIA and GBBA and a little head scratching on MLIA but an eventual answer.
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pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
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AC isa
Apr 5, 2016 22:35:06 GMT
Post by pikestaff on Apr 5, 2016 22:35:06 GMT
chris There is no point in offsetting any P2P losses against tax in an IFISA, so the P2P platform(s) that will win my IFISA will need to give me the chance to sell any bad loans to a my non-ISA account. The regulations require sales by an ISA to be at market value. If they are at market value, selling to a non-ISA account achieves nothing - which is the reason for the rule. Income in the ISA is not taxable and the quid pro quo is that losses are not deductible. A platform which lost sight of that principle and permitted sales by an ISA to be put through the "market" at an overvalue would be putting itself and its lenders at risk.
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