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Post by Deleted on Dec 4, 2016 15:41:18 GMT
With the IFISA stating only one ISA can be opened a year for new ISA money, I definitely want to open one for the 16/17 tax year.
With it looking ever more quiet and time ticking among the larger platforms I'm starting to look elsewhere for this year.
I was ready to move when Lending Works launch (planned for Jan) but with modest rates and a long lead time already I've been keeping my eyes open.
I've also been pointed in the direction of Abundance Green ISA, my main concern currently is how many loans they will have come online between now and April making diversification within the platform difficult.
I can't be the only one mulling this over ??
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archie
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Post by archie on Dec 4, 2016 15:49:11 GMT
At one stage it was said a number of platforms will be authorised in January, I'm waiting until February to assess the position.
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Post by Deleted on Dec 4, 2016 16:54:06 GMT
At one stage it was said a number of platforms will be authorised in January, I'm waiting until February to assess the position. Interesting, hadn't even heard a whisper of a rumour. Perhaps I shouldn't peak too early on this one. I see abundance accept transfers in so if I understand correctly I can put money in a cash ISA this year and transfer some of it to them in 17/18 while opening a new money ISA elsewhere!
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james
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Post by james on Dec 4, 2016 19:06:30 GMT
With the IFISA stating only one ISA can be opened a year for new ISA money The ISA rules don't say that. You can open an unlimited number of accounts to hold current year money but only one of them at a time is allowed to have current year money in it. The simplified form used for customer declarations isn't an accurate statement of the actual rules. The usual remedy is to use money that was placed in any type of ISA in a previous tax year. Money placed in a cash ISA or S&S ISA is fine and can later be transferred to any other type of adult ISA. But ISAs don't have to accept transfers in and some are limited to new money only, often to limit uptake. If the money is in an ISA that offers the flexible ISA feature of allowing withdrawing and making replacement subscriptions that don't count against the annual limit you can do things like withdrawing 90k, investing in ISA, then selling and replacing within the ISA before the end of the tax year. This keeps the money within the ISA wrapper but lets you still be in the P2P platforms of your choice, provided you have the necessary exit route within the required timeframe. So forget about being restricted to just a few platforms and invest where you like, so long as you have an exit that will let you withdraw the money and put it in say a flexible cash ISA before the end of the tax year. Best to open one of those now since it can take a little while to get open.
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Post by Deleted on Dec 4, 2016 19:43:10 GMT
james wow that was bewildering Thanks obviously for taking the time to write it and I follow the concept of flexible ISA and your correction on only opening one ISA for new money but .... Why can I ask would I need multiple IFISA for new money in one year if new money can only be in one at a time? Surely I'm not going to clear accounts and move around that often in the P2P environment!
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james
Posts: 2,205
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Post by james on Dec 4, 2016 21:21:36 GMT
Why can I ask would I need multiple IFISA for new money in one year if new money can only be in one at a time? Surely I'm not going to clear accounts and move around that often in the P2P environment! Maybe you become unhappy with a platform you're in and want to switch. Or maybe you're short of money in one and want to move the current year money and replace it with a lower amount of past year money.
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