pom
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Post by pom on Mar 23, 2017 8:05:42 GMT
Is there any restriction in a tax year to the number of ISAs you can open to transfer in previous year's allowances? Only restrictions I've ever seen is for new money. After that I assume it would get far too complex to check anyway. Only thing to watch out for is whether partial transfers are allowed - I got very annoyed that my grandfather's S&S ISA wouldn't even allow withdrawal of the income, it was all or nothing (although thinking about it that might have been because we were wanting a withdrawal rather than a transfer....but anyway always best to check Ts&Cs), but that was a few years ago now and hopefully they're all a lot more sensible now.
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ilmoro
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Post by ilmoro on Mar 23, 2017 8:22:58 GMT
Pretty well covered by previous posters
One point - you can transfer direct from an S&S ISA but the transfer has to be in cash form so the portfolio would need to be liquated first, doesnt have to go to a cash isa as an intermediate step.
Worth noting that in the short term transferring out of IFISA might not prove straightforward, as mainstream banks may not recognise p2p providers as genuine sources of transfers and expect transfers to be made by cheque which P2P lenders cant provide.
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ilmoro
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Post by ilmoro on Mar 23, 2017 8:29:00 GMT
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dzo
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Post by dzo on Mar 23, 2017 19:27:45 GMT
I just wanted to ask a question, but also bring to other people's attention a post that pom made on another less frequented thread that might benefit others here on a more popular thread (Not sure how to link to or quote, so I hope you don't mind pom I just cut an pasted) If you're that uncertain then given there's so little time left rather than rush into something you may potentially regret later, why not bung it all in a cash ISA (or put a smaller amount in an IFISA and the rest in a cash ISA) and then transfer it into potentially more than one IFISA after Apr 6th.This seems like a very sensible idea! Can I just ask, I presume the premise here is if your opening an IFISA with 'new' money this year, can you only open one? Therefore by transferring previous year's allowances instead, which I presume you can make multiple transfers to multiple IFISA's, you can then potentially diversify? Does anyone know how LISA will effect the number of ISA's you can open in a year? Tagging james and ilmoro as they seem to be extremely good with ISA rules! I intend to follow the pom plan also. It's worth mentioning that you can combine it with a flexible ISA, meaning you could put £15240 into an ISA on 5th of April, take it out again on the 6th, and then use the now-empty ISA as a gateway to as many new IFISAs as you like next year.
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stevio
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Post by stevio on Mar 23, 2017 20:53:12 GMT
Is there any restriction in a tax year to the number of ISAs you can open to transfer in previous year's allowances? Only restrictions I've ever seen is for new money. After that I assume it would get far too complex to check anyway. Only thing to watch out for is whether partial transfers are allowed - I got very annoyed that my grandfather's S&S ISA wouldn't even allow withdrawal of the income, it was all or nothing (although thinking about it that might have been because we were wanting a withdrawal rather than a transfer....but anyway always best to check Ts&Cs), but that was a few years ago now and hopefully they're all a lot more sensible now. I obviously don't know the exact circumstances, but I read if you try to transfer funds that you have only just invested in that same tax year, you need to transfer the full amount plus any income. Once past the end of the tax year, your free to do partial transfers
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mason
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Post by mason on Mar 23, 2017 21:50:08 GMT
I obviously don't know the exact circumstances, but I read if you try to transfer funds that you have only just invested in that same tax year, you need to transfer the full amount plus any income. Once past the end of the tax year, your free to do partial transfers You can flexibly withdraw part of your current year funds and subscribe them to a different type of ISA, providing you have not already subscribed to a different ISA of the same type in the current tax year. There's not really much point in loading a cash ISA very long before the end of the tax year though.
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pom
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Post by pom on Mar 23, 2017 22:38:37 GMT
Only restrictions I've ever seen is for new money. After that I assume it would get far too complex to check anyway. Only thing to watch out for is whether partial transfers are allowed - I got very annoyed that my grandfather's S&S ISA wouldn't even allow withdrawal of the income, it was all or nothing (although thinking about it that might have been because we were wanting a withdrawal rather than a transfer....but anyway always best to check Ts&Cs), but that was a few years ago now and hopefully they're all a lot more sensible now. I obviously don't know the exact circumstances, but I read if you try to transfer funds that you have only just invested in that same tax year, you need to transfer the full amount plus any income. Once past the end of the tax year, your free to do partial transfers In that case it was purely income, but no partial withdrawals allowed, closure or reinvest (the ISA had been running a number of years so may have just been dated Ts&Cs). Luckily I then worked out he didn't actually need the income anyway so just waited to liquidate it all when he died and went elsewhere when I started again for me.
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pom
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Post by pom on Mar 23, 2017 22:42:36 GMT
There's not really much point in loading a cash ISA very long before the end of the tax year though. I can see myself falling into a pattern of doing IFISA at start of year with transfers and some new cash, and cash ISA right at the end with remaining new cash...and repeat and repeat....
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elliotn
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Post by elliotn on Mar 24, 2017 15:44:41 GMT
MT  |
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stevio
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Post by stevio on Mar 24, 2017 16:13:07 GMT
MT No mention of ISA yet?
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ilmoro
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Post by ilmoro on Mar 24, 2017 16:18:49 GMT
No chance, usually takes a couple of weeks to get HMRC approval and that takes them beyond FYE
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ilmoro
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Post by ilmoro on Mar 28, 2017 6:56:48 GMT
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Liz
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Post by Liz on Mar 28, 2017 13:37:20 GMT
I wonder who will be next? Maybe the big sites will get authorised together soon. Sauces tell me that FS is very close.
FS will be a good one because you will(hopefully) be able to buy on the SM at a discount, boosting returns.
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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 Mar 28, 2017 15:03:10 GMT
In answer to LizUKbondnetwork just launched, 1% cashback on initial investment until 1/6, £5k min, transfers accepted, 9-14%, no fees, corporate not mini bonds. |
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Liz
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Post by Liz on Mar 28, 2017 15:21:57 GMT
In answer to Liz UKbondnetwork just launched, 1% cashback on initial investment until 1/6, £5k min, transfers accepted, 9-14%, no fees, corporate not mini bonds. Is that the same UK bondnetwork where I have a loan through them on TC? The loan BTW hasn't repaid on time. If it is the same company then I expect them to be able to source a lot of loans from the getgo.
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