ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,165 
Likes: 10,278
|
Post by ilmoro on Feb 3, 2017 1:56:04 GMT
ilmoro Could you add a column for which IFISAs are flexible? This can be an important consideration for those who've paid into a HTB ISA during the tax year. The Abundance one is flexible. LandlordInvest makes no mention of flexibility so presumably isn't (@filipkaradaghi can you confirm?). I haven't checked any others yet. It something Id considered (think it was there in the original version) but it didnt look like anyone except Abundance offered it. Not sure how it relates to HTB ISA as they cant be flexible AIUI and count as cash ISA. Anyway happy to add column it if it would be useful
|
|
|
|
Post by Matthew on Feb 3, 2017 8:41:05 GMT
ilmoro Could you add a column for which IFISAs are flexible? This can be an important consideration for those who've paid into a HTB ISA during the tax year. The Abundance one is flexible. LandlordInvest makes no mention of flexibility so presumably isn't (@filipkaradaghi can you confirm?). I haven't checked any others yet. It something Id considered (think it was there in the original version) but it didnt look like anyone except Abundance offered it. Not sure how it relates to HTB ISA as they cant be flexible AIUI and count as cash ISA. Anyway happy to add column it if it would be useful Our ISA won't be a flexible ISA, at least not initially. We will revisit depending on demand/feedback from lenders.
|
|
dzo
Member of DD Central
Posts: 158
Likes: 150
|
Post by dzo on Feb 3, 2017 10:10:20 GMT
ilmoro Could you add a column for which IFISAs are flexible? This can be an important consideration for those who've paid into a HTB ISA during the tax year. The Abundance one is flexible. LandlordInvest makes no mention of flexibility so presumably isn't (@filipkaradaghi can you confirm?). I haven't checked any others yet. It something Id considered (think it was there in the original version) but it didnt look like anyone except Abundance offered it. Not sure how it relates to HTB ISA as they cant be flexible AIUI and count as cash ISA. Anyway happy to add column it if it would be useful Thanks. The reason I say it relates to HTB ISAs is because they count as a cash ISA so if you've contributed to a HTB ISA, you can't open a flexible cash ISA in the same tax year. That makes flexibility in other types of ISA a more important factor.
|
|
|
|
Post by Deleted on Feb 3, 2017 11:34:03 GMT
ilmoro Could you add a column for which IFISAs are flexible? This can be an important consideration for those who've paid into a HTB ISA during the tax year. The Abundance one is flexible. LandlordInvest makes no mention of flexibility so presumably isn't (@filipkaradaghi can you confirm?). I haven't checked any others yet. Hi dzo. We will offer a flexible ISA and will probably do so the next week as we are testing the tech before adding it to the live platform. We'll update our IFISA T&Cs once our flexible ISA becomes available.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Feb 3, 2017 20:44:40 GMT
The reason I say it relates to HTB ISAs is because they count as a cash ISA so if you've contributed to a HTB ISA, you can't open a flexible cash ISA in the same tax year. That makes flexibility in other types of ISA a more important factor. You can subscribe to any number of cash ISA accounts provided that they are all with the same ISA manager. So first check is whether the cash ISA provider you're with offers one. If not you could consider a transfer. The approximate guidance that it's only one account of each type is not quite right, just simplified to make it easier to understand.
|
|
mason
Member of DD Central
Posts: 662
Likes: 640
|
Post by mason on Feb 3, 2017 21:45:06 GMT
ilmoro Could you add a column for which IFISAs are flexible? This can be an important consideration for those who've paid into a HTB ISA during the tax year. It something Id considered (think it was there in the original version) but it didnt look like anyone except Abundance offered it. Not sure how it relates to HTB ISA as they cant be flexible AIUI and count as cash ISA. Anyway happy to add column it if it would be useful Flexibility will be an important consideration because there will be times on most platforms when lack of loan supply will prevent reinvestment of repaid funds. Being able to pull money out of the IF ISA temporarily will allow the capital to be deployed elsewhere. If flexibility proves to be the exception rather than the rule, then perhaps it could be mentioned in the comments.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Feb 3, 2017 21:55:54 GMT
Not just for temporary reinvest elsewhere within P2P, either. Things like buying VCTs or a kitchen or a car can create temporary demand for the odd the thousand or two that will be replaced later.
|
|
|
|
Post by Deleted on Feb 3, 2017 23:09:59 GMT
Can I just check I my understanding is correct, I can open multiple IFISA this tax year as long as I only put new money in one and transfer in old money into the others?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,165
Likes: 10,278
|
Post by ilmoro on Feb 3, 2017 23:34:08 GMT
The reason I say it relates to HTB ISAs is because they count as a cash ISA so if you've contributed to a HTB ISA, you can't open a flexible cash ISA in the same tax year. That makes flexibility in other types of ISA a more important factor. You can subscribe to any number of cash ISA accounts provided that they are all with the same ISA manager. So first check is whether the cash ISA provider you're with offers one. If not you could consider a transfer. The approximate guidance that it's only one account of each type is not quite right, just simplified to make it easier to understand. You cant subscribe to separate HTB & Cash ISA with the same ISA manager if they are separate accounts. You can subscribe to multiple products within one account, know as a split ISA (HMRC HTB ISA regs 4.7 clause V) Nationwide, Aldermore, Natwest, Ulster, Newcastle offer this. Nationwide is a flexible account, havent checked rest.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,165
Likes: 10,278
|
Post by ilmoro on Feb 3, 2017 23:50:05 GMT
Can I just check I my understanding is correct, I can open multiple IFISA this tax year as long as I only put new money in one and transfer in old money into the others? Correct. You can only open one with current year money (assuming you havent used full annual allowance) but you can open as many as you like with funds transferred from previous year S&S/cash isa (provider t&cs permit)
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 893
|
Post by stevio on Feb 3, 2017 23:57:57 GMT
Think I'd still at the moment have just a flexible cash ISA, deposit then withdraw to keep allowance, then invest back in P2P
|
|
mason
Member of DD Central
Posts: 662
Likes: 640
|
Post by mason on Feb 4, 2017 7:06:11 GMT
Think I'd still at the moment have just a flexible cash ISA, deposit then withdraw to keep allowance, then invest back in P2P I'm not sure I understand that, unless you mean just until an IF ISA becomes available at one of your preferred platforms.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 893
|
Post by stevio on Feb 4, 2017 9:31:51 GMT
It something Id considered (think it was there in the original version) but it didnt look like anyone except Abundance offered it. Not sure how it relates to HTB ISA as they cant be flexible AIUI and count as cash ISA. Anyway happy to add column it if it would be useful Flexibility will be an important consideration because there will be times on most platforms when lack of loan supply will prevent reinvestment of repaid funds. Being able to pull money out of the IF ISA temporarily will allow the capital to be deployed elsewhere. If flexibility proves to be the exception rather than the rule, then perhaps it could be mentioned in the comments. Yes, particularly as new funds can only go into one ISA manager, so if want to invest the full allowance of new funds (which if you don't you will lose it), you need to be confident it can be utilised. Some of the platform's with IFISAs don't have a great deal flow
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Feb 4, 2017 12:38:14 GMT
You can subscribe to any number of cash ISA accounts provided that they are all with the same ISA manager. So first check is whether the cash ISA provider you're with offers one. If not you could consider a transfer. The approximate guidance that it's only one account of each type is not quite right, just simplified to make it easier to understand. You cant subscribe to separate HTB & Cash ISA with the same ISA manager if they are separate accounts. You can subscribe to multiple products within one account, know as a split ISA (HMRC HTB ISA regs 4.7 clause V) Nationwide, Aldermore, Natwest, Ulster, Newcastle offer this. Nationwide is a flexible account, havent checked rest. We don't disagree about what you can do but the difference between us is the use of "account". 4.7 clause V says: " have not subscribed, and will not subscribe, to a cash account (as described in Regulation 4(1A)(a) of the ISA Regulations) other than the Help to Buy: ISA in any year of assessment (as that term is used in the ISA Regulations) in which a subscription is made to the Help to Buy: ISA held by that individual. For the avoidance of doubt this, this paragraph (A)(v) shall not prevent an individual from subscribing to multiple ISA products within an individual savings account; and" That's using "account" in the "individual savings account" meaning rather than the "thing with an account number" meaning that account normally means. To avoid creating confusion I use account with it's normal meaning and ISA manager to cover the combining of multiple things held by the same manager. I'll ponder tweaking my description to say something like "multiple accounts within the same ISA" but while that's more strictly correct I think it's also more likely to confuse than "multiple accounts with the same ISA manager". The managers aren't going to let anyone open multiple ISAs, just multiple accounts. Would be more handy if "Individual Savings Account" was called "Individual Savings Wrapper" so we could avoid the multiple use of "account" and write "you can have an unlimited number of accounts within the same Individual Savings Wrapper".
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Feb 4, 2017 12:50:00 GMT
Think I'd still at the moment have just a flexible cash ISA, deposit then withdraw to keep allowance, then invest back in P2P That works for that purpose but it doesn't do you any good if you want to temporarily withdraw money for something else or because there's not enough loan supply that interests you at a particular IF ISA. I wouldn't want to keep tens of thousands of Pounds outside the ISA wrapper when the flexible ISA feature of allowing withdrawing and "replacement subscriptions" makes it possible to use the ISA. Essentially, not offering that flexibility feature would encourage the alternative of larger moves out - at least the whole current year subscription - via ISA transfers instead to a place which does offer the feature and those are likely to be more painful for both platform and customer as a way to achieve the same end result. Firms can't stop people from doing it, they can just make themselves less attractive by increasing the hassle factor of using them.
|
|
