pom
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Post by pom on Feb 8, 2017 19:09:07 GMT
Given the approvals have all been tiddlers so far I won't be holding my breath "Tiddlers"?! Thanks pom Sheesh sensitive...ok changed to mostly. But personally I think you should pride yourself on being smaller and able to provide a more personal service, that you've not grown too big for your boots to communicate well etc. Besides my point remains that none of the big ones have it yet...
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fp
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Post by fp on Feb 8, 2017 19:14:26 GMT
4.7% max - worth 5.8% to a 20% tax payer, and 7.8% to a 40% tax payer. Not very useful. Congratulations though to LW. Am I right in saying worth 11.75% to a 60% tax payer? Very very useful 😉 There is an 11%er on Landlordinvest, thats worth 27.5% to you in real terms isn't it?
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ilmoro
Member of DD Central
'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 Feb 8, 2017 19:26:02 GMT
An e-mail from Money&Co. They now have full FCA approval (was Interim) and expect to shortly offer an IFyISA I don't see their name on the HMRC Approved ISA List above, but that may be a timing issue. Hopefully the FCA logjam is about to disapear. Denmark Sq (money&co parent) was only authorised on 3/2 and it usually takes 2 weeks roughly for HMRC to sign off on ISA manager status once applied. Given the list was updated yesterday (correcting previous update from Jan) and usually appears every 2-3 months (last was Oct) doubt you will see them on the published list for a while. You'll probably hear it here first
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,845
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Post by ilmoro on Feb 8, 2017 19:31:00 GMT
Sheesh sensitive...ok changed to mostly. But personally I think you should pride yourself on being smaller and able to provide a more personal service, that you've not grown too big for your boots to communicate well etc. Besides my point remains that none of the big ones have it yet... Yes, but none of the big boys have a spinning cross on their pop-up which has kept me entertained for 30 seconds. No chance of them letting me have an ISA as Ive clearly just failed the cunning age verification At first glance their ISA guide appears to be one of the best Ive seen (sure james will along with corrections later )
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mason
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Post by mason on Feb 8, 2017 19:46:57 GMT
Your also constrained to one platform with the IFISA (at least initially). Not if you have sufficient ISA funds from previous tax years available for transfer.
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james
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Post by james on Feb 8, 2017 20:20:58 GMT
At first glance their ISA guide appears to be one of the best Ive seen (sure james will along with corrections later ) All I can really do is mention minor nits. Might as well so they can tweak it. It says "helps maximise" instead of "helps to maximise", "Open your ISA within minutes for free", extra for and "You can transfer any money you've saved or invested in ISAs from previous tax years to as many ISAs as you'd like", redundant 'd, and "eligible for a tax efficiency" vs "eligible for tax savings" so it looks as though at least part was written by a person more accustomed to US English. Not sure about "unlimited ISA monies", I'd use "money". "Earn market-leading rates" doesn't really seem to be true, depending on how market is defined. If I can get over 14% AER taxable today on the Ablrate secondary market, and I can, 4.0 and 4.7% tax free don't seem to be leading much. And it can't be a comparison with savings accounts because that would make the FCA unhappy. The feedback button mostly covers the cookie policy acceptance button. "To open an ISA with Lending Works, you must be aged 18 or over and resident in the UK (or a Crown servant or their spouse or civil partner)." Heh, nice, someone has been paying attention to discussions here, perhaps. In the PSA bit "other savings interest" will irritate the FCA because other implies that this is also savings when it's an investment, so the FCA will tell them to remove the word savings, I expect. Of course Treasury did call it Personal Savings Allowance then not restrict it to savings... Also in PSA is "it's worth noting that returns from other types of investment e.g. stocks & shares are not included within the PSA" and that's misleading because bonds and bond funds do pay interest that is included within the PSA. While stocks and shares pay dividends which aren't interest at all so can't be included (except they can if held within a fund that has its distributions classed as interest because they mostly are). Stocks also deliver returns in capital. So the whole mention of stocks and shares should really vanish and really I'd dump the whole sentence, it's not helpful.
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Post by Matthew on Feb 8, 2017 21:11:09 GMT
At first glance their ISA guide appears to be one of the best Ive seen (sure james will along with corrections later ) All I can really do is mention minor nits. Might as well so they can tweak it. It says "helps maximise" instead of "helps to maximise", "Open your ISA within minutes for free", extra for and "You can transfer any money you've saved or invested in ISAs from previous tax years to as many ISAs as you'd like", redundant 'd, and "eligible for a tax efficiency" vs "eligible for tax savings" so it looks as though at least part was written by a person more accustomed to US English. Not sure about "unlimited ISA monies", I'd use "money". "Earn market-leading rates" doesn't really seem to be true, depending on how market is defined. If I can get over 14% AER taxable today on the Ablrate secondary market, and I can, 4.0 and 4.7% tax free don't seem to be leading much. And it can't be a comparison with savings accounts because that would make the FCA unhappy. The feedback button mostly covers the cookie policy acceptance button. "To open an ISA with Lending Works, you must be aged 18 or over and resident in the UK (or a Crown servant or their spouse or civil partner)." Heh, nice, someone has been paying attention to discussions here, perhaps. In the PSA bit "other savings interest" will irritate the FCA because other implies that this is also savings when it's an investment, so the FCA will tell them to remove the word savings, I expect. Of course Treasury did call it Personal Savings Allowance then not restrict it to savings... Also in PSA is "it's worth noting that returns from other types of investment e.g. stocks & shares are not included within the PSA" and that's misleading because bonds and bond funds do pay interest that is included within the PSA. While stocks and shares pay dividends which aren't interest at all so can't be included (except they can if held within a fund that has its distributions classed as interest because they mostly are). Stocks also deliver returns in capital. So the whole mention of stocks and shares should really vanish and really I'd dump the whole sentence, it's not helpful. Thanks james - how's this for a quick turnaround... www.lendingworks.co.uk/peer-to-peer-lending/innovative-finance-isaBtw if you're looking for a change of scene and fancy joining LW as a copywriter/resident ISA expert, let me know
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jonah
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Post by jonah on Feb 8, 2017 21:36:20 GMT
Congratulations on this step. Personally, it would be great to see any statistics on volume of money for isa and none isa over the next few weeks, if it isn't company confidential of course. As one of the first and 'simplest' you could, with relevant marketing get a reasonable amount...
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james
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Post by james on Feb 8, 2017 21:59:11 GMT
Thanks, got to love fast service. For your delectation, the ultimate guide post links to a tax page which links to a HMRC page which says this: " The amount of relief available is the peer to peer loan still outstanding from the borrower, less repayments already received." Oops. £100 loan, £20 repaid and they are saying you can deduct only £80-£20. Nope, it's all £80. So you're beating HMRC on accuracy.
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Post by Matthew on Feb 8, 2017 22:12:28 GMT
Congratulations on this step. Personally, it would be great to see any statistics on volume of money for isa and none isa over the next few weeks, if it isn't company confidential of course. As one of the first and 'simplest' you could, with relevant marketing get a reasonable amount... Sure - that's a good idea. I'm sure we can add some ISA specific information to our existing statistics pages. We've received around £750k in ISA subscriptions so far in about 12hrs. Plus we're expecting 50+ ISA transfer forms in the post in the next few days, so it's exceeded our expectations - which is great.
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pikestaff
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Post by pikestaff on Feb 8, 2017 22:19:41 GMT
There's no doubt I'm a bit wet behind the ears regarding some of your suggestions. Have never even read about VCT... VCT investment has no impact on your marginal rate. The relief is 30% of your investment, capped at your tax liability, on investments up to £200k. It's therefore no more beneficial to a 60% taxpayer than to a 20% taxpayer, except that you can do more of it. Fees on VCT investments tend to be high relative to alternatives so a fair chunk of the tax relief will be absorbed in fees. I use them but not to an obsessive extent.
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Post by Matthew on Feb 9, 2017 12:41:19 GMT
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elliotn
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Post by elliotn on Feb 9, 2017 12:57:58 GMT
"after raising £2m in 24 hours, we've paused ISA applications". Does anyone know if Nirish managed to get in ok? First example of the wall of money that higher rate tax payers will impoverish the rest of us with .
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Post by Matthew on Feb 9, 2017 13:33:13 GMT
"after raising £2m in 24 hours, we've paused ISA applications". Does anyone know if Nirish managed to get in ok? First example of the wall of money that higher rate tax payers will impoverish the rest of us with . Should be reopened next week in any case so hopefully not a major delay.
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Post by Deleted on Feb 9, 2017 15:08:35 GMT
"after raising £2m in 24 hours, we've paused ISA applications". Does anyone know if Nirish managed to get in ok? First example of the wall of money that higher rate tax payers will impoverish the rest of us with . Yeah I'm in, cheers for the heads up, unexpected but great to have someone looking out for me! My queue to matching suggests 2days so looks like I beat the rush. If your Avatar is true to life you're living the high life already, maybe get some decent sunnies though, protect your eyes 😎
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