daveb4
Member of DD Central
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Post by daveb4 on Apr 29, 2017 10:57:40 GMT
Just set up ISA here and transferring cash in from last year's cash ISA.
I will use cash to buy loan parts off primary market.
I will not add any other cash to pot other than reinvest.
I know advice can not be provided BUT I was wandering if I can still open another ISA with another p2p platform to use this year's allowance.
Thanks
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oldgrumpy
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Post by oldgrumpy on Apr 29, 2017 11:33:23 GMT
Following a transfer in from last years allowance the dashboard will show this "IFISA limit of £20,000.00 for 06/04/2017 - 05/04/2018" and below that "used £0/£20000". Below that in big blue figures should be what you have done so far with your transfer in of last year's ISA, transferred in. If you do NOT use any of this year's £20K allowance shown, you can use that in another ISA on another platform.
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stevio
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Post by stevio on May 2, 2017 7:46:26 GMT
Following a transfer in from last years allowance the dashboard will show this "IFISA limit of £20,000.00 for 06/04/2017 - 05/04/2018" and below that "used £0/£20000". Below that in big blue figures should be what you have done so far with your transfer in of last year's ISA, transferred in. If you do NOT use any of this year's £20K allowance shown, you can use that in another ISA on another platform. How about if you do BOTH a previous years allowance transfer into IFISA, plus subscribe this years allowance also: - can you transfer the previous years allowances again within this tax year to a new IFISA? I believe this can be a partial transfer still? - can you transfer this years subscriptions again within this tax year to a new IFISA? I believe this needs to be the full years subscriptions, but not the previous years allowances? Thanks
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fp
Posts: 1,008
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Post by fp on May 2, 2017 17:07:28 GMT
Just set up ISA here and transferring cash in from last year's cash ISA. I will use cash to buy loan parts off primary market. I will not add any other cash to pot other than reinvest. I know advice can not be provided BUT I was wandering if I can still open another ISA with another p2p platform to use this year's allowance. Thanks Yes you can Dave, as long as its old cash in one, and new cash in the other.
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mason
Member of DD Central
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Post by mason on May 2, 2017 19:02:01 GMT
Following a transfer in from last years allowance the dashboard will show this "IFISA limit of £20,000.00 for 06/04/2017 - 05/04/2018" and below that "used £0/£20000". Below that in big blue figures should be what you have done so far with your transfer in of last year's ISA, transferred in. If you do NOT use any of this year's £20K allowance shown, you can use that in another ISA on another platform. How about if you do BOTH a previous years allowance transfer into IFISA, plus subscribe this years allowance also: - can you transfer the previous years allowances again within this tax year to a new IFISA? I believe this can be a partial transfer still? - can you transfer this years subscriptions again within this tax year to a new IFISA? I believe this needs to be the full years subscriptions, but not the previous years allowances? Thanks There are no restrictions around transfers of previous years subscriptions. Current year subscriptions, if transferred, must be transferred in full. There is not limit to the number of times ISAs can be transferred.
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mikes1531
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Post by mikes1531 on May 6, 2017 16:10:25 GMT
There are no restrictions around transfers of previous years subscriptions. Current year subscriptions, if transferred, must be transferred in full. There is not limit to the number of times ISAs can be transferred. I accept that there are no regulations stopping the multiple transfers of ISA amounts as long as you follow the rules described above, but can a platform be more restrictive? (Such as limiting the number of transfers out of prior year funds an investor could make in a given period.)
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dzo
Member of DD Central
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Post by dzo on May 6, 2017 17:14:38 GMT
There are no restrictions around transfers of previous years subscriptions. Current year subscriptions, if transferred, must be transferred in full. There is not limit to the number of times ISAs can be transferred. I accept that there are no regulations stopping the multiple transfers of ISA amounts as long as you follow the rules described above, but can a platform be more restrictive? (Such as limiting the number of transfers out of prior year funds an investor could make in a given period.) My understanding is that they can't refuse a transfer out request, but they can say it's all or nothing.
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mikes1531
Member of DD Central
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Post by mikes1531 on May 7, 2017 0:22:48 GMT
I accept that there are no regulations stopping the multiple transfers of ISA amounts as long as you follow the rules described above, but can a platform be more restrictive? (Such as limiting the number of transfers out of prior year funds an investor could make in a given period.) My understanding is that they can't refuse a transfer out request, but they can say it's all or nothing. If FS tried that, they'd upset a lot of people since it would mean you couldn't transfer out if you had one loan with less than 30 days remaining. And the way overdue loans can take many months to wind up could mean some very long waits to exit -- with a lot of money left sitting idle while waiting for that last loan to be resolved.
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Post by bodroll on Jun 22, 2017 17:27:33 GMT
Re my FS ISA - If I buy on the SM, I am liable for the tax on all the interest from the start of the loan. Is this irrelevant as the purchase is within an ISA?
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gurberly
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Post by gurberly on Jun 22, 2017 18:07:11 GMT
Re my FS ISA - If I buy on the SM, I am liable for the tax on all the interest from the start of the loan. Is this irrelevant as the purchase is within an ISA? For a UK resident for tax purposes, If you buy on the SM you are liable for all tax on all the total interest received. However if you purchase the loan parts through your ISA account, you are exempted from paying tax on the interest received.
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Post by bodroll on Jun 23, 2017 16:06:51 GMT
Many thanks Gurb.  |
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