stevio
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Post by stevio on Apr 18, 2017 15:33:43 GMT
Fundingsecure are pleased to announce the launch of our IFISA. You will find general information, including FAQ on the website, that should answer most of your questions. For anything not covered please post in this thread or email customer service. We will be authorising IFISA accounts on a first-come first served basis - please bear with us as it may take a little while to catch up. FundingSecure Announcement emailThank you FS Am I right in thinking, if I open an IFISA with new money, then that is the only IFISA I can open in this tax year, but if I transfer from a previous years ISA (say a cash ISA), I can open as many IFISA's as I like in that way throughout the year?
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Liz
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Post by Liz on Apr 18, 2017 15:36:16 GMT
It's a shame that you can't transfer loans into your IFISA because I am going to lose a lot of bonus interest  |
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n
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Yet another Nick
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Post by n on Apr 18, 2017 15:48:22 GMT
Fundingsecure are pleased to announce the launch of our IFISA. You will find general information, including FAQ on the website, that should answer most of your questions. For anything not covered please post in this thread or email customer service. We will be authorising IFISA accounts on a first-come first served basis - please bear with us as it may take a little while to catch up. FundingSecure Announcement emailThank you FS Am I right in thinking, if I open an IFISA with new money, then that is the only IFISA I can open in this tax year, but if I transfer from a previous years ISA (say a cash ISA), I can open as many IFISA's as I like in that way throughout the year? Exactly what I would like to know also. Googling has not brought me any decisive answer other than 'you can only subscribe to one' in each tax year - transfer in is not the same as subscribe afaik.
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mason
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Post by mason on Apr 18, 2017 15:51:01 GMT
There is no limit to the number of IF ISAs you can have containing previous year subscriptions.
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vmail
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Post by vmail on Apr 18, 2017 15:52:13 GMT
If a loan repays does it withdraw out of the IFISA?
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n
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Yet another Nick
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Post by n on Apr 18, 2017 15:55:18 GMT
There is no limit to the number of IF ISAs you can have containing previous year subscriptions. Thank's mason, that is certainly a definitive statement. Might I ask where you learned this? (Hopefully not just an assumption because that is the way Cash ISA's work.)
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Post by wiseclerk on Apr 18, 2017 16:00:23 GMT
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mason
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Post by mason on Apr 18, 2017 16:01:23 GMT
There is no limit to the number of IF ISAs you can have containing previous year subscriptions. Thank's mason, that is certainly a definitive statement. Might I ask where you learned this? (Hopefully not just an assumption because that is the way Cash ISA's work.) This is from the ISA Guidance Notes. Fairly critical to my own strategy of getting at least 3 IF ISAs open this tax year. Edit: And to head off the obvious follow-up question: it is not easy to point to the absence of a restriction, so to verify you would need to download the guidance notes from HMRC and read the general section on ISA transfers and the specific section about IF ISAs.
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r00lish67
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Post by r00lish67 on Apr 18, 2017 16:09:53 GMT
If a loan repays does it withdraw out of the IFISA? I would presume that it would just be withdrawn to 'available cash' within the ISA part of your account, ready for your instruction to withdraw/re-invest. Otherwise you would have a fairly rapidly declining amount of ISA cash as the year proceeds. Ooh, my ISA account now open, time for a play.
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Post by moneymagnet on Apr 18, 2017 16:14:08 GMT
I am confused about this as well. The T&Cs state:"I have not subscribed and will not subscribe to another innovative finance ISA in the same tax year that I subscribe to this innovative finance ISA,". As I understand it, you can only open one IFISA with this year's money. I should be able to open multiple IFISAs with any ISA money from previous years.
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chris1200
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Post by chris1200 on Apr 18, 2017 16:23:22 GMT
Please could you also confirm whether the IFISA is 'flexible'? (i.e. can we withdraw and deposit as much as we like within the £20k limit)
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Apr 18, 2017 16:25:57 GMT
Some basic Secondary Market stats - so we can compare in 6 months time to see if the Tax arbitrage + ISA demand has an impact.  |
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mason
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Post by mason on Apr 18, 2017 16:36:24 GMT
I am confused about this as well. The T&Cs state:"I have not subscribed and will not subscribe to another innovative finance ISA in the same tax year that I subscribe to this innovative finance ISA,". As I understand it, you can only open one IFISA with this year's money. I should be able to open multiple IFISAs with any ISA money from previous years. This is a standard HMRC declaration you will find on all ISAs. Note that any ISA you open, but do not subscribe to (i.e. pay money in this year) is not included in that statement.
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Liz
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Post by Liz on Apr 18, 2017 16:43:19 GMT
One of my two IFISA applications has gone through already. Good work fundingsecure |
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Post by fundingsecure on Apr 18, 2017 16:48:05 GMT
Our understanding, based on the specific rules for IFISA, is that you can only open one IFISA in one tax year.
The "exception" to that is where you open an IFISA with one provider, then decide to move it to another.
Under those circumstances you have to move all of the current year funds, including any interest earned. Effectively it is as if the original IFISA never happened..
Taken from the ISA guidelines:
From 6 April 2016 investors can subscribe in each tax year to
• one cash ISA
• one stocks and shares ISA, and
• one innovative finance ISA.
They cannot subscribe to two (or more) cash ISAs, two (or more) stocks and shares ISAs, or two (or more) innovative finance ISAs in the same tax year.
Where the investor transfers current year subscriptions from one type of ISA to another the subscriptions are treated as if they were made to the receiving ISA. For example, if current year stocks and shares subscriptions are transferred to a cash ISA, they are treated as if they made to the cash ISA so the investor is free to subscribe to a stocks and shares ISA following the transfer – subject to the overall subscription limit (see paragraph 11.12a).
When you open an IFISA with us you make a declaration that you will not open another IFISA in the same tax year - the wording of which is taken directly from the ISA handbook.
It is true that some other platforms have interpreted the ISA regulations in a different manner (The distinction between opening and subscribing) but we are following the above guidelines.
FundingSecure
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