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Post by GSV3MIaC on Nov 13, 2017 14:18:22 GMT
Thank you - so if I need the money out I could transfer from the IFISA to my standard account and then withdraw it (at no cost). Obviously doing that would lose its tax-free status but I can only imagine I'd be doing that for some major reason such as a house purchase in which case losing tax-free status doesn't matter. Many thanks dawn .. note that this is, afaik, a flexible ISA, so you can transfer money back in (in the same tax year) if you have funds available, and thus keep the tax-free status (i.e. if you sold the house again!).
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dawn
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Post by dawn on Nov 13, 2017 15:56:48 GMT
Thank you - so if I need the money out I could transfer from the IFISA to my standard account and then withdraw it (at no cost). Obviously doing that would lose its tax-free status but I can only imagine I'd be doing that for some major reason such as a house purchase in which case losing tax-free status doesn't matter. Many thanks dawn .. note that this is, afaik, a flexible ISA, so you can transfer money back in (in the same tax year) if you have funds available, and thus keep the tax-free status (i.e. if you sold the house again!). I believe you are right about the flexible nature of the IFISA. However I think it unlikely that I will buy and sell a house in the same year (to be able to put money back in) - and I intend to exhaust non-tax free sources of money first - it is just they are unlikely to cover what I might need. Just hypothetical at the moment though and timings for things like this are unclear - it may all be several years away.
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rogerbu
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Post by rogerbu on May 8, 2018 10:59:39 GMT
dawn .. note that this is, afaik, a flexible ISA, so you can transfer money back in (in the same tax year) if you have funds available, and thus keep the tax-free status (i.e. if you sold the house again!). I believe you are right about the flexible nature of the IFISA. However I think it unlikely that I will buy and sell a house in the same year (to be able to put money back in) - and I intend to exhaust non-tax free sources of money first - it is just they are unlikely to cover what I might need. Just hypothetical at the moment though and timings for things like this are unclear - it may all be several years away. I have confirmed with Ablrate that the IFISA if Flexible. ie. Any of THIS tax tear's contributions may be withdrawn and re-contributed. AIUI This flexibility does NOT apply to a previous year's contribution nor a transferred previous year's contribution. AFAIK Any withdrawal from Ablrate's IFISA withdraws from this year's contribution first.
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ilmoro
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Post by ilmoro on May 8, 2018 11:17:51 GMT
I believe you are right about the flexible nature of the IFISA. However I think it unlikely that I will buy and sell a house in the same year (to be able to put money back in) - and I intend to exhaust non-tax free sources of money first - it is just they are unlikely to cover what I might need. Just hypothetical at the moment though and timings for things like this are unclear - it may all be several years away. I have confirmed with Ablrate that the IFISA if Flexible. ie. Any of THIS tax tear's contributions may be withdrawn and re-contributed. AIUI This flexibility does NOT apply to a previous year's contribution nor a transferred previous year's contribution. AFAIK Any withdrawal from Ablrate's IFISA withdraws from this year's contribution first. Thats not what a flexible ISA is. It means you can withdraw & replace any funds current or previous years, including those transferred. Funds must be replaced within the current financial year or will loose tax free status. Current year funds are consider as withdrawn first, then previous. Replacement is previous then current. Have ablrate said that they are operating a flexible ISA not following the standard HMRC rules? {edit cant find T&Cs again - previous links dead)
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IFISAcava
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Post by IFISAcava on May 8, 2018 13:23:44 GMT
I believe you are right about the flexible nature of the IFISA. However I think it unlikely that I will buy and sell a house in the same year (to be able to put money back in) - and I intend to exhaust non-tax free sources of money first - it is just they are unlikely to cover what I might need. Just hypothetical at the moment though and timings for things like this are unclear - it may all be several years away. I have confirmed with Ablrate that the IFISA if Flexible. ie. Any of THIS tax tear's contributions may be withdrawn and re-contributed. AIUI This flexibility does NOT apply to a previous year's contribution nor a transferred previous year's contribution. AFAIK Any withdrawal from Ablrate's IFISA withdraws from this year's contribution first. pretty sure previous years contributions (including transferred) are also flexible.
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p2pmark
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Post by p2pmark on May 8, 2018 13:37:28 GMT
I have confirmed with Ablrate that the IFISA if Flexible. ie. Any of THIS tax tear's contributions may be withdrawn and re-contributed. AIUI This flexibility does NOT apply to a previous year's contribution nor a transferred previous year's contribution. AFAIK Any withdrawal from Ablrate's IFISA withdraws from this year's contribution first. pretty sure previous years contributions (including transferred) are also flexible. They are. I've withdrawn some of last year's contributions, and my current IFISA limit is showing as £20,000 plus the amount I've withdrawn.
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dawn
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Post by dawn on Oct 24, 2020 7:42:03 GMT
Has anyone tried withdrawing and putting back money recently? I haven't paid new money into my ISA this year (or last year) so all the money in there is from previous years. I removed an amount earlier this year and today tried to replace some of it and I couldn't. I got the message saying I was ineligible when I tried to transfer from my non-ISA account and depositing with a debit card isn't working either. I'm only trying to replace some of the old money I have removed in this tax year, not add any new. I've emailed Ablrate as well but thought I'd check here as well in case anyone has had this happen to them and knows how to fix it. Thanks ablrate
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criston
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Post by criston on Oct 24, 2020 9:37:29 GMT
Has anyone tried withdrawing and putting back money recently? I haven't paid new money into my ISA this year (or last year) so all the money in there is from previous years. I removed an amount earlier this year and today tried to replace some of it and I couldn't. I got the message saying I was ineligible when I tried to transfer from my non-ISA account and depositing with a debit card isn't working either. I'm only trying to replace some of the old money I have removed in this tax year, not add any new. I've emailed Ablrate as well but thought I'd check here as well in case anyone has had this happen to them and knows how to fix it. Thanks ablrate ablrateCould it be that you need to confirm your certification test.
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Post by ablrate on Oct 24, 2020 9:40:48 GMT
Has anyone tried withdrawing and putting back money recently? I haven't paid new money into my ISA this year (or last year) so all the money in there is from previous years. I removed an amount earlier this year and today tried to replace some of it and I couldn't. I got the message saying I was ineligible when I tried to transfer from my non-ISA account and depositing with a debit card isn't working either. I'm only trying to replace some of the old money I have removed in this tax year, not add any new. I've emailed Ablrate as well but thought I'd check here as well in case anyone has had this happen to them and knows how to fix it. Thanks ablrate ablrateLooks like you need to recertify. It is a two minute job if you get in touch with the office
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dawn
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Post by dawn on Oct 25, 2020 8:35:03 GMT
Has anyone tried withdrawing and putting back money recently? I haven't paid new money into my ISA this year (or last year) so all the money in there is from previous years. I removed an amount earlier this year and today tried to replace some of it and I couldn't. I got the message saying I was ineligible when I tried to transfer from my non-ISA account and depositing with a debit card isn't working either. I'm only trying to replace some of the old money I have removed in this tax year, not add any new. I've emailed Ablrate as well but thought I'd check here as well in case anyone has had this happen to them and knows how to fix it. Thanks ablrate ablrate ablrate ablrateLooks like you need to recertify. It is a two minute job if you get in touch with the office I can do that but why do I need to recertify? I have been investing successfully all the way through - just not adding new money. I don't intend to add new money to this ISA this year either. I understand the need to certify for new money, but not why I need to do it for old money. This is a flexible ISA so I should be able to withdraw and replace funds without doing this - that was how I believed it worked. Not whinging and I am happy to do it, just that this is different to how I believed the system was supposed to work and I'm trying to understand it.
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Post by ablrate on Oct 25, 2020 8:56:05 GMT
Looks like you need to recertify. It is a two minute job if you get in touch with the office I can do that but why do I need to recertify? I have been investing successfully all the way through - just not adding new money. I don't intend to add new money to this ISA this year either. I understand the need to certify for new money, but not why I need to do it for old money. This is a flexible ISA so I should be able to withdraw and replace funds without doing this - that was how I believed it worked. Not whinging and I am happy to do it, just that this is different to how I believed the system was supposed to work and I'm trying to understand it. To be honest I am not the IFISA expert in the office... but we use Goji to manage the IFISA through an API, so it is a requirment of theirs. I will get a more comprehensive (some might say an 'actual') answer on Monday
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Balder
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Post by Balder on Oct 25, 2020 9:13:11 GMT
I can do that but why do I need to recertify? I have been investing successfully all the way through - just not adding new money. I don't intend to add new money to this ISA this year either. I understand the need to certify for new money, but not why I need to do it for old money. This is a flexible ISA so I should be able to withdraw and replace funds without doing this - that was how I believed it worked. Not whinging and I am happy to do it, just that this is different to how I believed the system was supposed to work and I'm trying to understand it. To be honest I am not the IFISA expert in the office... but we use Goji to manage the IFISA through an API, so it is a requirment of theirs. I will get a more comprehensive (some might say an 'actual') answer on Monday What would be good though is that it was integrated so it just didn't throw an error message but produced an action that allowed you to continue without having to contact anyone,
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Post by ablrate on Oct 25, 2020 10:11:43 GMT
To be honest I am not the IFISA expert in the office... but we use Goji to manage the IFISA through an API, so it is a requirment of theirs. I will get a more comprehensive (some might say an 'actual') answer on Monday What would be good though is that it was integrated so it just didn't throw an error message but produced an action that allowed you to continue without having to contact anyone, I agree - and we are working on that with Goji
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withnell
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Post by withnell on Oct 25, 2020 11:03:27 GMT
Looks like you need to recertify. It is a two minute job if you get in touch with the office I can do that but why do I need to recertify? I have been investing successfully all the way through - just not adding new money. I don't intend to add new money to this ISA this year either. I understand the need to certify for new money, but not why I need to do it for old money. This is a flexible ISA so I should be able to withdraw and replace funds without doing this - that was how I believed it worked. Not whinging and I am happy to do it, just that this is different to how I believed the system was supposed to work and I'm trying to understand it. It's an HMRC requirement - you're certifying that you're not subscribing to more than one ISA, and not more than the limits - so if you put in too much you can't later claim that you didn't realise!
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dawn
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Post by dawn on Oct 27, 2020 18:53:06 GMT
I can do that but why do I need to recertify? I have been investing successfully all the way through - just not adding new money. I don't intend to add new money to this ISA this year either. I understand the need to certify for new money, but not why I need to do it for old money. This is a flexible ISA so I should be able to withdraw and replace funds without doing this - that was how I believed it worked. Not whinging and I am happy to do it, just that this is different to how I believed the system was supposed to work and I'm trying to understand it. It's an HMRC requirement - you're certifying that you're not subscribing to more than one ISA, and not more than the limits - so if you put in too much you can't later claim that you didn't realise! But I am not subscribing to this ISA - I paid money into it in a previous year. The ISA is flexible and I should be able to withdraw and return within the tax year. It is an HMRC requirement to certify for those accounts you are paying new money into - this isn't such an account.
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