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Post by ladywhitenap on Oct 27, 2020 19:06:49 GMT
I think you will find that your IFISA allowance as shown by ABL (Goji) is the sum of the balance of your current year unused allowance plus any amount drawn out during the current year from previous years contributions. The amounts are not broken down by the year in which they we made. Hence the need to recertify as the money you are contributing could "belong" to this year.
The point that readers should perhaps take away from this experience is that if they are thinking of "bed and breakfasting" IFISA monies on 5th April then check you are recertified perhaps by making a modest test payment a couple of weeks beforehand.
LW
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Post by ablrate on Oct 28, 2020 9:25:48 GMT
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. Thank LW, your answer above sounds right. dawn - forgive me, I have not responded on here as I understand you are speaking with the team to get this sorted.
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dawn
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Post by dawn on Oct 28, 2020 13:25:53 GMT
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. Thank LW, your answer above sounds right. dawn - forgive me, I have not responded on here as I understand you are speaking with the team to get this sorted. ablrate - I am talking to your team who have been very helpful.
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dawn
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Post by dawn on Oct 28, 2020 13:31:36 GMT
I think you will find that your IFISA allowance as shown by ABL (Goji) is the sum of the balance of your current year unused allowance plus any amount drawn out during the current year from previous years contributions. The amounts are not broken down by the year in which they we made. Hence the need to recertify as the money you are contributing could "belong" to this year. The point that readers should perhaps take away from this experience is that if they are thinking of "bed and breakfasting" IFISA monies on 5th April then check you are recertified perhaps by making a modest test payment a couple of weeks beforehand. LW I am aware that the IFISA allowance shown includes this years allowance as well as previous years. It is not a difficult calculation to work out whether the money I have withdrawn is this years or not - total deposited this year = £0 therefore amount withdrawn must be from previous year. My Cash ISA with my Building Society manages to do this with no problem. If I had put new money in this year I would have had to certify at that stage. The fact I haven't tells them that I haven't put in any new money this year so all withdrawals will be old money. I am not 'bed and breakfasting' - I needed the funds urgently earlier in the year and can now return it, which is all I was trying to do.
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Post by ladywhitenap on Oct 28, 2020 13:41:53 GMT
I think you will find that your IFISA allowance as shown by ABL (Goji) is the sum of the balance of your current year unused allowance plus any amount drawn out during the current year from previous years contributions. The amounts are not broken down by the year in which they we made. Hence the need to recertify as the money you are contributing could "belong" to this year. The point that readers should perhaps take away from this experience is that if they are thinking of "bed and breakfasting" IFISA monies on 5th April then check you are recertified perhaps by making a modest test payment a couple of weeks beforehand. LW I am aware that the IFISA allowance shown includes this years allowance as well as previous years. It is not a difficult calculation to work out whether the money I have withdrawn is this years or not - total deposited this year = £0 therefore amount withdrawn must be from previous year. My Cash ISA with my Building Society manages to do this with no problem. I am not 'bed and breakfasting' - I needed the funds urgently earlier in the year and can now return it, which is all I was trying to do. @ dawn Hi Dawn, I mentioned "bed and breakfasting" more for possible benefit to others who might find themselves in a similar position to yourself needing to recertify and not be able to deposit funds at short notice. I was not suggesting that it applied to your case. I'm sure the guys at ABL will get you sorted asap. Best Wishes LW
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dawn
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Post by dawn on Oct 28, 2020 13:48:26 GMT
I am aware that the IFISA allowance shown includes this years allowance as well as previous years. It is not a difficult calculation to work out whether the money I have withdrawn is this years or not - total deposited this year = £0 therefore amount withdrawn must be from previous year. My Cash ISA with my Building Society manages to do this with no problem. I am not 'bed and breakfasting' - I needed the funds urgently earlier in the year and can now return it, which is all I was trying to do. @ dawn Hi Dawn, I mentioned "bed and breakfasting" more for possible benefit to others who might find themselves in a similar position to yourself needing to recertify and not be able to deposit funds at short notice. I was not suggesting that it applied to your case. I'm sure the guys at ABL will get you sorted asap. Best Wishes LW Thanks for your reply, LW. ABLrate are trying to sort this out. I shouldn't have to recertify at all. If I had deposited funds during this financial year I would have had to certify at that stage. The fact I haven't (deposited funds or certified) tells them that the funds withdrawn must be old funds and therefore don't need me to certify or recertify. I'm sure the lady at ABLrate will be able to sort this out for me.
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Post by ladywhitenap on Oct 28, 2020 13:57:54 GMT
@ dawn Hi Dawn, I mentioned "bed and breakfasting" more for possible benefit to others who might find themselves in a similar position to yourself needing to recertify and not be able to deposit funds at short notice. I was not suggesting that it applied to your case. I'm sure the guys at ABL will get you sorted asap. Best Wishes LW Thanks for your reply, LW. ABLrate are trying to sort this out. I shouldn't have to recertify at all. If I had deposited funds during this financial year I would have had to certify at that stage. The fact I haven't (deposited funds or certified) tells them that the funds withdrawn must be old funds and therefore don't need me to certify or recertify. I'm sure the lady at ABLrate will be able to sort this out for me. I've been drip feeding the proceeds from my standard account into my ifisa every few days and not been asked to recertify. Maybe there is just a glitch in your case. LW
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hantsowl
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Post by hantsowl on Dec 12, 2020 10:37:58 GMT
Since this is a flexible ISA, is there a summary somewhere showing how much I have withdrawn this tax year and can deposit back before next April? I know I can wade through my transaction history and work it out, but most p2p platforms show this on a summary page.
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criston
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Post by criston on Dec 12, 2020 10:45:36 GMT
Since this is a flexible ISA, is there a summary somewhere showing how much I have withdrawn this tax year and can deposit back before next April? I know I can wade through my transaction history and work it out, but most p2p platforms show this on a summary page. Go to your standard account & click on Transfer Funds to Your IFISA. (bottom of cash balance box on left) In the pop up box you will see (Check IFISA allowance) Click on it & a pop up box will give you the figure. I think that's how it is done.
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hantsowl
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Post by hantsowl on Dec 12, 2020 10:48:49 GMT
Since this is a flexible ISA, is there a summary somewhere showing how much I have withdrawn this tax year and can deposit back before next April? I know I can wade through my transaction history and work it out, but most p2p platforms show this on a summary page. Go to your standard account & click on Transfer Funds to Your IFISA. In the pop up box you will see (Check IFISA allowance) Click on it & a pop up box will give you the figure. I think that's how it is done. Thanks, that seems to work.
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