justme
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Post by justme on Aug 3, 2017 19:59:59 GMT
Checking my understanding - I can contribute to one new IFISA each year. So if I wanted to diversify amongst platforms in one year I could open one IFISA , fund it , open other IFISAs and transfer some of the original IFISA money into those. Am I right? If so then ablrate withdrawal fee of £100 makes me think of other platforms to open and fund IFISA with.
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Post by elephantrosie on Aug 3, 2017 20:09:29 GMT
has anyone tried to transfer existing cash ISA to IFISA? i have read the FAQ and just want to be certain that i can transfer part of my cash ISA to IFISA on ablrate?? It is too early to try today but we should be able to do this next week. From the Ablrate ISA FAQ section: hey thanks for the reply. i shall try it next week
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ilmoro
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'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 Aug 3, 2017 20:31:39 GMT
Checking my understanding - I can contribute to one new IFISA each year. So if I wanted to diversify amongst platforms in one year I could open one IFISA , fund it , open other IFISAs and transfer some of the original IFISA money into those. Am I right? If so then ablrate withdrawal fee of £100 makes me think of other platforms to open and fund IFISA with. No, you can only open one IFISA a year and fund it with current year subscriptions, you cant open another IFISA and transfer part of the current year money, you can only open another IFISA if you transfer the whole of the existing IFISA. You can open an IFISA and fund it with current year money and transfer existing previous year ISA money to it. You could then open another IFISA and transfer some or all of the previous year money to it but none of the current year money or you could transfer all of the current year money and leave the old year money. Alternatively you can open one IFISA with current year money and as many others as you like with previous year money. Basically one ISA of each type with new money per year, as many as you like with previous year money
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nick
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Post by nick on Aug 3, 2017 22:12:16 GMT
I couldn't find section 16.14a to referred to above? However, 9A.8 appears to specifically address the issue exempting transfer of investment held outside the wrapper into the IFISA providing it is executed in an open market (at a price open to others) which the SM would qualify: "9A.8 Peer-to-peer loans held outside of the ISA wrapper cannot be sold, and repurchased inside an innovative finance ISA except where the loans are sold and are made available for purchase (using cash held by the ISA manager), at the same price, by any lender in the open market. That is, the loans must be available for purchase by more than one prospective purchaser. "
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justme
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Post by justme on Aug 3, 2017 22:33:18 GMT
Thank you ilmoro. I guess the answer is then to open and fund cash ISA one year and transfer parts of its money into different IFISAs next year. Or have I got this wrong again ?
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IFISAcava
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Post by IFISAcava on Aug 3, 2017 23:23:34 GMT
Thank you ilmoro. I guess the answer is then to open and fund cash ISA one year and transfer parts of its money into different IFISAs next year. Or have I got this wrong again ? That's right. Or stocks and shares and sell into cash before each transfer into an IFISA.
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ilmoro
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Post by ilmoro on Aug 4, 2017 0:05:23 GMT
Thank you ilmoro. I guess the answer is then to open and fund cash ISA one year and transfer parts of its money into different IFISAs next year. Or have I got this wrong again ? No, you're right, thats one option, depends what you are trying to achieve. There are various ways to play the ISA game using flexible ISA to maximise your return and your ISA allowance.
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nush
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Post by nush on Aug 4, 2017 7:14:41 GMT
I couldn't find section 16.14a to referred to above? However, 9A.8 appears to specifically address the issue exempting transfer of investment held outside the wrapper into the IFISA providing it is executed in an open market (at a price open to others) which the SM would qualify: "9A.8 Peer-to-peer loans held outside of the ISA wrapper cannot be sold, and repurchased inside an innovative finance ISA except where the loans are sold and are made available for purchase (using cash held by the ISA manager), at the same price, by any lender in the open market. That is, the loans must be available for purchase by more than one prospective purchaser. " sorry thats my fault, its 6.14.a
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moogman
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Post by moogman on Aug 4, 2017 10:19:44 GMT
Checking my understanding - I can contribute to one new IFISA each year. So if I wanted to diversify amongst platforms in one year I could open one IFISA , fund it , open other IFISAs and transfer some of the original IFISA money into those. Am I right? If so then ablrate withdrawal fee of £100 makes me think of other platforms to open and fund IFISA with. No, you can only open one IFISA a year and fund it with current year subscriptions, you cant open another IFISA and transfer part of the current year money, you can only open another IFISA if you transfer the whole of the existing IFISA. You can open an IFISA and fund it with current year money and transfer existing previous year ISA money to it. You could then open another IFISA and transfer some or all of the previous year money to it but none of the current year money or you could transfer all of the current year money and leave the old year money. Alternatively you can open one IFISA with current year money and as many others as you like with previous year money. Basically one ISA of each type with new money per year, as many as you like with previous year money I've read through this a few times (as well as innovativefinanceisa.org.uk/) but am still unable to fully parse it. Perhaps you could help clarify? Take an example popular end goal: "I want to open 4x IFISAs, one in each of four popular P2P platforms, and place £2,000 in each. I have > £8,000 available in each existing S&S ISA, flexi ISA, and cash bank account". Are you suggesting that I could: * Create one IFISA for 2017-18, and populate it with £2,000 from my cash account. * Create a further 3x IFISA for 2017-18, and transfer-in £2,000 from a S&S ISA and/or flexi ISA? Or is it strictly one new IFISA per year, regardless of where the deposit comes from? Secondly.. Say in 2025, when I have 4x IFISAs. Are all four open for a £1,000 top-up each from my ISA investment allowance (currently £20k)? Or can I top up only one of the four exclusively each year? Thanks!
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ilmoro
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Post by ilmoro on Aug 4, 2017 10:47:06 GMT
No, you can only open one IFISA a year and fund it with current year subscriptions, you cant open another IFISA and transfer part of the current year money, you can only open another IFISA if you transfer the whole of the existing IFISA. You can open an IFISA and fund it with current year money and transfer existing previous year ISA money to it. You could then open another IFISA and transfer some or all of the previous year money to it but none of the current year money or you could transfer all of the current year money and leave the old year money. Alternatively you can open one IFISA with current year money and as many others as you like with previous year money. Basically one ISA of each type with new money per year, as many as you like with previous year money I've read through this a few times (as well as innovativefinanceisa.org.uk/) but am still unable to fully parse it. Perhaps you could help clarify? Take an example popular end goal: "I want to open 4x IFISAs, one in each of four popular P2P platforms, and place £2,000 in each. I have > £8,000 available in each existing S&S ISA, flexi ISA, and cash bank account". Are you suggesting that I could: * Create one IFISA for 2017-18, and populate it with £2,000 from my cash account. * Create a further 3x IFISA for 2017-18, and transfer-in £2,000 from a S&S ISA and/or flexi ISA? Or is it strictly one new IFISA per year, regardless of where the deposit comes from? Secondly.. Say in 2025, when I have 4x IFISAs. Are all four open for a £1,000 top-up each from my ISA investment allowance (currently £20k)? Or can I top up only one of the four exclusively each year? Thanks! OK, the key point is that any money that wasnt already in an ISA before 6 Apr 2017 constitutes current year subscriptions and that has restrictions on it. Anything that was already in an ISA before 6 Apr 2107 is previous years money and can be reallocated to ISA as you like So yes 1.you can open a 2017-18 IFISA and fund it with £2000 from your cash account. That would be your one IFISA for current year subscriptions, you couldnt fund another IFISA with new money. 2. You could open another 3 or more IFISA for 2017-18 and transfer in £2,000 for your S&S/and or flexi ISA providing those ISA were already open (with the required cash before in) before 6 Apr 2017 as they would be previous year subscriptions. If they were opened after 6 Apr 2017, they would be current year subscriptions and could only be transferred to the IFISA opened in 1. You can have as many IFISA as you like providing only one has current year money in it. In 2025, you can only top up one of the four IFISA with that years allowance, as that would be current year subscriptions so can only be placed in one IFISA. Alternatively you could open another one with that money so you have 5 but no money could be placed in the other four. Hopefully that makes it clear. You could also look at this post I wrote a while back which might help (note the allowance is wrong and it ignores the existence of LISA's) Please note I am not a finanacial or ISA professional so this is just my opinion/interpretation and does not constitute advice. I would suggest speaking to a friendly bank employee or IFA if you need clarficiation (no guarentee they understand it either from experience but they are allowed to give advice)
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justme
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Post by justme on Aug 4, 2017 11:34:59 GMT
Thank you I wondered if transferring from previous year cash ISA will ISA provider let us do partial transfers to different IFISAs. I understand it could be up to a particular provider , was wondering whether there were any general rules.
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ilmoro
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Post by ilmoro on Aug 4, 2017 12:04:29 GMT
Thank you I wondered if transferring from previous year cash ISA will ISA provider let us do partial transfers to different IFISAs. I understand it could be up to a particular provider , was wondering whether there were any general rules. No, no general rules, up to the provider. Only rules are that transfers must be allowed (penalties can be applied for notice accounts & doesnt apply to P2P invested in loans) and cash ISA to Cash ISA must be done in 15 days, other transfers timescales dependent on individual provider (guidelines are 30 days for S&S but not a regulation). Most mainstream providers allow partial transfers, need to read specific t&cs.
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IFISAcava
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Post by IFISAcava on Aug 7, 2017 13:58:16 GMT
ablratewill the transfer in facility be ready before the end of this week? Going away on hols after that and was rather hoping to send in the paper work before going away... Cheers for any update.
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justme
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Post by justme on Aug 7, 2017 16:59:05 GMT
Sorry missed it - is £2000 limit for transfer in , not for ISA opening?
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Post by ablrate on Aug 8, 2017 16:58:14 GMT
ablrate will the transfer in facility be ready before the end of this week? Going away on hols after that and was rather hoping to send in the paper work before going away... Cheers for any update. Yes... we have it on demo, so just testing, so it should not be far away.
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