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Post by robberbaron on May 11, 2017 16:23:01 GMT
Has anyone managed to transfer money from a S&S ISA (i.e. not a cash ISA) to an IFISA? If so on which plarform?
Just wondering how easy it is to do on different platforms.
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IFISAcava
Member of DD Central
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Post by IFISAcava on May 11, 2017 17:49:40 GMT
Has anyone managed to transfer money from a S&S ISA (i.e. not a cash ISA) to an IFISA? If so on which plarform? Just wondering how easy it is to do on different platforms. Yes From Axa Self Investor to most of the IFISA platforms currently accepting transfers. Took a couple of weeks each time.
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Post by Jake Wombwell-Povey on May 11, 2017 17:53:25 GMT
Has anyone managed to transfer money from a S&S ISA (i.e. not a cash ISA) to an IFISA? If so on which plarform? Just wondering how easy it is to do on different platforms. Goji provides the IFISA administration to a number of platforms. It should be easy for the investor to do if platforms have got their act in gear. The challenge will always come with the ceding ISA manager and whether or not they are particularly pedantic about transfers and cheques. We have also encountered some challenges with ISA managers issuing cheques with the right names / accounts etc. I will leave you to reach your own conclusions but ceding managers do not make it quite as easy as it could be - nevertheless that shouldn't impact on your experience as a customer, it might just take a little longer than planned.
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Post by andrewcfa on May 15, 2017 12:27:03 GMT
Has anyone managed to transfer money from a S&S ISA (i.e. not a cash ISA) to an IFISA? If so on which platform? Just wondering how easy it is to do on different platforms. Hi Robberbaron, We have accepted a few transfers from S&S ISA accounts so far without any issues. Usually, it will take a few weeks as we wait for the existing provider to send us the information and the funds. The process is quite straight forward and I expect that all IF-ISA providers should be able to carry out this fairly straight forward process.
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Post by gidoppp01 on May 16, 2017 22:09:05 GMT
Has anyone managed to transfer money from a S&S ISA (i.e. not a cash ISA) to an IFISA? If so on which plarform? Just wondering how easy it is to do on different platforms. The ISA limit is £20k for year 2017-18. You are allowed to have 4 different ISAs as long as within 20k limit, S&S ISA, Cash ISA, LISA and IFISA. The best one at the moment is LISA, eligible for person aged 18-39, with free £1k from the UK government every tax year up to age 50. Personally, I would not transfer S&S ISA to IFISA due to charges and S&S ISA usually does better in return IMHO.
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pikestaff
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Post by pikestaff on May 17, 2017 8:42:03 GMT
The ISA limit is £20k for year 2017-18. You are allowed to have 4 different ISAs as long as within 20k limit, S&S ISA, Cash ISA, LISA and IFISA. The best one at the moment is LISA, eligible for person aged 18-39, with free £1k from the UK government every tax year up to age 50. Personally, I would not transfer S&S ISA to IFISA due to charges and S&S ISA usually does better in return IMHO. LISAs are attractive if you are (1) eligible (I'm too old) and (2) confident that you can meet the conditions (locked in until 60 unless you use the money to buy a home). The question of whether S&S or P2P will deliver a better return is unknowable, but in any event the allocation question should be considered separately from how to use the ISA allowance. If you invest in both stocks and shares and P2P, and are a big enough investor that you have to choose between holding your stocks and shares or your P2P in an ISA, the P2P wins hands down from a tax point of view because returns on shares are taxed more lightly than interest. Yes charges are a factor too but they should not be considered in isolation. I will certainly be considering switching funds from my S&S ISA to a P2P IFISA it but I am not in a hurry and will wait until a better range of IFISAs is available. I also need to think about the paperwork implications of the switch. If I hold my stocks and shares outside of an ISA I have to keep contract notes, keep track of gains, and make sure I realise gains to make maximum use of my annual allowance. P2P outside of an ISA is less work provided I don't buy on the secondary market, because new loan parts are not chargeable assets. But if I buy on the secondary market my purchases may be chargeable assets and if this is so I have to keep detailed records to ensure that my annual disposals of SM purchases, when added to any other capital gains disposals, are less than 4 x the annual allowance (ie, currently less than £44.4k). Otherwise the law says I have to report every disposal to HMRC in horrendous detail. This doesn't sound so bad until you realise that a loan repayment (including every monthly repayment on an amortising loan) counts as a disposal, and platforms generally are not set up to provide the information needed. Also, it is impossible to plan with confidence, because borrowers may refinance and repay early. The risk of falling foul of this requirement is currently causing me to significantly curtail my SM activity.
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Post by robberbaron on May 21, 2017 6:34:44 GMT
The best one at the moment is LISA, eligible for person aged 18-39, with free £1k from the UK government every tax year up to age 50. Personally, I would not transfer S&S ISA to IFISA due to charges and S&S ISA usually does better in return IMHO. LISA doesn't make sense if you are both a higher rate tax payer and not a first time buyer as you get a better top up by putting the money in your pension instead. As for your second point most S&S ISA will charge to transfer shares but not to transfer cash. It is impossible to know in advance whether shares or P2P will give you a better return unless you have a crystal ball. All you can do is diversify and minimize your costs and tax liabilities.
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