michaelc
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IFISA
May 30, 2017 20:57:05 GMT
Post by michaelc on May 30, 2017 20:57:05 GMT
Apologies if this has been asked/answered before. Does anyone know if its possible to transfer cash IFISA balances from one IFISA to another? Everything I've read so far talks about it not being possible to transfer loans (obviously) but is there also no way to transfer out any excess cash balance?
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ilmoro
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Post by ilmoro on May 30, 2017 21:55:39 GMT
Apologies if this has been asked/answered before. Does anyone know if its possible to transfer cash IFISA balances from one IFISA to another? Everything I've read so far talks about it not being possible to transfer loans (obviously) but is there also no way to transfer out any excess cash balance? Normal ISA transfer rules so you can transfer IFISA cash same as you can transfer other ISA. Current year subscriptions have to be transferred in full, previous year subscriptions can be partially transferred (subject to platform rules). If it is a flexible IFISA then you can transfer out cash providing it is replaced before the end of the financial year or that sum of allowance will be lost. .
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michaelc
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IFISA
May 31, 2017 17:23:18 GMT
Post by michaelc on May 31, 2017 17:23:18 GMT
Many thanks for that. So if for example, I put 20K into an IFISA such as the one at funding secure. I bought loans with 5K of that money and had 15K left in cash. Does this mean I couldn't transfer out the excess 15K without selling first loans that brought the total amount back up to 20K ? (Without losing tax free status I mean).
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IFISAcava
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Post by IFISAcava on May 31, 2017 17:27:02 GMT
Many thanks for that. So if for example, I put 20K into an IFISA such as the one at funding secure. I bought loans with 5K of that money and had 15K left in cash. Does this mean I couldn't transfer out the excess 15K without selling first loans that brought the total amount back up to 20K ? (Without losing tax free status I mean). For PAST YEARS TRANSFERRED IN, and as long as FS will do it (they should), the regulations allow you to transfer the 15K cash to another IFISA. But you'd have to sell the 5K before being able to transfer it. for CURRENT YEAR CONTRIBUTIONS, you have to sell up and transfer all in one go.
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archie
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Post by archie on May 31, 2017 17:29:02 GMT
Many thanks for that. So if for example, I put 20K into an IFISA such as the one at funding secure. I bought loans with 5K of that money and had 15K left in cash. Does this mean I couldn't transfer out the excess 15K without selling first loans that brought the total amount back up to 20K ? (Without losing tax free status I mean). Yes unless you wait until after this tax year before transferring out again. If you only wanted 5k in total, open the IFISA and transfer that money from an existing ISA rather than using new cash.
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littleoldlady
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Post by littleoldlady on May 31, 2017 17:30:46 GMT
Many thanks for that. So if for example, I put 20K into an IFISA such as the one at funding secure. I bought loans with 5K of that money and had 15K left in cash. Does this mean I couldn't transfer out the excess 15K without selling first loans that brought the total amount back up to 20K ? (Without losing tax free status I mean). That's almost right, until the end of the tax year. After the first year you can transfer a portion. In the current year you have to transfer the whole amount, in cash, whatever it is, so after selling your holdings the total might be more or less than 20k.
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michaelc
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IFISA
Jun 1, 2017 13:10:18 GMT
Post by michaelc on Jun 1, 2017 13:10:18 GMT
Thanks a lot to all for making that clear.
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littleoldlady
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Post by littleoldlady on Aug 9, 2017 7:48:18 GMT
Just for clarity - in all the replies above the word 'transfer' means as you put in it the OP, a transfer to another ISA. But provided the ISA is flexible you can do a part transfer of cash out of the ISA to your non-ISA bank account and if you move it back into the same ISA in the same tax year it retains its tax shelter. So if you had part of your current year's allowance sat on a platform in a flexible ISA in cash not earning you can transfer it out, put it to work, and transfer it (ie the same amount) back in again when desirable loans become available or just to preserve its tax free status near the end of the tax year.
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