ISA guidance - Intelligent Money Private Clients
Discussion
mikyman said:
I am about to take a leap into the mysterious world of s&s and investments in general.
Having read all that i can regarding the services offered by Intelligent Money i am concerned to read that they only take clients with in excess of 100k to invest.
Whilst i will ultimatly have this amount, initially i want to start small and gain confidence without jumping straight in.
Hi mikymanHaving read all that i can regarding the services offered by Intelligent Money i am concerned to read that they only take clients with in excess of 100k to invest.
Whilst i will ultimatly have this amount, initially i want to start small and gain confidence without jumping straight in.
As Mr pointy has kindly pointed out, for PH members there is no minimum investment criteria and no initial charge. Just use the code PH2607. Feel free to drop me a message at nik.burrows@intelligentmoney.com if you need any help with anything.
Cheers
Nik
If we say have £20k in last years pot and then we put another £20k in this years pot and the ISA gained say 10%, my wife likes the idea of taking that gain to treat herself.
So taking out say £2k would that come out forever or would you then be able to put back that £2k again this tax year?
So taking out say £2k would that come out forever or would you then be able to put back that £2k again this tax year?
forest172 said:
If we say have £20k in last years pot and then we put another £20k in this years pot and the ISA gained say 10%, my wife likes the idea of taking that gain to treat herself.
So taking out say £2k would that come out forever or would you then be able to put back that £2k again this tax year?
Hi forest172So taking out say £2k would that come out forever or would you then be able to put back that £2k again this tax year?
As long as the ISA is a FlexiISA (IM ISAs are Flexi) Then you can withdraw and repay as much as you like along as the withdrawal and repayment are in the same tax year.
So in your example above you have £44k in your ISA, £40k of contributions and 10% growth you can withdraw the whole £43,999 if you wish and then pay £43,999 back in as long as withdrawal and repayment are in the same tax year.
Cheers
Nik
Intelligent Money said:
Hi forest172
As long as the ISA is a FlexiISA (IM ISAs are Flexi) Then you can withdraw and repay as much as you like along as the withdrawal and repayment are in the same tax year.
So in your example above you have £44k in your ISA, £40k of contributions and 10% growth you can withdraw the whole £43,999 if you wish and then pay £43,999 back in as long as withdrawal and repayment are in the same tax year.
Cheers
Nik
Interesting that’s even better. Thank youAs long as the ISA is a FlexiISA (IM ISAs are Flexi) Then you can withdraw and repay as much as you like along as the withdrawal and repayment are in the same tax year.
So in your example above you have £44k in your ISA, £40k of contributions and 10% growth you can withdraw the whole £43,999 if you wish and then pay £43,999 back in as long as withdrawal and repayment are in the same tax year.
Cheers
Nik
I have a flexible S&S ISA and an inflexible (if that's the correct term) S&S ISA.
If I try to do a partial transfer from the flexible to the inflexible account, will the inflexible provider try to take all of the flexible ISA?
If they will, is there a way to prevent them from doing that?
Thanks.
If I try to do a partial transfer from the flexible to the inflexible account, will the inflexible provider try to take all of the flexible ISA?
If they will, is there a way to prevent them from doing that?
Thanks.
rfisher said:
I have a flexible S&S ISA and an inflexible (if that's the correct term) S&S ISA.
If I try to do a partial transfer from the flexible to the inflexible account, will the inflexible provider try to take all of the flexible ISA?
If they will, is there a way to prevent them from doing that?
Thanks.
It is provider dependent as to wether they allow partial transfers and wether they receive partial transfers so there is no specific requirement or rule that says they must allow it, just a provision with the legislation that says they can. This applies to both Flexi and Standard ISAsIf I try to do a partial transfer from the flexible to the inflexible account, will the inflexible provider try to take all of the flexible ISA?
If they will, is there a way to prevent them from doing that?
Thanks.
It will be detailed in the T&C of the account.
Nik
Intelligent Money said:
It is provider dependent as to wether they allow partial transfers and wether they receive partial transfers so there is no specific requirement or rule that says they must allow it, just a provision with the legislation that says they can. This applies to both Flexi and Standard ISAs
It will be detailed in the T&C of the account.
Nik
Thanks Nik.It will be detailed in the T&C of the account.
Nik
The standard ISA provider doesn't do partial transfers.
I assumed that they couldn't for standard ISAs.
Although I've used my £20k ISA allowance for this year, can I open a new flexi ISA and make the partial transfer that way?
From what I can see, providers won't let you open a S+S ISA if you've used your current tax year allowance.
rfisher said:
Intelligent Money said:
It is provider dependent as to wether they allow partial transfers and wether they receive partial transfers so there is no specific requirement or rule that says they must allow it, just a provision with the legislation that says they can. This applies to both Flexi and Standard ISAs
It will be detailed in the T&C of the account.
Nik
Thanks Nik.It will be detailed in the T&C of the account.
Nik
The standard ISA provider doesn't do partial transfers.
I assumed that they couldn't for standard ISAs.
Although I've used my £20k ISA allowance for this year, can I open a new flexi ISA and make the partial transfer that way?
From what I can see, providers won't let you open a S+S ISA if you've used your current tax year allowance.
Unless I have misunderstood the example you have given, if the Standard ISA provider won't allow a partial transfer you could set a Flexi ISA up but you could only transfer the whole amount from the Standard ISA into the new Flexi ISA
Nik
I have a question on cash ISAs.
With a non-ISA savings account, you only pay tax on interest that exceeds your Personal Savings Allowance (£1k, £500 or £0 depending on income).
If say you have a £1k allowance, you’ll need a six figure amount in a non-ISA savings account in order to pay tax on any interest. Are there any benefits in saving in a cash ISA (and using some of your ISA allowance) if you’re not going to save any more than £10k? (I appreciate that interest rates and tax allowances/rules will change in the future.)
Thanks.
With a non-ISA savings account, you only pay tax on interest that exceeds your Personal Savings Allowance (£1k, £500 or £0 depending on income).
If say you have a £1k allowance, you’ll need a six figure amount in a non-ISA savings account in order to pay tax on any interest. Are there any benefits in saving in a cash ISA (and using some of your ISA allowance) if you’re not going to save any more than £10k? (I appreciate that interest rates and tax allowances/rules will change in the future.)
Thanks.
CarlosFandango11 said:
I have a question on cash ISAs.
With a non-ISA savings account, you only pay tax on interest that exceeds your Personal Savings Allowance (£1k, £500 or £0 depending on income).
If say you have a £1k allowance, you’ll need a six figure amount in a non-ISA savings account in order to pay tax on any interest. Are there any benefits in saving in a cash ISA (and using some of your ISA allowance) if you’re not going to save any more than £10k? (I appreciate that interest rates and tax allowances/rules will change in the future.)
Thanks.
The only considerations for me are ease of access/UI and interest rates (and that's pretty much academic now). You might consider that if interest rates do rise that you won't be able to get your savings into an ISA fast enough to avoid breaching a threshold, but at the levels you are talking about that isn't an issue for now.With a non-ISA savings account, you only pay tax on interest that exceeds your Personal Savings Allowance (£1k, £500 or £0 depending on income).
If say you have a £1k allowance, you’ll need a six figure amount in a non-ISA savings account in order to pay tax on any interest. Are there any benefits in saving in a cash ISA (and using some of your ISA allowance) if you’re not going to save any more than £10k? (I appreciate that interest rates and tax allowances/rules will change in the future.)
Thanks.
My instant cash is with Marcus, not an ISA but not an issue. Their interest rate was the best when I opened it but as everywhere has been cut it isn't worth changing for the sums involved.
Not sure if you have to do a self assessment due to any interest gained even if it doesn't break your threshold. I have to do one anyway so not an issue for me.
mfmman said:
CarlosFandango11 said:
I have a question on cash ISAs.
With a non-ISA savings account, you only pay tax on interest that exceeds your Personal Savings Allowance (£1k, £500 or £0 depending on income).
If say you have a £1k allowance, you’ll need a six figure amount in a non-ISA savings account in order to pay tax on any interest. Are there any benefits in saving in a cash ISA (and using some of your ISA allowance) if you’re not going to save any more than £10k? (I appreciate that interest rates and tax allowances/rules will change in the future.)
Thanks.
The only considerations for me are ease of access/UI and interest rates (and that's pretty much academic now). You might consider that if interest rates do rise that you won't be able to get your savings into an ISA fast enough to avoid breaching a threshold, but at the levels you are talking about that isn't an issue for now.With a non-ISA savings account, you only pay tax on interest that exceeds your Personal Savings Allowance (£1k, £500 or £0 depending on income).
If say you have a £1k allowance, you’ll need a six figure amount in a non-ISA savings account in order to pay tax on any interest. Are there any benefits in saving in a cash ISA (and using some of your ISA allowance) if you’re not going to save any more than £10k? (I appreciate that interest rates and tax allowances/rules will change in the future.)
Thanks.
My instant cash is with Marcus, not an ISA but not an issue. Their interest rate was the best when I opened it but as everywhere has been cut it isn't worth changing for the sums involved.
Not sure if you have to do a self assessment due to any interest gained even if it doesn't break your threshold. I have to do one anyway so not an issue for me.
Apologies this hasn't been answered, I'm on the case this pm for you.
KR
Coops
Hello again 
In the current low interest rate market the tax shelter of a Cash ISA is defiantly limited and if you intend to invest in stocks and shares/equities as well there is a strong argument that your ISA allowance may be better used to shelter gains in that area.
If you have no plans to use your allowance elsewhere then no tax is better than some tax and if interest rates increase substantially in the future then you are sheltered.
It also provides the opportunity to transfer these cash holdings into a S&S environment at a later date of your investment approach changes.
Hope that helps
Coops
In the current low interest rate market the tax shelter of a Cash ISA is defiantly limited and if you intend to invest in stocks and shares/equities as well there is a strong argument that your ISA allowance may be better used to shelter gains in that area.
If you have no plans to use your allowance elsewhere then no tax is better than some tax and if interest rates increase substantially in the future then you are sheltered.
It also provides the opportunity to transfer these cash holdings into a S&S environment at a later date of your investment approach changes.
Hope that helps
Coops
Hello,
My wife has a S&S LISA which we took out with Hargreaves & Lansdown, as she was days before her 40th bithday when they were launched and they were the only ones with a product up and running.
It's not large at the moment and I've been managing it myself but I find increasingly I don't have the time to do this - I think if I could devote more time to it or have it actively managed by someone we'd use it a bit more.
If possible I would like to move it to another, managed provider but neither of us qualify for the product so starting another from scratch is not possible. Can a LISA be moved if the holder is over 40?
I also have other investment advice I'll need shortly (reasonable inheritance I want to invest to help pay school fees, then use as income post-retirement) so I wondered if I could do a 'one stop shop' with IM....
My wife has a S&S LISA which we took out with Hargreaves & Lansdown, as she was days before her 40th bithday when they were launched and they were the only ones with a product up and running.
It's not large at the moment and I've been managing it myself but I find increasingly I don't have the time to do this - I think if I could devote more time to it or have it actively managed by someone we'd use it a bit more.
If possible I would like to move it to another, managed provider but neither of us qualify for the product so starting another from scratch is not possible. Can a LISA be moved if the holder is over 40?
I also have other investment advice I'll need shortly (reasonable inheritance I want to invest to help pay school fees, then use as income post-retirement) so I wondered if I could do a 'one stop shop' with IM....
Mark Benson said:
Hello,
My wife has a S&S LISA which we took out with Hargreaves & Lansdown, as she was days before her 40th bithday when they were launched and they were the only ones with a product up and running.
It's not large at the moment and I've been managing it myself but I find increasingly I don't have the time to do this - I think if I could devote more time to it or have it actively managed by someone we'd use it a bit more.
If possible I would like to move it to another, managed provider but neither of us qualify for the product so starting another from scratch is not possible. Can a LISA be moved if the holder is over 40?
I also have other investment advice I'll need shortly (reasonable inheritance I want to invest to help pay school fees, then use as income post-retirement) so I wondered if I could do a 'one stop shop' with IM....
Good morning Mark. My wife has a S&S LISA which we took out with Hargreaves & Lansdown, as she was days before her 40th bithday when they were launched and they were the only ones with a product up and running.
It's not large at the moment and I've been managing it myself but I find increasingly I don't have the time to do this - I think if I could devote more time to it or have it actively managed by someone we'd use it a bit more.
If possible I would like to move it to another, managed provider but neither of us qualify for the product so starting another from scratch is not possible. Can a LISA be moved if the holder is over 40?
I also have other investment advice I'll need shortly (reasonable inheritance I want to invest to help pay school fees, then use as income post-retirement) so I wondered if I could do a 'one stop shop' with IM....
I work with Nik as as part of the private client team. if you'd like to drop me an email at steve.cooper@intelligentmoney.com I can arrange for a conversation with Nik. We offer guidance but not financial advice. I can also then answer the LISA question for you, unfortunately this isn't a product we offer.
Kindest regards
Coops
Mark Benson said:
Hello,
My wife has a S&S LISA which we took out with Hargreaves & Lansdown, as she was days before her 40th bithday when they were launched and they were the only ones with a product up and running.
It's not large at the moment and I've been managing it myself but I find increasingly I don't have the time to do this - I think if I could devote more time to it or have it actively managed by someone we'd use it a bit more.
If possible I would like to move it to another, managed provider but neither of us qualify for the product so starting another from scratch is not possible. Can a LISA be moved if the holder is over 40?
I also have other investment advice I'll need shortly (reasonable inheritance I want to invest to help pay school fees, then use as income post-retirement) so I wondered if I could do a 'one stop shop' with IM....
Hi Mark, My wife has a S&S LISA which we took out with Hargreaves & Lansdown, as she was days before her 40th bithday when they were launched and they were the only ones with a product up and running.
It's not large at the moment and I've been managing it myself but I find increasingly I don't have the time to do this - I think if I could devote more time to it or have it actively managed by someone we'd use it a bit more.
If possible I would like to move it to another, managed provider but neither of us qualify for the product so starting another from scratch is not possible. Can a LISA be moved if the holder is over 40?
I also have other investment advice I'll need shortly (reasonable inheritance I want to invest to help pay school fees, then use as income post-retirement) so I wondered if I could do a 'one stop shop' with IM....
You can transfer your LISA holdings to another LISA provider without losing the tax free benefits, As Coops has said we don't offer a LISA so we couldn't help with that part of your planning, Happy to help in other areas and chat through your planning needs at any point irrespective of wether IM investments are part of the solution for you or not.
Regards
Nik
I have a query regarding the new layout and info displays.
I was certain that previously I could see the 'account details' per sub-account. I was sure there was a small table of the account holders details alongside all the other information.
For instance, I'm digging around all over under my two children's ISAs, and no where can I seem to find their actual names attached to each individual account.
Now I know that jisa 1 is my son's and jisa 2 is my daughter's, but there is no way to confirm that. The welcome pack PDFs don't mentiont their names either.
I assume there must be a proper name attached to the individual accounts in the database, but it's not lifting that information and showing it?
I notice I can rename the JISA from the default "My Junior ISA", but it seems a bit clunky to not show the proper name entry for them somewhere given they're a named wrapper account.
Ie, for administration purposes. I could rename them wrong, and an administrator later could mistake these names and make actions on the wrong account.
Many thanks
Dave
I was certain that previously I could see the 'account details' per sub-account. I was sure there was a small table of the account holders details alongside all the other information.
For instance, I'm digging around all over under my two children's ISAs, and no where can I seem to find their actual names attached to each individual account.
Now I know that jisa 1 is my son's and jisa 2 is my daughter's, but there is no way to confirm that. The welcome pack PDFs don't mentiont their names either.
I assume there must be a proper name attached to the individual accounts in the database, but it's not lifting that information and showing it?
I notice I can rename the JISA from the default "My Junior ISA", but it seems a bit clunky to not show the proper name entry for them somewhere given they're a named wrapper account.
Ie, for administration purposes. I could rename them wrong, and an administrator later could mistake these names and make actions on the wrong account.
Many thanks
Dave
Mr Whippy said:
I have a query regarding the new layout and info displays.
I was certain that previously I could see the 'account details' per sub-account. I was sure there was a small table of the account holders details alongside all the other information.
For instance, I'm digging around all over under my two children's ISAs, and no where can I seem to find their actual names attached to each individual account.
Now I know that jisa 1 is my son's and jisa 2 is my daughter's, but there is no way to confirm that. The welcome pack PDFs don't mentiont their names either.
I assume there must be a proper name attached to the individual accounts in the database, but it's not lifting that information and showing it?
I notice I can rename the JISA from the default "My Junior ISA", but it seems a bit clunky to not show the proper name entry for them somewhere given they're a named wrapper account.
Ie, for administration purposes. I could rename them wrong, and an administrator later could mistake these names and make actions on the wrong account.
Many thanks
Dave
Hi Dave I was certain that previously I could see the 'account details' per sub-account. I was sure there was a small table of the account holders details alongside all the other information.
For instance, I'm digging around all over under my two children's ISAs, and no where can I seem to find their actual names attached to each individual account.
Now I know that jisa 1 is my son's and jisa 2 is my daughter's, but there is no way to confirm that. The welcome pack PDFs don't mentiont their names either.
I assume there must be a proper name attached to the individual accounts in the database, but it's not lifting that information and showing it?
I notice I can rename the JISA from the default "My Junior ISA", but it seems a bit clunky to not show the proper name entry for them somewhere given they're a named wrapper account.
Ie, for administration purposes. I could rename them wrong, and an administrator later could mistake these names and make actions on the wrong account.
Many thanks
Dave
Just seen your email, I've asked the IT bods to get me an answer so we can ensure everyone can see the names on the JISA accounts. I'll get back too you soon as I hear back
Kindest regards
Coops
Mr Whippy said:
I have a query regarding the new layout and info displays.
I was certain that previously I could see the 'account details' per sub-account. I was sure there was a small table of the account holders details alongside all the other information.
For instance, I'm digging around all over under my two children's ISAs, and no where can I seem to find their actual names attached to each individual account.
Now I know that jisa 1 is my son's and jisa 2 is my daughter's, but there is no way to confirm that. The welcome pack PDFs don't mentiont their names either.
I assume there must be a proper name attached to the individual accounts in the database, but it's not lifting that information and showing it?
I notice I can rename the JISA from the default "My Junior ISA", but it seems a bit clunky to not show the proper name entry for them somewhere given they're a named wrapper account.
Ie, for administration purposes. I could rename them wrong, and an administrator later could mistake these names and make actions on the wrong account.
Many thanks
Dave
Hi Dave , can you drop me an email at steve.cooper@intelligentmoney.com with your IM ref for the IT team please? I was certain that previously I could see the 'account details' per sub-account. I was sure there was a small table of the account holders details alongside all the other information.
For instance, I'm digging around all over under my two children's ISAs, and no where can I seem to find their actual names attached to each individual account.
Now I know that jisa 1 is my son's and jisa 2 is my daughter's, but there is no way to confirm that. The welcome pack PDFs don't mentiont their names either.
I assume there must be a proper name attached to the individual accounts in the database, but it's not lifting that information and showing it?
I notice I can rename the JISA from the default "My Junior ISA", but it seems a bit clunky to not show the proper name entry for them somewhere given they're a named wrapper account.
Ie, for administration purposes. I could rename them wrong, and an administrator later could mistake these names and make actions on the wrong account.
Many thanks
Dave
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