MSE News: Budget 2015: ISAs to become fully flexible with withdrawals allowed

goRt

10_66 wrote: »

Someone posted earlier in this thread that it only applies to the current year's subscription though, not previous years'.

But Nationwide's published rules now remove that restriction!

10_66

goRt wrote: »

But Nationwide's published rules now remove that restriction!

Wow, why the exclamation mark? I was merely pointing it out, not castigating or criticising. I looked at the link the poster had inserted and couldn't see where it referred to previous years', only current. And even so, if I've read it wrong, it didn't require an exclamation mark.

MDMD

Terms and conditions at Nationwide updated as of today.

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P2798.pdf

It appears to suggest it covers both prior and current year subscriptions (I can't see where it says you have to have paid in to be able to make a flexible withdrawal)

masonic

I believe the statement about NW's flexibility only applying to current year money was made by a member of staff. That's the danger of believing anything you are told by an individual that is not backed up by T&Cs.

jamesd

New 6 April 2016 edition of the Guidance Notes for ISA Managers version now available, incorporating the Flexible and IF ISA rules. Most recent Bulletin is still 69 from 15 Jan 2016.

gwapenut

What nationwide isa team happened to tell me, is that current and previous years could be reinstated, but only if you were actively subscribing to the isa this tax year. Otherwise they interpreted this as funding more than one isa in the same tax year.

I say happened to tell me, because we all know nationwide decisions change with the wind.

But, if they THINK that is your active isa and let you reinstate, and hmrc KNOW you have that plus another isa but within the rules, then does it really matter?

I did point them in the direction of Coventry's excellent page which specifically says you do not need to be actively subscribing, but they weren't interested.

goRt

I've just looked at the Nationwide app and now see 3 figures:
Amount of current tax year's allowance remaining
Amount of unrepaid withdrawal
Amount allowed to pay into ISA

1 is 15,240, 2 is zero and 3 is 15,240
I assume 3=1+2

goRt

10_66 wrote: »

Wow, why the exclamation mark? I was merely pointing it out, not castigating or criticising. I looked at the link the poster had inserted and couldn't see where it referred to previous years', only current. And even so, if I've read it wrong, it didn't require an exclamation mark.

You posted something unnecesarily misleading!

liamcov

So is it now settled that Nationwide are allowing flexible withdrawals of previous years even if not subscribing in the current tax year?

Can someone provide a link to anywhere it says this as I'm looking to open an account later (as I think the Nationwide 1.3% is the best transfer in option?)

Thanks

gwapenut

Here is what the NW wrote to me last month, which I think is an incorrect interpretation, but one they may (a) have changed their minds about or (b) choose to enforce:-

Please note that you'll only be able to do this with your one active ISA provider, as attempting to deposit and withdraw from an older ISA provider at the same time would count as a new subscription which wouldn't be allowed within the same tax year.