IFISA transfer question.

soulsaver

I often seem to discover something more I hadn't known in ISA rules... so thought, even though it's a long shot, I'll ask the question:)

I've recently withdrawn £40k from P2P IFISA, and I'd like to maintain its sheltered status if possible.

None of it is this year's allowance; this year's has been used in a ftb.

As it's an IF ISA I can pay the cash back in before April 5 to maintain the ISA status.

I'd like to minimise the length of time it remains on the platform (Ratesetter) if/when I pay it back in to my holding account in readiness for the transfer to a (likely) cash ISA.

What options are there to minimise the time spent back in my RS ifisa holding account waiting for the new ISA provider to make the transfer?

Or, preferably, can I avoid putting it back in altogether and still maintain its ISA status?

Help appreciated.

masonic

You will need to replace the subscriptions ahead of the transfer. A while back I had an IF ISA to cash ISA transfer completed inside of a week, so it isn't necessarily going to be a slow process.

It's worth finding out if both providers support electronic transfers as this will make the process faster, and if they are using a postal process you can leave it a little later to make the replacement subscription. Some receiving ISA managers give updates by SMS or some other means, allowing you to know when the request has been forwarded to the existing ISA manager.