Transfers from S&S ISA to be scrapped

Durged

I read a daily mail article today saying our wonderful chancellor is cancelling the ability to transfer S&S ISA back to cash ISA’s, I appreciate this is to stop people putting in the additional £8k into the S&S ISA and transferring back, but what about old investments I have a lot of money currently In a S&S ISA, do I need to transfer this out to a cash ISA before the new rules apply (the compete opposite of what the alleged intention was of the cutting of the cash ISA was), or will this be for new investments only does anybody know? 

Many thanks in advance 

Aretnap

Durged said:

I read a daily mail article today saying our wonderful chancellor is cancelling the ability to transfer S&S ISA back to cash ISA’s, I appreciate this is to stop people putting in the additional £8k into the S&S ISA and transferring back, but what about old investments I have a lot of money currently In a S&S ISA, do I need to transfer this out to a cash ISA before the new rules apply (the compete opposite of what the alleged intention was of the cutting of the cash ISA was), or will this be for new investments only does anybody know? 

Many thanks in advance 

There are about five threads running on this already. 

If you originally put money into a S&S ISA rather than a cash ISA then you presumably did so for a reason. Why do you think that reason no longer applies, and you suddenly need to have it in a cash ISA instead?

ColdIron

Do we really need another thread on this?

Durged

Aretnap said:

Durged said:

I read a daily mail article today saying our wonderful chancellor is cancelling the ability to transfer S&S ISA back to cash ISA’s, I appreciate this is to stop people putting in the additional £8k into the S&S ISA and transferring back, but what about old investments I have a lot of money currently In a S&S ISA, do I need to transfer this out to a cash ISA before the new rules apply (the compete opposite of what the alleged intention was of the cutting of the cash ISA was), or will this be for new investments only does anybody know? 

Many thanks in advance 

There are about five threads running on this already. 

If you originally put money into a S&S ISA rather than a cash ISA then you presumably did so for a reason. Why do you think that reason no longer applies, and you suddenly need to have it in a cash ISA instead?

Because I’m nearing retirement and want the security of a cash ISA instead in later life hence I want the ability to transfer it to cash ISA’s, up until Wednesday I could easily do that, now I don’t know?

Durged

ColdIron said:

Do we really need another thread on this?

I haven’t seen an answer to my particular question, so I’m going with yes.

eskbanker

Durged said:

Aretnap said:

Durged said:

I read a daily mail article today saying our wonderful chancellor is cancelling the ability to transfer S&S ISA back to cash ISA’s, I appreciate this is to stop people putting in the additional £8k into the S&S ISA and transferring back, but what about old investments I have a lot of money currently In a S&S ISA, do I need to transfer this out to a cash ISA before the new rules apply (the compete opposite of what the alleged intention was of the cutting of the cash ISA was), or will this be for new investments only does anybody know? 

Many thanks in advance 

There are about five threads running on this already. 

If you originally put money into a S&S ISA rather than a cash ISA then you presumably did so for a reason. Why do you think that reason no longer applies, and you suddenly need to have it in a cash ISA instead?

Because I’m nearing retirement and want the security of a cash ISA instead in later life hence I want the ability to transfer it to cash ISA’s, up until Wednesday before 2027 I could easily do that, now after 2027 I don’t know?

Fixed that for you....

Durged

eskbanker said:

Durged said:

Aretnap said:

Durged said:

I read a daily mail article today saying our wonderful chancellor is cancelling the ability to transfer S&S ISA back to cash ISA’s, I appreciate this is to stop people putting in the additional £8k into the S&S ISA and transferring back, but what about old investments I have a lot of money currently In a S&S ISA, do I need to transfer this out to a cash ISA before the new rules apply (the compete opposite of what the alleged intention was of the cutting of the cash ISA was), or will this be for new investments only does anybody know? 

Many thanks in advance 

There are about five threads running on this already. 

If you originally put money into a S&S ISA rather than a cash ISA then you presumably did so for a reason. Why do you think that reason no longer applies, and you suddenly need to have it in a cash ISA instead?

Because I’m nearing retirement and want the security of a cash ISA instead in later life hence I want the ability to transfer it to cash ISA’s, up until Wednesday before 2027 I could easily do that, now after 2027 I don’t know?

Fixed that for you....

You know what I meant, if you don’t know the answer, just move on.

flaneurs_lobster

eskbanker said:

Durged said:

Aretnap said:

Durged said:

I read a daily mail article today saying our wonderful chancellor is cancelling the ability to transfer S&S ISA back to cash ISA’s, I appreciate this is to stop people putting in the additional £8k into the S&S ISA and transferring back, but what about old investments I have a lot of money currently In a S&S ISA, do I need to transfer this out to a cash ISA before the new rules apply (the compete opposite of what the alleged intention was of the cutting of the cash ISA was), or will this be for new investments only does anybody know? 

Many thanks in advance 

There are about five threads running on this already. 

If you originally put money into a S&S ISA rather than a cash ISA then you presumably did so for a reason. Why do you think that reason no longer applies, and you suddenly need to have it in a cash ISA instead?

Because I’m nearing retirement and want the security of a cash ISA instead in later life hence I want the ability to transfer it to cash ISA’s, up until Wednesday before 2027 I could easily do that, now after 2027 I don’t know?

Fixed that for you....

Are you suggesting that the Daily Mail may not have got its facts entirely, er, factual?

Durged

flaneurs_lobster said:

eskbanker said:

Durged said:

Aretnap said:

Durged said:

I read a daily mail article today saying our wonderful chancellor is cancelling the ability to transfer S&S ISA back to cash ISA’s, I appreciate this is to stop people putting in the additional £8k into the S&S ISA and transferring back, but what about old investments I have a lot of money currently In a S&S ISA, do I need to transfer this out to a cash ISA before the new rules apply (the compete opposite of what the alleged intention was of the cutting of the cash ISA was), or will this be for new investments only does anybody know? 

Many thanks in advance 

There are about five threads running on this already. 

If you originally put money into a S&S ISA rather than a cash ISA then you presumably did so for a reason. Why do you think that reason no longer applies, and you suddenly need to have it in a cash ISA instead?

Because I’m nearing retirement and want the security of a cash ISA instead in later life hence I want the ability to transfer it to cash ISA’s, up until Wednesday before 2027 I could easily do that, now after 2027 I don’t know?

Fixed that for you....

Are you suggesting that the Daily Mail may not have got its facts entirely, er, factual?

Well that would be a first wouldn’t it?

hallmark

Moneyweek is reporting the same thing.

I actually have one fairly chunky cash ISA I'd been fully intending to transfer into S&S.  Now I suspect I won't as I'm nearing retirement age.

So this policy is already achieving the exact opposite of what was intended.

eskbanker

Durged said:

eskbanker said:

Durged said:

Aretnap said:

Durged said:

I read a daily mail article today saying our wonderful chancellor is cancelling the ability to transfer S&S ISA back to cash ISA’s, I appreciate this is to stop people putting in the additional £8k into the S&S ISA and transferring back, but what about old investments I have a lot of money currently In a S&S ISA, do I need to transfer this out to a cash ISA before the new rules apply (the compete opposite of what the alleged intention was of the cutting of the cash ISA was), or will this be for new investments only does anybody know? 

Many thanks in advance 

There are about five threads running on this already. 

If you originally put money into a S&S ISA rather than a cash ISA then you presumably did so for a reason. Why do you think that reason no longer applies, and you suddenly need to have it in a cash ISA instead?

Because I’m nearing retirement and want the security of a cash ISA instead in later life hence I want the ability to transfer it to cash ISA’s, up until Wednesday before 2027 I could easily do that, now after 2027 I don’t know?

Fixed that for you....

You know what I meant, if you don’t know the answer, just move on.

The point is that nobody knows the answer yet, but there's endless speculation about how the high-level rules mentioned on Wednesday will be implemented, in the absence of the detail that will only follow in the months to come.