Post April 2027, can people over 65 still transfer from a shares isa to a cash isa?

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/81990543#Comment_81990543

And where on that page does it state cash transfers will still be available to over 65s?

It's ambiguous, but I'd say the reference to over 65 relates to amount of £ into a cash ISA, not the ability to transfer.

And that's why AI should not be trusted without verification.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81991244#Comment_81991244

Yes - having commented above that main editorial pieces should be more reliable than the forum, I see that the article OP found via AI was actually an MSE news piece published on the day of the budget, that hasn't been updated since, and does contain inaccuracies, including:

You will NO longer be able to transfer money from stocks and shares ISAs and innovative finance ISAs into cash ISAs. [without distinguishing between under- and over-65s]

[…]

Lifetime ISAs to be scrapped

I can understand the distinction between news articles relaying what was known at a specific point in time and guides that are regularly updated, but it seems AI can't!

Edit: the AI summary quoted by OP is actually correct anyway, despite apparently citing an MSE article saying something different…

born_again

AI = Artificial Idiot 🤣

QQQQQQQQ_Y

I still see no guidance on what happens when someone turns 65 - e.g. do the rules change on the person's birthday or the following tax year. Ask AI and my experience is that it will confidently and convincingly tell you black is white, right up to the point where you challenge it.

Yorkie1

Not all of the details have been published yet.

FIREDreamer

And if we currenttly hold cashlike investments in a shares ISA, eg CSH2 or ERNS, are we allowed to keep them (with further purchases disallowed) or will we be forced sellers if the interest is taxable?

Aretnap

And if we currenttly hold cashlike investments in a shares ISA, eg CSH2 or ERNS, are we allowed to keep them (with further purchases disallowed) or will we be forced sellers if the interest is taxable?

Generally speaking when investments lose their ISA eligible status you either have to sell them, or they get transferred out of the ISA. This happens more often than you might think, eg if shares are delisted, or move their listing to a non-ISA eligible stock exchange.

Given the number of people who would be affected it's maybe not inconceivable that there will be some sort of grandfather provision that would allow existing cash like investments still to be held, but I'm not aware of any announcement to that effect, and in the absence of any special provision then yes you would effectively be a forced seller.

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81994995#Comment_81994995

Thanks, just trying go time the equity market waiting for another drawdown lol.

EDIT: 35% equity / 65% cashlike

Triumph13

It's far more likely that you will just be given a bill for tax on the interest than that you will be forced to sell.

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81995356#Comment_81995356

even the over 65’s?