Great video, one question i have i missed the live stream, is can you have 2 S&S ISAs and have one entirely Stocks and one entirely MMFs? I split my investments this way.
@29:14 I don't think they think it's a "piggybank to stimulate growth", I think they think it's a "piggybank to stimulate tax revenue". And I'm sure it'll work as there will be many people who won't hear about these changes, or will hear and not understand the implications, and they'll just lose another 22% a year and be none the wise.
Let me understand this... Instead of just leaving us alone in case when we want to de-risk into cash, we will now have to buy 95% Money market ETF (so its not 100%, breaking compliance), the remaining 5% we buy an Ex-UK etf, just to show contempt, and we are entirely fine, no need to report anything to the tax man? What if We do a 99.9% MM ETF, and 0.1% in equity? Who wil decide what is too close to 100%?
May I emphasize that I am not at all bothered by 22% tax on cash interests, i am bothered by the need to keep records and worrying whether I am compliant.
Could you advice on examples of names of reputable money market funds that you can buy with cash that is sitting in your stocks and shares ISA? Thanks in advance.
Point is that successive UK governments encourage people to save so as not to only rely on old age pension at retirement age. So either they do or they don't. If we start paying tax on anything to do with the ISA, it defeats the object
I do wonder if it’s worth using low coupon gilts and savings allowances outside of the isa as the cash /bond portfolio allocation and use the isa for the stock part of your portfolio.
ust to clarify the 22% charge on cash interest in a Stocks & Shares ISA applies to everyone regardless of age — the over-65 exemption only covers keeping your Cash ISA limit at £20,000 and being allowed to transfer from a S&S ISA into a Cash ISA. I know that over 65's don't need to try to circumvent as they can use the cash ISA with a full £20k allowance, but I wanted to get this out there in case of confusion.
Many will have distributing dividends which will earn interest in the ISA and be subject to tax
until they are periodically swept into a bank account, probably at the end of the month so that the dividend distributions feel like part of a regular salary. More complexity and confusion. I remember the adverts… tax doesn’t have to be taxing!
Hi Ramin, among the changes, I most dislike the ban on transfers to cash ISA - what if someone wants to derisk the money, say, due to a decision to buy a house and an upcoming need for a deposit in a few years time. In this case, one would sell equity at a market high and transfer to cash ISA.
Even the most experienced investors are never always fully invested in stocks, they always keep money in cash whilst waiting for the right investment. So not allowing the cash position to be part of the ISA allowance is crazy.
Rachel Reeves sadly showing she really doesn't understand what she's doing. She reminds me of some of the people I work with, who want to pile more and more complexity onto everything to try and solve non-existent problems!
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May I emphasize that I am not at all bothered by 22% tax on cash interests, i am bothered by the need to keep records and worrying whether I am compliant.
until they are periodically swept into a bank account, probably at the end of the month so that the dividend distributions feel like part of a regular salary. More complexity and confusion. I remember the adverts… tax doesn’t have to be taxing!
Important notice for our community: We have been made aware that someone is impersonating Ramin and contacting viewers via email claiming to be from PensionCraft. This is not us.
The only official home of PensionCraft is wwww.pensioncraft.com/ Any unsolicited emails from addresses not linked to that domain should be treated as fraudulent.
Please do not engage with or respond to any suspicious messages. If you have received one, we are sorry this has happened and thank you for your vigilance in reporting it.