Available since 6 April 2016, this relatively new ISA facility will provide investors with the opportunity to replace funds that have been withdrawn from their ISA. While simple in intent, this is quite complex in implementation with many areas to consider in regard to management, operation and reporting.
This workshop is designed to provide an overview of the key operational issues that managers need to be aware of in relation to ISA flexibility and aims to answer the following questions:
- Will flexibility apply to all ISAs?
- What withdrawals count towards flexibility?
- How long does flexibility last?
- How will flexibility be tracked?
- Can non-residents use flexibility?
- What will be reported to HMRC?
- What does this mean for continuous ISA applications?
- How does flexibility work with the overall ISA allowance?
- Is flexibility transferable?