RetireJapan

beanhead wrote: ↑Sun Dec 17, 2023 12:52 am

Owly wrote: ↑Sat Dec 16, 2023 6:33 am
Thanks for your reply. Unfortunately it seems it's too late to cancel the NISA and sell before the end of the year as Saison stopped allowing applications for this year on the 15th so it would have to be next year.

Could you explain how you calculated that I would only be able to reinvest 1m in 2024 instead of 2.4m?

Each broker has a process to change to another broker for NISA. Follow that process. Call them if necessary.

From 2024, yes he can transfer*/**. In 2023 it is too late to transfer.***

*Assuming the account is 100% unused
**Not all brokers have the same dates/deadlines.
***In 2023 it would be a request to not continue your NISA at Company A, and instead use Company B. In 2024 it would be a request to transfer an existing, unused Nisa.

I think using the term "transfer" is confusing.

You can only have one NISA provider for a given year. When you change provider, you change the designated provider that you will use for that year. No funds are actually transferred. You can't change if you've already invested in that year.

I will be interested to see how the lifetime allowance is dealt with when changing providers from next year.

adamu wrote: ↑Sun Dec 17, 2023 2:54 am I will be interested to see how the lifetime allowance is dealt with when changing providers from next year.

Ruh-roh raggy