Using a UK Stocks and Shares ISA Individual Savings Account to meet Financial Req.
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Using a UK Stocks and Shares ISA Individual Savings Account to meet Financial Req.
Hi All,
I am trying to do a first spouse visa extension, and wanted to use the Category D cash savings method. I was planning to use my UK stocks and shares ISA, which has been saved over a period of 7 years and is well in excess of the required funds.
The problem is I am getting conflicting advice whether they will accept my ISA and whether it would need to be liquidated prior to application?
7.4.4 states "For example, in the UK a ‘stocks and shares’ Individual Savings Account (ISA) does meet the definition of a savings account and the funds can be considered as cash savings if all the requirements above are met. Likewise, a pension savings account from which savings can be immediately withdrawn."
The key points are:
1. a ‘stocks and shares’ Individual Savings Account (ISA) DOES meet the definition of a savings account
2. and the funds CAN BE considered as CASH SAVINGS
3. "Requirements Above are met" refers to table 7.4.3, all of which my UK ISA meets.
From the above it would suggest I don't need to liqudate it and it is valid?
Also the whole point of an ISA account is that it gives you an allowance you can save over a period that is free of capital gains tax. As soon as you liquidate it you lose that benefit.
Can anyone please help clear this up?
I am trying to do a first spouse visa extension, and wanted to use the Category D cash savings method. I was planning to use my UK stocks and shares ISA, which has been saved over a period of 7 years and is well in excess of the required funds.
The problem is I am getting conflicting advice whether they will accept my ISA and whether it would need to be liquidated prior to application?
7.4.4 states "For example, in the UK a ‘stocks and shares’ Individual Savings Account (ISA) does meet the definition of a savings account and the funds can be considered as cash savings if all the requirements above are met. Likewise, a pension savings account from which savings can be immediately withdrawn."
The key points are:
1. a ‘stocks and shares’ Individual Savings Account (ISA) DOES meet the definition of a savings account
2. and the funds CAN BE considered as CASH SAVINGS
3. "Requirements Above are met" refers to table 7.4.3, all of which my UK ISA meets.
From the above it would suggest I don't need to liqudate it and it is valid?
Also the whole point of an ISA account is that it gives you an allowance you can save over a period that is free of capital gains tax. As soon as you liquidate it you lose that benefit.
Can anyone please help clear this up?