Hi All,
Long time lurker. First time poster. Firstly want to say appreciate everyones contribution here.
As we all know, to meet criteria for cash savings, value needs to be above £62,500.
I currently have a stocks & shares ISA who's value is £70,000. The account is fully invested in stocks. Over the last 6 month, the entire value has always been above £70,000.
Now my question is, can I apply using stocks & shares ISA as is i.e fully invested in stock. Or does it have to be liquidated and held in cash?
The reason I am asking is an immigration lawyer told me the stocks & shares ISA as is, fully invested in stocks, is fine as cash value is clear. (From past experience I am weary of lawyers as they would always tell you want you want to hear).
His argument is based on the following:
Appendix FM Section 1.7 Appendix Financial requirements state the following:
Pg 52 .. 7.4.3 .. "NO 6: 6 The savings are held in cash (or their cash value is clear)" - Why would there put cash value if all they wanted was cash only
Pg 53...7.4.4... "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."
Pg 53...7.4.8.. This is where I personally feel the problem is. My understanding is that whilst a stocks and shares ISA is classified as a savings account, for it to meet the financial requirements, it needs to be in cash. So stocks can be held for the prior six month but it needs to be liquidated and in cash at the date of application. Is this view correct. The lawyers view is that because there is semi colons in the following, it is three different options and thus stock is fine : "The ownership of the funds in the form of investments, stocks, shares, bonds or
trust funds; the cash value of the funds in that form at or before the beginning of the
period of 6 months prior to the date of application; and the transfer of the funds into
cash, are evidenced by a portfolio report or other relevant documentation from a
financial institution regulated by the appropriate regulatory body for the country in which
that institution is operating"
Thanks in advance for any responses.
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