Hi,
I am really hoping to apply for my FLR(M) renewal using category D (otherwise I am stuck with the dreaded Category F-Limited Company director). I have an IRA with Vanguard which comprises of their Index 500 mutual fund. From reading the FM 1.7 guidance, it appears I have to sell the mutual fund and have the amount sitting in cash. I plan to do that this week in order to have enough time for a statement to be generated before I apply (my visa expires in July). Can you please confirm that the following is ok?
1. The cash can sit in my IRA. I don't need to move it out into a savings/checking account (which will trigger penalty and tax).
2. The account is only in my name (and not jointly owned with my Brit husband). For some reason, section 7.5.1 of FM 1.7 states that "(a) Personal bank statements showing that at least the level of cash savings relied upon in the application has been held in an account(s) in the names of the person and
their partner jointly throughout the period of 6 months prior to the date of application."
3. The cash will be in USD but I will make sure the GBP equivalent will be greater than £,62,500.
4. The mutual fund has been in my account for years but the cash will only be there for about a month at application time.
5. Will provide 6 months of statements.
Sorry I am in panic mode and doubting myself with everything so it would be great if someone else can confirm my understanding. Thank you very much!
