Withdrawing money from a Cash ISA

trev79

Hi there!

Quick question albeit a stupid one I'm sure.

I have £3,800 in a Cash Isa that I will want to withdraw but obviously only I get the interest in April. This is due to the amount being towards a house deposit and also towards an MOT/Service.

Question is, if I withdraw the amount post 6th April, can I get put the full amount in in the new tax year? For example if I withdraw the amount in the new tax year, I won't be able to invest the full amount?

Not that I'll be able to dent the new NISA amount

Thanks for reading!

Trev

eskbanker

Assuming the terms of your ISA allow withdrawals, then you'll be credited with interest calculated on a daily basis up to the date of withdrawal, whether that's before or after 6 April.

Withdrawals of money already in your ISA don't affect your allowance for the new tax year in any way.

lisyloo

The allowance is for contributions.
So next April you can put in £5980.
The iwthdrawal is nothing to do with it :-)

ColdIron

lisyloo wrote: »

So next April you can put in £5980

That'll be £5,940

trev79

Thanks everyone!