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Withdrawing from a previous tax year isa
RoxRoxBling
Posts: 475 Forumite
If I have two ISA accounts with two different banks. (Santander 1.6% and Nationwide 2.5%)
Santander has the isa money for tax year 2013-14 and the years before it, and Nationwide will have the isa allowance for 2014-15, but only accepts new money.
As I'm very unlikely to reach the allowance for 2014-15, I'm thinking of withdrawing money out of the Santander account to put into the Nationwide account (so I reach my maximum).
* If I withdraw money out of a previous tax year isa, does this reduce my my isa allowance for year 2014-15?
Santander has the isa money for tax year 2013-14 and the years before it, and Nationwide will have the isa allowance for 2014-15, but only accepts new money.
As I'm very unlikely to reach the allowance for 2014-15, I'm thinking of withdrawing money out of the Santander account to put into the Nationwide account (so I reach my maximum).
* If I withdraw money out of a previous tax year isa, does this reduce my my isa allowance for year 2014-15?
Save in 2013: #166: 9,122.51/[STRIKE]5,000[/STRIKE] 10,000
Interest earned in 2014: £257.61 20/04/14
0
Comments
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No it doesn't0
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RoxRoxBling wrote: »
* If I withdraw money out of a previous tax year isa, does this reduce my my isa allowance for year 2014-15?
Withdrawing previous years money has no effect on any current or future allowances.
Paying it back in again will do.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Thank you for your replies, Not sure if I was clear, but I intend to take the money out of the santander account this tax year. Not sure if this makes a difference?Save in 2013: #166: 9,122.51/[STRIKE]5,000[/STRIKE] 10,000Interest earned in 2014: £257.61 20/04/140
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Withdrawals have no bearing on the annual ISA allowance, as has already been commented.
The allowance defines how much you can deposit in a given year.0 -
ok got it. thnksSave in 2013: #166: 9,122.51/[STRIKE]5,000[/STRIKE] 10,000Interest earned in 2014: £257.61 20/04/140
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