Cash ISA - removing funds

Strikeman

Hi there, I am wanting to open a Help To Buy ISA later on in the year and know that I can only have one ISA open at any one time.

My question is, I have funds in a current ISA but havent put any funds in since 31/03/2015 so this ISA is currently inactive. Can I take the funds out of this ISA or will this activate it and stop me from opening the Help To Buy ISA?

Thanks

steelbru

Yes you can.

It works on tax years, ie 6th April - 5th April. So as long as you haven't put in any money since 6th April, then the 2015/16 ISA has not been started, and you can do what you like with your 2014/15 ISA.

Strikeman

Thats superb thanks for the quick response, so I should be able to take that money out without fear of activating a new ISA, because I am essentially taking it from last years ISA not this years

steelbru

Yep, you've got it !

Eco_Miser

Strikeman wrote: »

Hi there, I am wanting to open a Help To Buy ISA later on in the year and know that I can only have one ISA open at any one time.

You can have lots of ISAs open, but you can only pay new money ("subscribe") into one per financial year.
(Actually, you can pay into more than one, but only one at a time, and you must transfer all your current year's subscriptions to the one you pay into.)