Withdrew money from my HTB, where do I now stand?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
1 reply 856 views
ALostMachineALostMachine Forumite
11 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I opened my HTB ISA at the end of last April and have been putting in the £200 each month + the lump sum at the start.

As I'm in the process of buying a place, which is not eligible for the bonus, I made a final payment on April 1st and then waited until the interest was paid on the anniversary of opening the account which was on the 22nd, before withdrawing my money.

Two questions:

1: As my final payment was before the end of the tax year but still in April, does that mean I cannot to pay into another cash isa this year?

2. As I withdrew money from my HTB ISA in this tax year, is that money "deducted" from my yearly allowance?

Replies

  • masonicmasonic Forumite
    15.9K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    If the final payment was before the end of the tax year, then it doesn't restrict what you can do this tax year at all. Likewise, withdrawing/closing an existing ISA does not have any effect on your allowance or ISAs you can pay into.
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