Flexible isa

Moneywhizz

Can I just check that I am understanding a flexible Isa correctly. According to MSE " flexibility works on three types of ISAs: cash ISAs, innovative finance ISAs and cash held in a stocks and shares ISA. If you withdraw current year's cash from one type, you are allowed to replace it in another type, eg, withdraw from a cash ISA, replace in an innovative finance ISA."

I have withdrawn this year's money from an ifisa and now want to put it into a cash isa. I checked the government website and cannot find the same advice as above. Just want to be sure I am allowed to open a cash isa in the same year and put the money I have withdrawn back in.

Thanks

masonic

This is fine. When you flexibly withdraw current year money it effectively gets added back on to your allowance to be used across valid ISAs you hold for that tax year. I'm doing the same, incidentally, only from IF ISA to S&S ISA.

If you want to read it from an authoritative source: https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors
(search flexible, section is about 2/3 down the long page of text)

Moneywhizz

Thanks for your response and the link. Exactly what I was looking for.