Move money from Flexible ISA?

nirish

Earlier this tax year I deposited the full 20k into a flexible cash ISA, I would ideally now like to put half of this into a stocks&shares ISA. Can anyone clarify if this is possible and which of any of these options is allowed.


1. Simply remove the money from the Flex ISA and deposit into S&S ISA


2. A transfer from one to the other although I believe this has to be for the full amount for this years allowance


3. Will have to wait for the next tax year to make a partial transfer

masonic

What's possible? Any of the above. A transfer using the transfer process would have to be for the full £20k.

nirish

Ok, so money withdrawn from this years flexible cash ISA can simply be deposited into a S&S ISA or IFISA?

I have really been struggling to find any official guidance explaining this is the case as opposed to having to return the money to the cash ISA.

Alexland

Never tried it myself but,

https://www.moneysavingexpert.com/savings/flexible-ISAs/

Another key rule is you must replace the money in the same ISA account you took it out from, with two exceptions.

If a full withdrawal results in the automatic closure of your account you can open a second cash ISA you can put money into (but you can only do this once per tax year).

Remember, 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.

Alex

masonic

I have tried it myself, from flexible IF ISA to S&S ISA.

Deneb

This thread, from only a few days ago, links to a government document which confirms that you can do what you want to do.

https://forums.moneysavingexpert.com/discussion/5912706/flexible-isa