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ISA transfer from a flexible ISA where money has been withdrawn but not replaced

SonOfPearl
Posts: 438 Forumite


I have a Nationwide ISA which is flexible and I have withdrawn all but £1 of the balance (which was about £35k) into a regular savings account. If I initiate a transfer of this ISA from Nationwide to a different flexible ISA with Skipton, will I be allowed to replace the previously withdrawn funds from Nationwide into the new Skipton ISA? Thanks.
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Comments
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No, you need to replace the withdrawn funds into the Nationwide ISA before transferring it.
https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#f-isaReplacement of flexible ISA previous year funds must be made to the account from which the withdrawal was made, and in the same tax year.2 -
eskbanker said:No, you need to replace the withdrawn funds into the Nationwide ISA before transferring it.
https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#f-isaReplacement of flexible ISA previous year funds must be made to the account from which the withdrawal was made, and in the same tax year.0 -
If it helps it's just the previous year money that needs to be replaced. Any current year money is added back onto your £20k annual allowance and can be paid into Skipton post-transfer.
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