Is the fixed rate Virgin ISA better than the variable - maths question

intalex

RG2015 said:

You can also carry it forward to the next tax year without affecting the £20k allowance for that year.

Please can you explain/clarify this? Can you flexibly withdraw funds from the ISA this tax year and replace them in the next tax year without affecting the £20k allowance for the next tax year? I always thought the funds had to be in the ISA wrapper at the end of day (midnight) on 5th April in order to maintain ISA protection without affecting future year allowances.

RG2015

intalex said:

RG2015 said:

You can also carry it forward to the next tax year without affecting the £20k allowance for that year.

Please can you explain/clarify this? Can you flexibly withdraw funds from the ISA this tax year and replace them in the next tax year without affecting the £20k allowance for the next tax year? I always thought the funds had to be in the ISA wrapper at the end of day (midnight) on 5th April in order to maintain ISA protection without affecting future year allowances.

You are correct. I see now that my post was misleading.

I should have said that any money withdrawn had to be replaced within the same tax year to retain its tax free status.