cash from isa immediate house purchase

darloish

I want to use 350k from existing stocks and shares iSA to buy a house immediately as I will get first choice from a new development..
Then sell my existing house (assuming 6 to 12 months to complete) and reinvest the 350k  at 40k annually between us

Can anyone calculate how much this will cost in terms of capital gains tax etc  over the 9 years before the funds are all back in ISA. And any other cost or loss I havent thought of
I realise I will have to pay higher rate of stamp duty but am hoping to reclaim within the 36 months allowed.

My (optimistic) assumption is a gain of 5% annually. both savings and ISA accounts to be invested in the same funds

DeepSporran

Have you considered an alternative approach of transferring your ISA to a provider who offers a flexible ISA ? You then have the option of withdrawing the 350K from the flexible ISA but with the option of re-depositing the 350K within the same tax year. 

Might work for you if you withdraw in early April as you have a window of a full 12 months to sell the old house and get the funds back into the ISA.

ColdIron

A good idea but there aren't many of them

https://www.investorschronicle.co.uk/managing-your-money/2022/03/11/what-are-flexible-isas-and-which-platforms-offer-them

eskbanker

ColdIron said:

A good idea but there aren't many of them

https://www.investorschronicle.co.uk/managing-your-money/2022/03/11/what-are-flexible-isas-and-which-platforms-offer-them

That's specifically S&S ISAs, OP could use a flexible cash ISA, which are plentiful?

ColdIron

Yes, apols, my mind was elsewhere

jimjames

I'm looking to do exactly the same thing. I'll be posting on the ISA board to find the cash ISA providers that have fastest/most efficient transfer times as time could be of the essence.

darloish

This proved to be excellent  advice. I have been able to sell investments withdraw the cash and can pay in back in within the tax year 
Thank you