Flexible cash isa query

Aidanmc

If i have a flexible cash ISA of previous years subscriptions and withdrew £20,000 to current acc after 6 April 24, then put this £20,000 in a S&S ISA which i understand would be 24/25 allowance used (understand i could transfer to S&S ISA but needs to be new money)

Can i then withdraw the £20,000 from the S&S ISA to current account and then replace in the initial Flexible cash ISA. ( i understand i could ISA transfer this also, but i think withdrawing would be much quicker process)

I understand doing this would use up 24/25 allowance.

masonic

Yes, it doesn't matter what you did with the £20k of previous year subscriptions you flexibly withdrew. You are still entitled to make replacement subscriptions up to the end of this tax year. Be aware any investments you need to sell would require settlement before the money is available to withdraw, and there are now only 4 working days left to complete the replacement.

35har1old

masonic said:

Yes, it doesn't matter what you did with the £20k of previous year subscriptions you flexibly withdrew. You are still entitled to make replacement subscriptions up to the end of this tax year. Be aware any investments you need to sell would require settlement before the money is available to withdraw, and there are now only 4 working days left to complete the replacement.

OP was making the withdrawal in the next tax year

masonic

35har1old said:

masonic said:

Yes, it doesn't matter what you did with the £20k of previous year subscriptions you flexibly withdrew. You are still entitled to make replacement subscriptions up to the end of this tax year. Be aware any investments you need to sell would require settlement before the money is available to withdraw, and there are now only 4 working days left to complete the replacement.

OP was making the withdrawal in the next tax year

Oh yes, my bad. Use of the past tense to describe future events completely threw me. That certainly removes the time pressure from the situation!