Moving S&S ISA Same Year

masonic

There are going to be a lot of banks, investment providers and financial websites that will now be scrambling to amend their information once again.

jimjames

friolento said:

OK, seems I got this wrong, too..... MSE says:

MSE is now out of date too then

Angelica123

friolento said:

OK, seems I got this wrong, too..... MSE says:

You must replace the money in the same ISA

The key rule is you must replace the money in the same ISA account you took it out from, though you are allowed to withdraw from a flexible cash ISA and replace it in a flexible stocks and shares ISA or flexible innovate finance ISA. 

Clear as mud.

Looks like that MSE article was last updates 6th April whereas the reworded update from gov.uk website was dated 30th April. It's likely that MSE article is out of date. 

I can kind of see why they might change the wording because I guess technically, someone could open multiple flexible ISAs with 20k and withdraw it just before the end of the tax year so that the reported amount is net 0. All this shows though is that they have rushed out the new ISA rules without considering the logistics or potential problems that could ensure 

masonic

Angelica123 said:

friolento said:

OK, seems I got this wrong, too..... MSE says:

You must replace the money in the same ISA

The key rule is you must replace the money in the same ISA account you took it out from, though you are allowed to withdraw from a flexible cash ISA and replace it in a flexible stocks and shares ISA or flexible innovate finance ISA. 

Clear as mud.

Looks like that MSE article was last updates 6th April whereas the reworded update from gov.uk website was dated 30th April. It's likely that MSE article is out of date. 

I can kind of see why they might change the wording because I guess technically, someone could open multiple flexible ISAs with 20k and withdraw it just before the end of the tax year so that the reported amount is net 0. All this shows though is that they have rushed out the new ISA rules without considering the logistics or potential problems that could ensure 

If someone were doing that, then they wouldn't be replacing the money within the same tax year to any ISA, so would be unaffected. Suggesting this is step 1 of a series of changes/fixes