Money to Flexible Cash Isa withdraw and Credit Shares ISA

philng

If you hold a Flexible Cash Isa can you pay in say the full £20k allowance then withdraw later in same tax year and use this £20k to credit a Stocks and Shares ISA. So effectively using the £20k allowance twice but with the same £20k?

gravel_2

No. You would need to transfer the funds in the cash ISA to the S&S ISA through an ISA transfer. Flexibly withdrawn cash has to be deposited back into the ISA it came from.

eskbanker

philng said:

If you hold a Flexible Cash Isa can you pay in say the full £20k allowance then withdraw later in same tax year and use this £20k to credit a Stocks and Shares ISA. So effectively using the £20k allowance twice but with the same £20k?

Struggling to understand why anyone would want to do this, so perhaps worth sharing what you're ultimately trying to achieve?

masonic

eskbanker said:

philng said:

If you hold a Flexible Cash Isa can you pay in say the full £20k allowance then withdraw later in same tax year and use this £20k to credit a Stocks and Shares ISA. So effectively using the £20k allowance twice but with the same £20k?

Struggling to understand why anyone would want to do this, so perhaps worth sharing what you're ultimately trying to achieve?

Presumably trying to time the market.

philng said:

If you hold a Flexible Cash Isa can you pay in say the full £20k allowance then withdraw later in same tax year and use this £20k to credit a Stocks and Shares ISA. So effectively using the £20k allowance twice but with the same £20k?

This could be done if you use a single provider such as Trading212 who allow customers to shift money between their cash and S&S ISA products.