ZOPA Smart ISA - transfers in experiences?

refluxer

boco803 said:

Just so you know, any money you withdraw and move outside your Smart ISA will no longer qualify as tax-free.

Bit confused on the last statement - should it not mention at the end of the sentence something along the lines of if you do not pay back funds withdrawn within the same tax year?

No - it means that the money you withdraw will then be outside of an ISA so any interest earned from that money from that point won't be tax-free like it would be within the ISA. That would obviously change if the money was replaced within the ISA.

slinger2

boco803 said:

Sorry - just a few more questions....

Are there any restrictions when transferring in ISAs to Zopa, such as number of transfers in and within a certain time-frame?  I assume able to request multiple transfers in?

I also noticed re. flexibility from their site:

Yes, Zopa’s Access ISA pots are flexible. That means you can withdraw and replace money in the same tax year without affecting your allowance. For example, say you’d saved £10,000 in your Smart ISA. You could withdraw this in full and then add it back in within the same tax year and still have £10,000 of your ISA allowance left.

Just so you know, any money you withdraw and move outside your Smart ISA will no longer qualify as tax-free.

Bit confused on the last statement - should it not mention at the end of the sentence something along the lines of if you do not pay back funds withdrawn within the same tax year?

It's not tax-free when it's outside the ISA, but you can replace it into the same ISA in the same tax year and then it is tax-free again.

boco803

Thanks for your replies both - I see where it's coming from.