Flexible ISAs - quick check

wotsmyname

If I had 50k in a flexible ISA, I assume I can withdraw say 45k on 07.04.24 and do whatever with the funds (whether earn interest in an easy access account or for cashflow purposes), but as long as I pay it back in to the same ISA by 05.04.25, everything's fine?

And assuming I've not subscribed or used my 24-25 allowance, I could also add 20k to the 45k, so 65k in total?

eskbanker

Yes, that's correct - the flexibility provision allows you to replenish anything withdrawn as long as you do so by the end of the tax year (of withdrawal) and back to the same ISA, none of which affects, or is affected by, the use of the current year contribution allowance.

slinger2

While it's outside the flexible ISA, if it's in a (non-ISA) savings account earning interest, that interest is potentially taxable.

Albermarle

but as long as I pay it back in to the same ISA by 05.04.25, everything's fine?

Do not leave it until the last minute, in case of glitches.

wotsmyname

Thanks for the replies everyone.

Andy7856

Albermarle said:

but as long as I pay it back in to the same ISA by 05.04.25, everything's fine?

Do not leave it until the last minute, in case of glitches.

The best advice!!