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flexible ISA 'same tax year'
dbdbdb
Posts: 22 Forumite
Slight complication is that we are very close to the end of a tax year so let's assume it is currently May 2025.
I already have a flexible ISA, it has cash in it from the 2024-25 tax year but I haven't contributed any in 2025-26.
My question is can I withdrawn from it in the 2025-26 tax year and then pay it back in later in the same tax year without using up any of my 2025-26 allowance? I.e without ever contributing anything in the 2025-26 tax year.
I already have a flexible ISA, it has cash in it from the 2024-25 tax year but I haven't contributed any in 2025-26.
My question is can I withdrawn from it in the 2025-26 tax year and then pay it back in later in the same tax year without using up any of my 2025-26 allowance? I.e without ever contributing anything in the 2025-26 tax year.
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Comments
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Yes. The rule is that you need to replace the money in the same tax year that you WITHDREW it (to avoid it counting towards your allowance). When the money went in doesn't make any difference.0
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