Topping up old ISAs

TR5

I have a cash ISA and several Stocks and Shares ISAs from previous tax years. I have had to take out most of the money of two of the ISAs as I needed the funds. Am I allowed to top each of them up again, back up to the £20,000 limit, when I have more money available again?
 

Or is it the case that once I’ve taken the money out of an ISA from a previous tax year, that’s it and I have to close these accounts? 

Likewise, if I open an ISA today, in the current tax year, with a small amount, can I top it up when funds come in in the next tax year? 

eskbanker

There's quite a bit to unpack there, so some questions to help direct you to the right answers....

When did you withdraw the money?
Are the ISAs flexible?
How much of your 2024/25 £20K ISA annual allowance have you used?

TR5

I withdrew the money from previous years ISAs in the current tax year 2024/2025. 

I don’t know if they’re flexible. 

I haven’t used any of the 2024/2025 ISA annual allowance. 

eskbanker

TR5 said:

I withdrew the money from previous years ISAs in the current tax year 2024/2025. 

I don’t know if they’re flexible. 

I haven’t used any of the 2024/2025 ISA annual allowance. 

If you don't know about their flexibility then finding out would help inform your options, but if they're not, and you haven't used any of your current year allowance, then you can pay in up to £20K in total by Saturday (check for any earlier lead times), into any new or old ISAs, and then another £20K thereafter.

If any of the existing ISAs is flexible, then you can replenish the withdrawn amount without it counting as current year contributions, but this would need to be completed by Saturday.

TR5

Great, thanks - much appreciated.