isa

patsy43

i have a flexible isa the highest its been this year is 13000 its down to 3000 the rate is not so good if i start a new one what will be the most i can pay in ie 20000 - 13000 so 7000 or 2000 -3000 so 17000

masonic

patsy43 said:

i have a flexible isa the highest its been this year is 13000 its down to 3000 the rate is not so good if i start a new one what will be the most i can pay in ie 20000 - 13000 so 7000 or 2000 -3000 so 17000

If you open a new ISA, the most you'll be able to pay in is £7,000, and the other £10,000 can only be paid back into the original flexible ISA. However, after paying that £10,000 in, you could transfer the lot to a better paying ISA, or top up the original one up to £20,000 and then transfer it instead of paying new money into a new ISA.

clairec666

masonic said:

patsy43 said:

i have a flexible isa the highest its been this year is 13000 its down to 3000 the rate is not so good if i start a new one what will be the most i can pay in ie 20000 - 13000 so 7000 or 2000 -3000 so 17000

If you open a new ISA, the most you'll be able to pay in is £7,000, and the other £10,000 can only be paid back into the original flexible ISA. However, after paying that £10,000 in, you could transfer the lot to a better paying ISA, or top up the original one up to £20,000 and then transfer it instead of paying new money into a new ISA.

Depends on whether the £13000 was deposited in this tax year, surely? If it's last year's money, you can still put in the full £20000 this year, and also replace £10000 in the existing ISA. Depending on circumstances (i.e. are you likely to deposit the full £20000 each tax year) you might want to keep the existing ISA open to allow you to replace your withdrawn funds, then transfer it later.

masonic

clairec666 said:

masonic said:

patsy43 said:

i have a flexible isa the highest its been this year is 13000 its down to 3000 the rate is not so good if i start a new one what will be the most i can pay in ie 20000 - 13000 so 7000 or 2000 -3000 so 17000

If you open a new ISA, the most you'll be able to pay in is £7,000, and the other £10,000 can only be paid back into the original flexible ISA. However, after paying that £10,000 in, you could transfer the lot to a better paying ISA, or top up the original one up to £20,000 and then transfer it instead of paying new money into a new ISA.

Depends on whether the £13000 was deposited in this tax year, surely? If it's last year's money, you can still put in the full £20000 this year, and also replace £10000 in the existing ISA. Depending on circumstances (i.e. are you likely to deposit the full £20000 each tax year) you might want to keep the existing ISA open to allow you to replace your withdrawn funds, then transfer it later.

That's true. I'd assumed the amounts being discussed were based on what the provider is showing has been subscribed. However, if the subscriptions were not made during the current tax year, we cannot assume the £10,000 was withdrawn during the current tax year (as opposed to earlier in the calendar year) - if not, then it would no longer be possible to make the replacement subscriptions.

If assumptions above aren't correct, then it is impossible to say how much allowance is remaining, as we don't know how much was paid in and/or flexibly withdrawn during the current tax year.

clairec666

masonic said:

clairec666 said:

masonic said:

patsy43 said:

i have a flexible isa the highest its been this year is 13000 its down to 3000 the rate is not so good if i start a new one what will be the most i can pay in ie 20000 - 13000 so 7000 or 2000 -3000 so 17000

If you open a new ISA, the most you'll be able to pay in is £7,000, and the other £10,000 can only be paid back into the original flexible ISA. However, after paying that £10,000 in, you could transfer the lot to a better paying ISA, or top up the original one up to £20,000 and then transfer it instead of paying new money into a new ISA.

Depends on whether the £13000 was deposited in this tax year, surely? If it's last year's money, you can still put in the full £20000 this year, and also replace £10000 in the existing ISA. Depending on circumstances (i.e. are you likely to deposit the full £20000 each tax year) you might want to keep the existing ISA open to allow you to replace your withdrawn funds, then transfer it later.

That's true. I'd assumed the amounts being discussed were based on what the provider is showing has been subscribed. However, if the subscriptions were not made during the current tax year, we cannot assume the £10,000 was withdrawn during the current tax year (as opposed to earlier in the calendar year) - if not, then it would no longer be possible to make the replacement subscriptions.

If assumptions above aren't correct, then it is impossible to say how much allowance is remaining, as we don't know how much was paid in and/or flexibly withdrawn during the current tax year.

Ambiguity from the OP - does "this year" mean "calendar year" or "tax year"?
If you'd like an accurate answer, let us know when you deposited the £13000, and when you withdrew the £1000 (i.e. before or after 5th April)