Maturing shawbrook isa transfer to a ford money flexible

Isarulesaretoocomplex

I'm trying to clarify before I transfer my fixed rate shawbrook isa into my flexible ford money isa. I do understand the current balance in ford money is both withdrawable and replaceable up to my 20k limit this tax year. The query I have is the portion transfered from Shawbrook available to withdraw partially I understand that amount won't be allowed to be replaced am I right in assuming that is correct and I can withdraw. 🤔

eskbanker

Isarulesaretoocomplex said:

I'm trying to clarify before I transfer my fixed rate shawbrook isa into my flexible ford money isa. I do understand the current balance in ford money is both withdrawable and replaceable up to my 20k limit this tax year. The query I have is the portion transfered from Shawbrook available to withdraw partially I understand that amount won't be allowed to be replaced am I right in assuming that is correct and I can withdraw. 🤔

No, that's incorrect - anything in a flexible ISA can be withdrawn and replaced before the end of the same tax year (as the withdrawal) without counting towards the annual ISA contribution limit.  Current year money can be replaced in any ISA but prior year money must go back to the same one from which it was withdrawn.

Isarulesaretoocomplex

eskbanker said:

Isarulesaretoocomplex said:

I'm trying to clarify before I transfer my fixed rate shawbrook isa into my flexible ford money isa. I do understand the current balance in ford money is both withdrawable and replaceable up to my 20k limit this tax year. The query I have is the portion transfered from Shawbrook available to withdraw partially I understand that amount won't be allowed to be replaced am I right in assuming that is correct and I can withdraw. 🤔

No, that's incorrect - anything in a flexible ISA can be withdrawn and replaced before the end of the same tax year (as the withdrawal) without counting towards the annual ISA contribution limit.  Current year money can be replaced in any ISA but prior year money must go back to the same one from which it was withdrawn.

I'm not actually understanding your reply unfortunately. Basically the transfer from.Shawbrook which matures next week once transfered i need to withdraw around 3k of that money from ford money flexible isa. My apologies if im misunderstanding 

eskbanker

Isarulesaretoocomplex said:

eskbanker said:

Isarulesaretoocomplex said:

I'm trying to clarify before I transfer my fixed rate shawbrook isa into my flexible ford money isa. I do understand the current balance in ford money is both withdrawable and replaceable up to my 20k limit this tax year. The query I have is the portion transfered from Shawbrook available to withdraw partially I understand that amount won't be allowed to be replaced am I right in assuming that is correct and I can withdraw. 🤔

No, that's incorrect - anything in a flexible ISA can be withdrawn and replaced before the end of the same tax year (as the withdrawal) without counting towards the annual ISA contribution limit.  Current year money can be replaced in any ISA but prior year money must go back to the same one from which it was withdrawn.

I'm not actually understanding your reply unfortunately. Basically the transfer from.Shawbrook which matures next week once transfered i need to withdraw around 3k of that money from ford money flexible isa. My apologies if im misunderstanding 

OK, how about: at any stage, before or after the transfer takes place, you can withdraw whatever you want from your flexible ISA.  You can then replace it before the end of the tax year, without any impact on, or from, your £20K current year contribution allowance.

Isarulesaretoocomplex

eskbanker said:

Isarulesaretoocomplex said:

eskbanker said:

Isarulesaretoocomplex said:

I'm trying to clarify before I transfer my fixed rate shawbrook isa into my flexible ford money isa. I do understand the current balance in ford money is both withdrawable and replaceable up to my 20k limit this tax year. The query I have is the portion transfered from Shawbrook available to withdraw partially I understand that amount won't be allowed to be replaced am I right in assuming that is correct and I can withdraw. 🤔

No, that's incorrect - anything in a flexible ISA can be withdrawn and replaced before the end of the same tax year (as the withdrawal) without counting towards the annual ISA contribution limit.  Current year money can be replaced in any ISA but prior year money must go back to the same one from which it was withdrawn.

I'm not actually understanding your reply unfortunately. Basically the transfer from.Shawbrook which matures next week once transfered i need to withdraw around 3k of that money from ford money flexible isa. My apologies if im misunderstanding 

OK, how about: at any stage, before or after the transfer takes place, you can withdraw whatever you want from your flexible ISA.  You can then replace it before the end of the tax year, without any impact on, or from, your £20K current year contribution allowance.

Thank you. So say i have 5k in my flexible isa currently. I transfer in from my 24/25 isa fixed account shawbrook 10k. I then withdraw 8k from my flexible isa i can then replace up to 20k allowance until April 26 as its the 5k from the flexible isa ive used and 3k from the transfer. Its confused me grr but cant replace anu of the transfer money up to 10k ?

eskbanker

Isarulesaretoocomplex said:

eskbanker said:

Isarulesaretoocomplex said:

eskbanker said:

Isarulesaretoocomplex said:

I'm trying to clarify before I transfer my fixed rate shawbrook isa into my flexible ford money isa. I do understand the current balance in ford money is both withdrawable and replaceable up to my 20k limit this tax year. The query I have is the portion transfered from Shawbrook available to withdraw partially I understand that amount won't be allowed to be replaced am I right in assuming that is correct and I can withdraw. 🤔

No, that's incorrect - anything in a flexible ISA can be withdrawn and replaced before the end of the same tax year (as the withdrawal) without counting towards the annual ISA contribution limit.  Current year money can be replaced in any ISA but prior year money must go back to the same one from which it was withdrawn.

I'm not actually understanding your reply unfortunately. Basically the transfer from.Shawbrook which matures next week once transfered i need to withdraw around 3k of that money from ford money flexible isa. My apologies if im misunderstanding 

OK, how about: at any stage, before or after the transfer takes place, you can withdraw whatever you want from your flexible ISA.  You can then replace it before the end of the tax year, without any impact on, or from, your £20K current year contribution allowance.

Thank you. So say i have 5k in my flexible isa currently. I transfer in from my 24/25 isa fixed account shawbrook 10k. I then withdraw 8k from my flexible isa i can then replace up to 20k allowance until April 26 as its the 5k from the flexible isa ive used and 3k from the transfer. Its confused me grr

If the £5K starting position is 2025/26 money then your remaining allowance for new money in 2025/26 is £15K, and the transfer in of prior year money doesn't affect that.

Withdrawing £8K then means that you can replenish that £8K by April 2026 without affecting that £15K remaining 2025/26 allowance.

If the starting £5K is from a previous year then replace the above £15Ks with £20K.

Isarulesaretoocomplex

eskbanker said:

Isarulesaretoocomplex said:

eskbanker said:

Isarulesaretoocomplex said:

eskbanker said:

Isarulesaretoocomplex said:

I'm trying to clarify before I transfer my fixed rate shawbrook isa into my flexible ford money isa. I do understand the current balance in ford money is both withdrawable and replaceable up to my 20k limit this tax year. The query I have is the portion transfered from Shawbrook available to withdraw partially I understand that amount won't be allowed to be replaced am I right in assuming that is correct and I can withdraw. 🤔

No, that's incorrect - anything in a flexible ISA can be withdrawn and replaced before the end of the same tax year (as the withdrawal) without counting towards the annual ISA contribution limit.  Current year money can be replaced in any ISA but prior year money must go back to the same one from which it was withdrawn.

I'm not actually understanding your reply unfortunately. Basically the transfer from.Shawbrook which matures next week once transfered i need to withdraw around 3k of that money from ford money flexible isa. My apologies if im misunderstanding 

OK, how about: at any stage, before or after the transfer takes place, you can withdraw whatever you want from your flexible ISA.  You can then replace it before the end of the tax year, without any impact on, or from, your £20K current year contribution allowance.

Thank you. So say i have 5k in my flexible isa currently. I transfer in from my 24/25 isa fixed account shawbrook 10k. I then withdraw 8k from my flexible isa i can then replace up to 20k allowance until April 26 as its the 5k from the flexible isa ive used and 3k from the transfer. Its confused me grr

If the £5K starting position is 2025/26 money then your remaining allowance for new money in 2025/26 is £15K, and the transfer in of prior year money doesn't affect that.

Withdrawing £8K then means that you can replenish that £8K by April 2026 without affecting that £15K remaining 2025/26 allowance.

If the starting £5K is from a previous year then replace the above £15Ks with £20K.

Thanks for your advice appreciated 

badger09

@Isarulesaretoocomplex
I’m sure you know this, but just in case…
You must ask Ford Money to arrange the ISA transfer from Shawbrook (to preserve its tax free status without affecting your £20k annual contribution allowance)

Isarulesaretoocomplex

badger09 said:

@Isarulesaretoocomplex
I’m sure you know this, but just in case…
You must ask Ford Money to arrange the ISA transfer from Shawbrook (to preserve its tax free status without affecting your £20k annual contribution allowance)

Yes ive done the transfer on ford money account online and received notification from them ive also received a text from shawbrook today regards the transfer