NON flexible ISA ???

refluxer

[Deleted User] said:

Albermarle said:

Sea_Shell said:

Can you pay it in elsewhere?

Eg deposit £20k in a non flexible ISA, withdraw £5000, then open a flexible ISA elsewhere and deposit the £5k.

Does the flexible (or not) bit only apply to the ISA the withdrawal was from?

No, because you have used up your max £20K ISA allowance .

Are we sure about this ?? - is this 100% correct - ???? - 

Yes - it's correct because, as stated, you would have already used up your ISA allowance and if the ISA the money was paid into wasn't flexible, then your allowance won't decrease by £5k when the withdrawal is made.  

Sea_Shell

Middle_of_the_Road said:

[Deleted User] said:

Albermarle said:

Sea_Shell said:

Can you pay it in elsewhere?

Eg deposit £20k in a non flexible ISA, withdraw £5000, then open a flexible ISA elsewhere and deposit the £5k.

Does the flexible (or not) bit only apply to the ISA the withdrawal was from?

No, because you have used up your max £20K ISA allowance .

Are we sure about this ?? - is this 100% correct - ???? - 

Any amounts withdrawn from a non-flexibl ISA will lose their tax free status. Therefore paying it into another ISA (flexible or not) will count as new money.

So is the difference that non-flexible ISA providers declare the total new contributions to HMRC, but flexible ISAs only report the NET contributions?

surreysaver

Sea_Shell said:

Middle_of_the_Road said:

[Deleted User] said:

Albermarle said:

Sea_Shell said:

Can you pay it in elsewhere?

Eg deposit £20k in a non flexible ISA, withdraw £5000, then open a flexible ISA elsewhere and deposit the £5k.

Does the flexible (or not) bit only apply to the ISA the withdrawal was from?

No, because you have used up your max £20K ISA allowance .

Are we sure about this ?? - is this 100% correct - ???? - 

Any amounts withdrawn from a non-flexibl ISA will lose their tax free status. Therefore paying it into another ISA (flexible or not) will count as new money.

So is the difference that non-flexible ISA providers declare the total new contributions to HMRC, but flexible ISAs only report the NET contributions?

Not sure anyone (even HMRC) knows what gets reported to HMRC.
We'll find out sometime later this year if people get accused of something they may or may not have done 

eskbanker

surreysaver said:

Not sure anyone (even HMRC) knows what gets reported to HMRC.
We'll find out sometime later this year if people get accused of something they may or may not have done 

Flexible ISAs were introduced ten years ago, so unsure why there'd be anything new this year about their reporting (and that of non-flexible ones)?  There have been some tweaks to the rules surrounding them in 2024 and 2025, but nothing that should affect the principle of reporting net subscriptions?

surreysaver

eskbanker said:

surreysaver said:

Not sure anyone (even HMRC) knows what gets reported to HMRC.
We'll find out sometime later this year if people get accused of something they may or may not have done 

Flexible ISAs were introduced ten years ago, so unsure why there'd be anything new this year about their reporting (and that of non-flexible ones)?  There have been some tweaks to the rules surrounding them in 2024 and 2025, but nothing that should affect the principle of reporting net subscriptions?

I thought the rules had changed and then changed back again. May cause some confusion?

eskbanker

surreysaver said:

eskbanker said:

surreysaver said:

Not sure anyone (even HMRC) knows what gets reported to HMRC.
We'll find out sometime later this year if people get accused of something they may or may not have done 

Flexible ISAs were introduced ten years ago, so unsure why there'd be anything new this year about their reporting (and that of non-flexible ones)?  There have been some tweaks to the rules surrounding them in 2024 and 2025, but nothing that should affect the principle of reporting net subscriptions?

I thought the rules had changed and then changed back again. May cause some confusion?

But those changes shouldn't affect flexible ISA reporting, which, to the best of my knowledge, has been based on net subscriptions since 2016.

The_stingemeister

But when your non flexible ISA matures (for example I have one that matures after 12 months) then you can move the money in it without losing any of the  tax free status.

eskbanker

The_stingemeister said:

But when your non flexible ISA matures (for example I have one that matures after 12 months) then you can move the money in it without losing any of the  tax free status.

Is that intended as a response to a particular post?