Flexi ISA question.

winkowinko

I'm sure this scenario has been mentioned on here before, but it's easier to ask it in a new thread than trying to find the answer from previous ones.

I have a Chip flexi ISA which is almost maxed out for this current tax year. Can I withdraw £10k now, pay it back into the same Chip account in 6 months time (new tax year), and still have my full 26/27 allowance to play with?

masonic

In a word, no. Anything not replaced before 6th April will have to come out of your 26/27 allowance.

winkowinko

masonic said:

In a word, no. Anything not replaced before 6th April will have to come out of your 26/27 allowance.

What if I waited until 6th April before doing the same thing?

masonic

winkowinko said:

masonic said:

In a word, no. Anything not replaced before 6th April will have to come out of your 26/27 allowance.

What if I waited until 6th April before doing the same thing?

If you withdrew £10k on 6th April, then you'd have until the end of 5th April 2027 to return it.

winkowinko

masonic said:

winkowinko said:

masonic said:

In a word, no. Anything not replaced before 6th April will have to come out of your 26/27 allowance.

What if I waited until 6th April before doing the same thing?

If you withdrew £10k on 6th April, then you'd have until the end of 5th April 2027 to return it.

Thanks. So i'd still have my full 20k 26/27 allowance to play with?

masonic

winkowinko said:

masonic said:

winkowinko said:

masonic said:

In a word, no. Anything not replaced before 6th April will have to come out of your 26/27 allowance.

What if I waited until 6th April before doing the same thing?

If you withdrew £10k on 6th April, then you'd have until the end of 5th April 2027 to return it.

Thanks. So i'd still have my full 20k 26/27 allowance to play with?

That's right.

20122013

Trying to work out whether is it worth keeping my Flexi ISA account open. As I am planning to withdraw all but £1 and leave it as is until I can fund it again in a few years time?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81894927#Comment_81894927

Impossible to judge in advance whether it'll be worth leaving it open, but I'm struggling to think of any likely benefit in doing so and it would be quite unusual for a competitive product to remain so over many years, so chances are there'd be a better home for your money when the time comes.

20122013

https://forums.moneysavingexpert.com/discussion/comment/81894983#Comment_81894983

I was just thinking if/ when I sell some of my S&S ISA, whether I can move them into this Flexi ISA?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81895025#Comment_81895025

The benefit of using flexible ISAs is that you can withdraw from them and replenish within the same tax year without the replaced deposits counting towards the current year allowance, so it isn't clear how such flexibility would be of any use or relevance to the scenario you're envisaging? Is the S&S ISA flexible?

20122013

https://forums.moneysavingexpert.com/discussion/comment/81895030#Comment_81895030

I am thinking of selling some of my S&S ISA which is an accumulative and not an income fund, once I have reached my goal for that year and use this amount as part of the next batch of Cash ladder. (I am aware that most people will keep investing.)

Hence, I am thinking of using the Flexi ISA to let me dip in and out of it.