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Withdrawal of a lump sum from an ISA into a new portfolio
I currently have two Cash ISAs one opened in the 2024 tax year and the second 17/04/2025.
I’ve used up both full tax free allowances. Can I transfer/withdraw £10k from the latter in this tax year and invest in a portfolio to give me better returns or do I need to wait until April 6th ?
Comments
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You may have to transfer all this year's subscriptions if moving them to a different provider, you need to check their website / t&c. Whatever you do you must not withdraw funds, they must be pulled by the new provider to maintain the tax free status.
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Not quite - if OP's current year ISA is a flexible one then funds can be withdrawn to a current account and redeposited into another ISA (before the end of the tax year) without counting as new subscriptions.
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