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Flexible ISA confusion
If I deposit £20,000 in to a flexible cash ISA during tax year 25/26 and then deposit £10,000 in the next tax year 26/27 and then withdraw the full £30000 during that tax year to put into a savers account elsewhere can I put the full £30000 back into the flexible cash isa before the end of that tax year?
Also, does it matter what I do with the funds I’ve withdrawn from a flexible cash ISA, as in if I withdraw £5,000 and then spend it and then replace it later once I’ve learnt that back?
Comments
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Yes you can and no, it doesn't matter what you do with the cash. We are topping up MrsM's underused ISA to £20K before the end of the year and pulling it out straight after 6th to give us the flexibility with some maturing fixed accounts later in the year.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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Yes to the first question, no to the second.
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What have I missed?
No, you cannot withdraw the £30k from the ISA, then put £30k back into it. (Unless I've really missed the point here)0 -
Yes you've missed the point, OP is referring to a flexible ISA where you can move money in and out as many times as you wish in a tax year provided you don't add more than £20K of new money.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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The point is that the OP is asking about a Flexible ISA, where such transactions are possible as long as the money is returned in the same tax year.
In reality, the OP may be withdrawing and replacing slightly more than what they deposited due to interest.
2 -
Sorry, thanks for the correction, I missed the "flexible" bit - obviously :)
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You may want to leave £1 (or whatever the minimum stipulated in the T&Cs is) in the ISA to prevent it being closed
I consider myself to be a male feminist. Is that allowed?1 -
Ok Thanks everyone, I appreciate the answers!!
Have a great weekend!
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