Isa closed

gadget88

My wife closed her ISA 14 day cooling off period anyway my question is can she reopen it it says in Google you can as it was cooling off period? Is that correct? I was due to move house this plan may not be happening now

friolento

She can open as many ISAs as she likes, any time she likes

She just cannot deposit more than £20k new money in total, across all her ISAs, in the current tax year. From next April, the limit will be £12k for cash ISAs, and £20k overall (unless ISA legislation changes again, which is a possibility)

Ayr_Rage

Don't ask Google, ask the provider.

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/82100078#Comment_82100078

Relevant here is that closing your ISA within the cooling off period means that it doesn't count towards your annual allowance and so she would be free to deposit new funds in another isa up to the £20k limit (subject to any other deposits made this year).

clairec666

Can she re-open the same ISA? Possibly, depends whether it's still available.

You mention moving house, so are you specifically wanting to knowing about Lifetime ISAs, or just ordinary cash ISAs?

eskbanker

https://forums.moneysavingexpert.com/discussion/6679530/isa-closed

Did she pay anything into it, and if so, was it a flexible ISA or did she specifically cancel, rather than close, it?

https://forums.moneysavingexpert.com/discussion/comment/82100104#Comment_82100104

Just to be clear, LISAs would only be relevant for first time buyers who'd be buying at least a year after opening one…

gadget88

yes she paid £20k into an ISA fixed for 1 year. It was within 14 days she cancelled she can set up another bond but it’s rather confusing to pay tax of wage or the interest?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82100466#Comment_82100466

Can you clarify what that last point means please?

gadget88

https://forums.moneysavingexpert.com/discussion/comment/82100103#Comment_82100103

yes that’s what I thought since we are not moving home and it was within 14 days I reopen a replacement Isa?

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/82100487#Comment_82100487

Yes - it's just as if you never had the first ISA at all. As noted above, the only issue may be that you can't open the same IS again, depending on the providers rules.

gadget88

https://forums.moneysavingexpert.com/discussion/comment/82100534#Comment_82100534

Thanks they said she could open a new ISA again but never said which one it’s for bank of Scotland so not sure what rules are?