Withdraw from one ISA and put in another

a03b

I have one "main" S&S ISA opened many years ago. Let's call it ISA A

In May this year I opened up a new S&S ISA, let's call it ISA B

I put 20k in ISA B in May. Then I withdrew this whole 20k in September. Now can I put 20k in ISA A?

El_Torro

No. Reason being that you have already used up your £20k ISA allowance by putting it all in ISA B.

If ISA B is a Flexible ISA you can put the money back into ISA B and then transfer it to ISA A. Putting it straight into ISA A is not an option.

If ISA B is not a Flexible ISA then you're out of luck I'm afraid.

a03b

Both flexible

maman

Did you actually withdraw the money from your ISA A or transfer it to ISA B? 🤔

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82124877#Comment_82124877

That is incorrect - OP can pay £20K into ISA A directly, as withdrawals of current year money from a flexible ISA can be replaced into any ISA.

The withdrawal of current year subscriptions from a flexible ISA automatically reduces the net subscription to that ISA meaning that additional subscriptions can be made to other ISAs (flexible or non-flexible) in the remainder of that tax year.

https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82124899#Comment_82124899

AFAIK most S&S ISAs are not flexible, so just for interest and in case the question is asked in future, can you name these two flexible ones please ?

a03b

https://forums.moneysavingexpert.com/discussion/comment/82125327#Comment_82125327

barclays smart investor and trading 212. Takes 2 mins to open

a03b

Yes this is exactly how I thought it works and wanted to confirm