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My ISA allowance is considerably larger than yows!
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Is this withdraw of deposits from previous years allowances (and being able to re-deposit this FY) applicable to all Flexible Cash ISAs, or is it something to needing a scan the T&Cs of a specific ISA? Does this apply irrespective of whether the previous years allowances was deposited into the ISA or if it was transferred in from a different ISA provider? This is something I may look at soon with mine. Thanks.
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Just to be clear, anyone can withdraw anything from any (non-Junior) ISA at any time!
The specific flexibility stipulations permit such withdrawals to be replaced within the same tax year without counting to current year contribution allowance, and apply to all flexible ISAs, regardless of how the funds got there…
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This is NOT a cash ISA
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It doesn't matter what type of ISA it is. The earlier poster appears to be interjecting with a personal query, but it applies to all flexible ISAs.
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Seems fine to me, within the bounds of how accurate these statements can be* if you withdrew £100k from a flexible isa. You have until the end of the 26-27 tax year until you can no longer add 100k to this account.
*You can add money to several ISAs, all contributing to the total max allowed. But each account will show the max remaining of the 20k allowed for that account.
Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.1 -
Of course that is correct, but the Vanguard statement just saying you have £100K ISA allowance left does not make it clear that £20K of the allowance can be used in a different ISA,( and £80K can not) Perhaps they prefer not to remind their customers of that option.
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But any ISA that hasn't had any deposits or withdrawals in the current year will always show an allowance of £20K, without specifying that this current year allowance can be used elsewhere, i.e. it's standard practice rather than any attempt to deceive?
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The majority of flexible ISA providers show a single figure for the amount you can subscribe to their ISA without consideration for any other ISAs. There are a few who list the replacement allowance separately such that the remaining allowance never goes above £20k. I have not come across any that add a footnote that the allowance can be used somewhere else instead.
Providers always start with the assumption that you have not used any of your allowance elsewhere, and Vanguard telling you that you can use it with them won't prevent those other providers offering to take up to £20k also.
In the end it is down to the individual to apportion their current year allowance and avoid exceeding it.
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There are a few who list the replacement allowance separately such that the remaining allowance never goes above £20k
Maybe I posed the question clumsily, but this is the point I was really getting at - they should list them seperately.
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