About closing a cash ISA

uncjay

Hi guys,

I opened a cash ISA last year and am now at my 3k limit. I would like to continue saving but needs must i'm afraid and I need to take the money out.

As this is my first ISA, I just wanted to check when it's ok to empty the account; should I wait until the new financial tax year begins, or is it ok to take the money out now?

I just want to make sure that I can safely withdraw the money without being liable for any taxes.

Yours dumbly,

10_66

You won't be liable to pay tax on any interest earned on an ISA, but before you withdraw from it, make sure there aren't any penalties with your ISA provider ie., loss of interest for early withdrawal etc.