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Making a withdrawal this financial year
Sarri_2
Posts: 53 Forumite
Hello
I currently have £7500 sitting in a mini cash isa - I'll need to withdraw £2500 of this in July to pay for my new bathroom when a 0% credit card deal runs out. Am I right in thinking that by withdrawing £2500 next year, I'll reduce the amount I can pay into the ISA for that tax year to £1100? And that therefore it might be better to remove the bathroom money now, so that I don't reduce my savings allowance for next year?
It must be said that I don't earn tonnes and I'd do well to save up the whole £3600 allowance, but I do try to save as much as possible and I think I can certainly save over £1100.
Many thanks for any advice!
I currently have £7500 sitting in a mini cash isa - I'll need to withdraw £2500 of this in July to pay for my new bathroom when a 0% credit card deal runs out. Am I right in thinking that by withdrawing £2500 next year, I'll reduce the amount I can pay into the ISA for that tax year to £1100? And that therefore it might be better to remove the bathroom money now, so that I don't reduce my savings allowance for next year?
It must be said that I don't earn tonnes and I'd do well to save up the whole £3600 allowance, but I do try to save as much as possible and I think I can certainly save over £1100.
Many thanks for any advice!
0
Comments
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Ah, ok - thanks for clarifying. I'd misunderstood the rules, I thought once you'd taken money out you couldn't put it back in again.0
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