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I need a little advice -urgent
wooders
Posts: 159 Forumite
I need to take money out of a 2007/8 isa, it will only be short term but will have to put it into my current account for a few days. Will I get stung for any tax etc?
Please help quickly as I need to do this by 5pm
Please help quickly as I need to do this by 5pm
One day I'll be rich me tells ya.....rich.....hahaha:D
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Comments
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You can take money out of an ISA at any time (subject to their Ts&Cs) without any tax liability. Once it is out, any interest accruing in your current account will be taxed, though. Remember you can't put it back in again, although you can start a new ISA for 2008/09.0
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Thanks, I thought this was the case but just needed a little confirmingOne day I'll be rich me tells ya.....rich.....hahaha:D0
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it will only be short term
No tax implications on the money coming out of the ISA. But it won't be 'short term' ..... as you can't replace the money. You can only put it back as part of your 08-09 allowance?If you want to test the depth of the water .........don't use both feet !0
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