I need a little advice -urgent

wooders

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

liitleblackcat

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.

wooders

Thanks, I thought this was the case but just needed a little confirming

Mikeyorks

wooders wrote: »

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?