ISA guidance - Intelligent Money Private Clients

[fat80b]

B9 said:

If I deposit the 20k back before tax year end.

You can’t.
Paying into an ISA in the tax year is limited. Withdrawals don’t matter.

Ie - you can’t pay 20k in , withdraw it, and put it back in again. That would mean you’ve paid 40k in that year which is against the rules

[Benjy911]

fat80b said:

B9 said:

If I deposit the 20k back before tax year end.

You can’t.
Paying into an ISA in the tax year is limited. Withdrawals don’t matter.

Ie - you can’t pay 20k in , withdraw it, and put it back in again. That would mean you’ve paid 40k in that year which is against the rules

Given it's a flexible ISA, provided it's in the same tax year, the whole point is you can withdraw and deposit again without affecting the allowance.

[fat80b]

Benjy911 said:

Given it's a flexible ISA, provided it's in the same tax year, the whole point is you can withdraw and deposit again without affecting the allowance.

My apologies- I missed that bit.

[Jammez]

Hi Folks

Looking for a bit of advice on my S&S ISA through Aegon. It was established 20 years ago as part of my then interest only mortgage. I quickly changed the mortgage to a repayment type which has since been paid off. I continued with the ISA as a form of regular savings (it's only £100 per month) and at various points I've cashed in chunks.

There's currently circa £7k in it with £100 per month being added. Over the years I've paid very little attention to it but looking at it recently I don't think it performing particularly well. It was originally set up through Nationwide & has changed across the years and is currently the L&G Future World Sustainable UK Equity Fund via Aegon.

Link to the fund is below.

https://fundcentres.lgim.com/en/uk/institutional/f...

From my limited understanding it hasn't performed particularly well, any suggestions on where I should be looking and what I need to consider?

Many thanks

[forest172]

As I understand it if you have an ISA worth £100K you can put another £20k in during that tax year. But f you want to take out the £100k to during that tax year you can as long as you put it back during the same tax year. However it must be a flexible ISA

[twokcc]

Don't think about posting in this thread. Will pm Nick @ IM on money re my query on this thread re selling shares in an old S&S's ISA then transferring cash into a new cash ISA after I have already opened a cash ISA in this tax year

Link to thread

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Edited by twokcc on Sunday 28th January 06:27

[Intelligent Money]

twokcc said:

Don't think about posting in this thread. Will pm Nick @ IM on money re my query on this thread re selling shares in an old S&S's ISA then transferring cash into a new cash ISA after I have already opened a cash ISA in this tax year

Link to thread

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Edited by twokcc on Sunday 28th January 06:27

Hi twokcc

My e-mail is [e-mail]

For this tax year 23/24 you can only contribute to one S&S ISA and one Cash ISA per tax year, so if you have made contributions to a Cash ISA already this year you won't be able to open another one until April 6th 2024. Ironically from that point the new ISA rules will be in-place which will allow multiple ISA to be contributed to in a tax year.

Your current provide may have a money market option within the S&S ISA that may offer you an option that is similar to cash in the meantime.

Hope that helps

Cheers

Nik

[xerawh]

IM team,

Are your ISA accounts 'flexible ISAs'? In that, if I am planning to withdraw a sum on 7 April 2024, do I have until the end of the tax year to replace it without using up my separate new £20k allowance for the year?

Thanks.

[B9]

xerawh said:

IM team,

Are your ISA accounts 'flexible ISAs'? In that, if I am planning to withdraw a sum on 7 April 2024, do I have until the end of the tax year to replace it without using up my separate new £20k allowance for the year?

Thanks.

Yes they are, I’ve done the same this year

[xerawh]

B9 said:

xerawh said:

IM team,

Are your ISA accounts 'flexible ISAs'? In that, if I am planning to withdraw a sum on 7 April 2024, do I have until the end of the tax year to replace it without using up my separate new £20k allowance for the year?

Thanks.

Yes they are, I’ve done the same this year

Thanks. I did see mention of it being 'flexible' in the T&Cs, but parts of the T&Cs seem outdated so want to check (e.g. Junior ISA allowance is based on 2017 amounts).