ISA deposit after withdrawal of max

[911pleb]

Google can't make head nor tail of my search terms. Its probably my fault given the quality of the thread title mind...

I put my max of 20k into my ISA this year. Then I withdrew it all to buy a house. I now want to start saving again.

Can I add anymore tax free or do I have to wait until April before I can resume saving? Account balance is £0 but ive used my 20k allowance.

My thought is that I have to wait, but more than happy to be wrong.

[greygoose]

I think you have to wait till next year.

[DoubleSix]

It comes down to the type of ISA you have; flexible or not...

Have a read:

https://www.moneysavingexpert.com/savings/flexible...

[red_slr]

Some allow to withdraw and then replace in the same year, pretty much sure Vanguard allow this.

[911pleb]

Ah. So its either depending on my ISA provider. This is why I got confused.

Thanks. I will contact them and see whats what.

[JulianPH]

911pleb said:

Ah. So its either depending on my ISA provider. This is why I got confused.

Thanks. I will contact them and see whats what.

That is correct. As has been said it is all down to whether it is a Flexible Access ISA or not, your provider can tall you this.

After you withdrew everything and it still shows an account balance of £0 (rather than the account being closed) this would seem to suggest this is the case.

[Benbay001]

From my understanding, the OP probably withdrew from a HTB ISA and is now looking to pay into a different kind of ISA, probably with a different provider.

If thats the case the i dont believe that you will be able to pay in what you withdrew.

[911pleb]

Benbay001 said:

From my understanding, the OP probably withdrew from a HTB ISA and is now looking to pay into a different kind of ISA, probably with a different provider.

If thats the case the i dont believe that you will be able to pay in what you withdrew.

I want to put some money back into the same account i withdrew from.

[supersport]

JulianPH said:

911pleb said:

Ah. So its either depending on my ISA provider. This is why I got confused.

Thanks. I will contact them and see whats what.

That is correct. As has been said it is all down to whether it is a Flexible Access ISA or not, your provider can tall you this.

After you withdrew everything and it still shows an account balance of £0 (rather than the account being closed) this would seem to suggest this is the case.

Surely once you have used your entire ISA allowance for the year, as OP stares, that’s it until next tax year?

[JulianPH]

supersport said:

Surely once you have used your entire ISA allowance for the year, as OP stares, that’s it until next tax year?

With a Flexible ISA you are still limited to the same annual allowance, but you are permitted to take money out and put it back in again within the same tax year.

So whilst the OP has put £20k in, he has also taken it back out (leaving his balance at £0) and so if (presuming it is a flexible ISA) remains free to put the £20k back in again.

[supersport]

JulianPH said:

supersport said:

Surely once you have used your entire ISA allowance for the year, as OP stares, that’s it until next tax year?

With a Flexible ISA you are still limited to the same annual allowance, but you are permitted to take money out and put it back in again within the same tax year.

So whilst the OP has put £20k in, he has also taken it back out (leaving his balance at £0) and so if (presuming it is a flexible ISA) remains free to put the £20k back in again.

Every day is a school day, didn’t know they existed.