Remaining ISA allowance bug in the system?
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I went to check whether we had paid any into our current year ISAs, only to be told this by the app :
Remaining ISA Allowance (current tax year) £45,963.63
Net contributions £-25,963.63Sounds like a bit of a bug 🫣
I have been drawing on my pot, & trawling back I can see I paid 200 back in April/May last year before things shifted across…..not sure whether HMRC get told anything by Cobens though, which could be worrying
MrsMikeIOW, who has not been drawing, has a screen that looks perfectly fine (£200 paid, £19,800 available)
Looks like drawing down is doing some weird things internally
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Hi Mike,
It is 100% correct.
20,000 allowance 24/25 year less 200(as you note) plus withdrawals 26,163 = 45,963, which will revert to 20k on 6 April if utilises.If anyone has questions about their personal accounts, please contact us directly as we can not deal with specifics on a public forum.
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Hi Mike
Our ISA's are flexi ISA's. This means that any money withdrawn can be paid back in along as it is paid back within the same tax year that it was withdrawn. This is in addition to ISA allowance for that tax year
Cheers
Nik -
Hi Mike
Our ISA's are flexi ISA's. This means that any money withdrawn can be paid back in along as it is paid back within the same tax year that it was withdrawn. This is in addition to ISA allowance for that tax year
Cheers
Nik -
HI Mike,
It's a nice feature of the Flexi-ISA. Others in the past have dipped into their ISA for large purchases (house) and replaced the funds within the tax year without any tax implications.
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So....I'll keep this public in case it helps others!
If I pay into my ISA, if it is less than the money taken out this year, will it automatically still leave this years ISA allowance available?
Or does the money going back have to go a certain way?!
(I will be paying some back in!) -
HI Mike.
If you make a withdrawal, as you did. This is added back to your allowance. When you repay it(within the same tax year), it is deducted again. Once April 5th is past, any credited allowance is lost.
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I’ve taken advantage of the flexible ISA a couple of times for significant purchases within a tax year and found the withdrawing and repaying to be pretty simple and intuitive.
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I perhaps didn’t explain the question well.
Imagine I had not contributed to an ISA this year, but had withdrawn 10k from the pot.
That means I can put up to £30k into it: the £10k plus this year’s allowance, thanks to it being a flexi-ISA
But: what if I only put <£10k back in
Presumably the first 10k I put back in is matched with being part of the £10k I took out?Could I then open a different ISA for this year (eg, Cash or IFISA)?
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Yes you could do that because the 10k is replacing previously drawn funds. The new ISA must be a different type. NB. You can open a new/different type ISA anyway. Just check the annual limits(20k) still apply
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I’ve taken advantage of the flexible ISA a couple of times for significant purchases within a tax year and found the withdrawing and repaying to be pretty simple and intuitive.
@Renmure-Jim said in Remaining ISA allowance bug in the system?:
I’ve taken advantage of the flexible ISA a couple of times for significant purchases within a tax year and found the withdrawing and repaying to be pretty simple and intuitive.
I'll second this. Most ISA providers don't offer flexible ISA's (my previous ISA provider didn't even know what one was.) This was a major factor in me moving my ISA to IM a few years ago.