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  3. Remaining ISA allowance bug in the system?

Remaining ISA allowance bug in the system?

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  • A Online
    A Online
    Adam Kay
    Global Moderator
    wrote on last edited by
    #2

    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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    • N Offline
      N Offline
      Nik Burrows
      Global Moderator
      wrote on last edited by
      #3

      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      Our ISA's are flexi ISA's. This means that any money withdrawn can be paid back in along as it is paid back within the same tax year that it was withdrawn.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

      M 1 Reply Last reply
      1
      • N Nik Burrows

        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        Our ISA's are flexi ISA's. This means that any money withdrawn can be paid back in along as it is paid back within the same tax year that it was withdrawn.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

        M Offline
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        mikeiow
        wrote on last edited by
        #4

        @Nik-Burrows @Adam-Kay - thanks - I hadn't realised that was allowed!

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        • A Online
          A Online
          Adam Kay
          Global Moderator
          wrote on last edited by
          #5

          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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          • M Offline
            M Offline
            mikeiow
            wrote on last edited by
            #6

            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!)

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            • A Online
              A Online
              Adam Kay
              Global Moderator
              wrote on last edited by
              #7

              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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              • R Offline
                R Offline
                Renmure Jim
                wrote on last edited by
                #8

                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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                • M Offline
                  M Offline
                  mikeiow
                  wrote on last edited by mikeiow
                  #9

                  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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                  • A Online
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                    Adam Kay
                    Global Moderator
                    wrote on last edited by
                    #10

                    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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                    • R Renmure Jim

                      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.

                      2 Offline
                      2 Offline
                      2BToo
                      wrote on last edited by
                      #11

                      @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.

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                      The value of your investments can go down as well as up, and you may get back less than you invested.

                      Cobens a trading name of Astute Financial Management UK Limited is authorised and regulated by the Financial Conduct Authority. Registered Address: 4th Floor Peek House, 20 Eastcheap, London, EC3M 1EB. Registered in England and Wales No. 5850981.

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