Flexible ISAs - Using different providers in the same tax year

Can you take money out of a flexible ISA (either a cash isa or a stocks & shares isa) with one provider and put that money into a different provider's cash isa / stocks and shares isa? I know this needs to be done in the same tax year, but not 100% sure on the provider part. I have read that you can only put the money back into the same account that you took the money out from, but I have also read that you can move the money to a different provider.... Given the new rule introduced for the 24/25 tax year that you can deposit into multiple ISAs of the same type, it is not clear what is correct!

Hi Vnfwg33d,
If the ISA is a flexible ISA, you can return the money back into the ISA and not impact your £20000 allowance.
If you take the money out of the ISA and place in another ISA, this will be part of the £20000 that you can save each year.
Please have a look at the guidance here:
Individual Savings Accounts (ISAs)
Thank you. 

 

You have not answered my question. I understand how the £20,000 allowance works, but my question relates to using different providers / banks. For example if I put £20,000 in a Flexible ISA with Bank A this tax year, can I then transfer out all of this £20,000 and put this with Bank B in their Flexible ISA in the same tax year? My understanding is that because it is a Flexible ISA this should not be an issue? However I have also read that if you go with a different provider / bank, even if it is Flexible ISA, you need to transfer this via an ISA transfer form instead. HMRC's clarification on this would be helpful. Thank you.

Hi,

Please refer to the following guidance:

Individual Savings Accounts (ISAs): Withdrawing your money

Individual Savings Accounts (ISAs): Transferring your ISA

Thank you.

Again, you have not answered my question. Rather than providing links, can you please answer my question below with a written response on this forum: I understand how the £20,000 allowance works, but my question relates to using different providers / banks. For example if I put £20,000 in a Flexible ISA with Bank A this tax year, can I then transfer out all of this £20,000 and put this with Bank B in their Flexible ISA in the same tax year? My understanding is that because it is a Flexible ISA this should not be an issue? However I have also read that if you go with a different provider / bank, even if it is Flexible ISA, you need to transfer this via an ISA transfer form instead. HMRC's clarification on this would be helpful. Thank you.

Yeah I have the same question with this user. I do not think so you are answering the question @HMRC. We are truly trying to follow the rules but you are not helping with unclear clarifications. Again, if say I initially subscribed (this tax year) to my max allowance of 20k to a flexible cash ISA with provider A and now I intend to take some of this money out by a normal allowed withdrawal to put it in a stocks and share ISA with provider B is this allowed without affecting my 20k limit threshold for the current tax year?

Hi
This forum is for guidance only hence the links sent.
As these are from HMRC webste this is HMRC clarification. should you need further advice after refering to the links then you will need to contact us direct on 0300 200 3300.

What is the point in having a HMRC question forum where HMRC cannot answer a straight forward question. I would like this in writing so it is clear and correct, rather than having to wait 30 minutes to speak to someone and they cannot provide a simple answer either. Can you therefore please answer my question, which is below again for ease. I do not want to be provided links, just need an answer to the question: I understand how the £20,000 allowance works, but my question relates to using different providers / banks. For example if I put £20,000 in a Flexible ISA with Bank A this tax year, can I then transfer out all of this £20,000 and put this with Bank B in their Flexible ISA in the same tax year? My understanding is that because it is a Flexible ISA this should not be an issue? However I have also read that if you go with a different provider / bank, even if it is Flexible ISA, you need to transfer this via an ISA transfer form instead. HMRC's clarification on this would be helpful. Thank you.