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Posted Tue, 13 Feb 2024 15:27:59 GMT by derek_er Chan
I have two Flexible Cash ISAs currently: (1) Opened in Jan 2023 (tax year 2022/2023) £20k – A provider (2) Opened in Jun 2023 (tax year 2023/2024) £20k – B provider 1. Can I withdraw all the money out from these two ISA acounts in Feb 2024 and put it back to these two ISA accounts 2. Will it lose any tax benefits? 3. Will it reduce my current year’s allowance? Reference: "https://www.gov.uk/individual-savings-accounts/withdrawing-your-money" If your ISA is ‘flexible’, you can take out cash then put it back in during the same tax year without reducing your current year’s allowance. Thanks
Posted Fri, 16 Feb 2024 11:56:48 GMT by HMRC Admin 5
Hi

Flexible cash ISAs allow you to withdraw from them and save, without affecting the limit of £20000.  
You should check with your ISA provider, as you may not be able to remove all of you money and then re save it in the same accounts.

Thank you

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