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Posted Thu, 29 Feb 2024 12:31:03 GMT by alk_8
Good afternoon, I would like to know if the following is permissible: This tax year (2023/24) I deposited 4,500 GBP into my flexible Stocks and Shares ISA account with provider "A". The account was opened back in 2018. A few months ago I withdrew all funds (over 20,000 GBP) from such Stocks and Shares ISA account, including the 4,500 GBP that I deposited this year. The account has now 0 balance. Can I now deposit 20,000 GBP into a brand new flexible Cash ISA account (with 0 balance) with another provider "B" without any issue or should I deposit up to 15,500 GBP in this tax year to the Cash ISA account? I do not have any other ISAs in my portfolio, other than the two I mentioned (an old S&S ISA and a new Cash ISA - both flexible). Kind regards
Posted Fri, 01 Mar 2024 09:41:31 GMT by HMRC Admin 25
Hi alk_8,
As you have withdrawn all the funds already, and it is a different ISA.
It will only be the £15500 that you can now put in to the new account for 23/24.
Thank you. 

Posted Fri, 01 Mar 2024 09:59:58 GMT by alk_8
Good morning, So there is no difference even both accounts are flexible ISAs? If so, it is a bit contradicting, because in this thread ( on the 3rd post, the "HMRC Admin 10" implies that the "flexibility" of ISAs does make a difference, and if so, my scenario above is permissible. Could you please kindly double-check and confirm which of the two applies? Thank you.
Posted Mon, 04 Mar 2024 12:59:46 GMT by HMRC Admin 5
Hi alk_8

My colleague is correct, you can only put £15500 into the new ISA, as you have already utilised £4500 of your annual allowance in the old ISA, in the same tax year.


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