Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sun, 02 Jun 2024 14:17:40 GMT by d g
I have a Flexible ISA with a total balance of £45000 which includes the full £20000 contribution for the current year. Can I withdraw £30000 now and pay it back in later during the current tax year? Or is the amount I put back in limited to £20000?
Posted Wed, 05 Jun 2024 11:16:34 GMT by HMRC Admin 10 Response
Hi
Only a flexible ISA would allow you to withdraw money and replace it within the same tax year without eating into your annual ISA allowance.  Check with your ISA provider first.
 
Posted Wed, 05 Jun 2024 11:44:55 GMT by d g
thank you for your reply. Unfortunately it does not address the question I posted. The ISA is flexible with a balance of £45000 in it. My question is can I draw £30000 now and pay it back in before the end of current tax year?
Posted Fri, 07 Jun 2024 10:30:57 GMT by HMRC Admin 25 Response
Hi d g,
Yes, this can be done. 
Thank you. 

 

You must be signed in to post in this forum.