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Posted Wed, 07 Aug 2024 12:22:12 GMT by Bluefoxy1
I have made a schoolboy error by withdrawing all money from an existing ISA account to my personal bank account & then opening a new ISA. My original ISA is a flexible cash type opened in the previous tax year but has rolled over into the current tax year. I have made contributions to this ISA in the current tax year with my balance close to the maximum allowed in this tax year for the purposes of opening a new ISA. Two questions, I am assuming the contributions made this tax year in my original ISA, together with the balance deposited from it to my new ISA would exceed the threshold? Also, could I simply withdraw all the money from my new ISA back to my original and then use the transfer service to move it back again without affecting my allowance? Thank you.
Posted Wed, 14 Aug 2024 08:08:24 GMT by HMRC Admin 19 Response
Hi,

As we would need further details from you to answer your query, you will need to conatct our Income Tax team for advice.

Income Tax: general enquiries

Thank you.

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