warn
Member of DD Central
Curmudgeon
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IFISA
May 31, 2019 16:30:35 GMT
Post by warn on May 31, 2019 16:30:35 GMT
I withdrew £500 from my Assetz IFSA and my current year remaining subscription limit is displayed as £20,500, meaning I can replace the £500 before starting on this year's 20k allowance. If I read you right, the £500 was invested in a previous tax year. While you can certainly draw it out, putting it back in this year will reduce this year's allowance. This year's subscription limit should never show as >£20,000, should it chris?
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toast
Member of DD Central
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IFISA
May 31, 2019 16:51:43 GMT
Ace likes this
Post by toast on May 31, 2019 16:51:43 GMT
I withdrew £500 from my Assetz IFSA and my current year remaining subscription limit is displayed as £20,500, meaning I can replace the £500 before starting on this year's 20k allowance. If I read you right, the £500 was invested in a previous tax year. While you can certainly draw it out, putting it back in this year will reduce this year's allowance. This year's subscription limit should never show as >£20,000, should it chris ? is correct because AC IFISA is "flexible". Not all ISAs are flexible. In a non-flexible ISA, you would be correct that any money added would reduce the current year's allowance. That's the difference between flexible and non-flexible ISAs.
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warn
Member of DD Central
Curmudgeon
Posts: 637
Likes: 658
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IFISA
May 31, 2019 22:04:33 GMT
Post by warn on May 31, 2019 22:04:33 GMT
If I read you right, the £500 was invested in a previous tax year. While you can certainly draw it out, putting it back in this year will reduce this year's allowance. This year's subscription limit should never show as >£20,000, should it chris ? is correct because AC IFISA is "flexible". Not all ISAs are flexible. In a non-flexible ISA, you would be correct that any money added would reduce the current year's allowance. That's the difference between flexible and non-flexible ISAs. Well, perhaps you're right. I was relying in the phrase "during the same tax year" (my emphasis) at www.gov.uk/individual-savings-accounts/withdrawing-your-money. But my impression was that the difference between a flexible and a non-flexible ISA was that in the latter case, once you'd put your full allowance in, anything you withdrew couldn't be reinvested that year. Indeed, everything you put in reduced your allowance for the year whether or not you subsequently withdrew any of it.
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duck
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IFISA
Jun 1, 2019 7:18:51 GMT
Post by duck on Jun 1, 2019 7:18:51 GMT
My wife has transferred a previous years IFISA into AC.
First payment (cash in old account) has gone through fine.
A couple of repayments at the original provider have now appeared meaning there is now cash on account.
Does this cash get passed to AC automatically? Do I have to do anything?
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