Hello,ive been investing in the normal invest account for a few months now.However i think i need to start using the invest ISA instead,as its being rumoured we may be getting a decrease in the capital gains tax allowance yet again.
I have 3 full years with another provider in a flexible ISA,i have also paid in the full 20k allowance this tax year.However i withdrew quite a bit from this ISA to start my investing with 212.I know i can pay this back into the flexible ISA no problem.My question is…instead of paying it back into the original and doing an official transfer,can i just transfer what is remaining in the original account and just add the cash into the 212 ISA providing i dont go over the 60k limit i had built up.?My thoughts are because its a flexible ISA that i withdrew from,then i should just be able to add to the new 212 ISA aswell as the official transfer of the remaining funds but i cant find any answers to this.Thankyou
I’m an advocate that the system needs to be flexible, but I’m fairly sure if you check the HMrC website, it needs to go back into the same ISA it came out of.
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My understanding is that, in so far as it relates to the paying back in an amount withdrawn in the current tax year, this has to be done to the same provider as you made the withdrawal from and this amount is not transferable to another provider.
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I had a feeling this was going to be the answer.Thanks for comfirming it.
yep, if you don’t pay back into that flexible ISA, you lose that part of your limit.
The transfers are reasonably timely, so that’s going to be your better route.