isa question.

[confidentincompetent]

someone asked this in my local tonite... He has an ISA pot of about £15k but he has not started a new one this yr (from april 1st).. He wants to use £2k today and replace it in a few weeks time back into a new ISA. Im not sure he can do this as the rules say if you draw out in one yr you cant replace it in same year??

Dont know if this makes sense..lol

 

[Bahco]

I think you are allowed to deposit £3000 every yr regardless of your withdrawals/

 

[libby lou lou]

Draw that yr, you can't replace the same tax yr.

 

[333rocky333]

The cash isa yearly limit paying in is now £3600.
Once taken out you cannot replace it.

Depending how much he has put in since april, he may have some allowance left..

If he has put nought in since april then he can put £ 3600 in.
Or open a new one.

The drawn out money is old funds from previous years.

Alternatively he can do a stocks and shares isa.