Allowance backdating

However, to move money you've paid in the current tax year, you must move all of it.Note that not all Isas accept transfers - so check before you apply.The only condition is that you top up your Isa in the same tax year the withdrawal was made.If you put it back in the next year, it will count towards your new annual allowance.If you're saving up to buy property, there is also the Help to Buy Isa and, for those aged 18-40, the lifetime Isa.Both of these Isas have lower annual limits - but, whatever you pay in will be taken from your £20,000 allowance.

All UK residents aged 16 or over can have a cash Isa, although you must be 18 before you can open a stocks and shares Isa.checked in May 2019 - so you should always check with your provider before withdrawing any money.If your Isa isn't flexible, it means that any cash you withdraw loses its tax-free status as soon as it leaves the Isa 'wrapper' (account), and even just paying the cash back into the account would count further towards your Isa limit.You can withdraw money from this account, and - as long as you put it back before the end of the current tax year, and replace exactly the same amount - it won't go towards your current tax year Isa allowance.So, for instance - you paid £20,000 into a cash Isa two years ago, and you take out £3,000.

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