- May 24, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Can you withdraw more than £20k from an ISA within 1 tax year?
The £20k limit only applies to money being paid into the account. Therefore, you can withdraw more than £20k from an ISA within a tax year.
## Example – £40k in an ISA. Can that individual withdraw £40k within a given tax year?
Yes, the individual can withdraw £40k from the ISA within a given tax year, as the limit only applies to contributions.
### How AI Legalese Decoder can help in this situation?
AI Legalese Decoder can provide accurate and reliable information about tax laws and regulations related to ISAs. It can help clarify any confusion regarding contribution limits and withdrawals, giving peace of mind to individuals managing their ISAs.
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There are no limits on withdrawals from an ISA.
You can withdraw as much as you like, the limit is only on deposits.
(Just to confuse things further, if you withdraw £40k from a flexible ISA, you can now pay £60k back in in the same tax year)