Deposits & withdrawals

All topics Deposits & withdrawals How will withdrawals affect my ISA allowance?

How will withdrawals affect my ISA allowance?

Moneybox does not currently offer a flexible ISA, meaning that withdrawals do not reset your £20,000 contribution allowance for the tax year. For example, if you were to deposit £10,000 into an ISA and then withdraw it in the same tax year, you would still only have £10,000 remaining of the £20,000 limit to deposit in that financial year.

If you wish to move money from your Moneybox ISA to an ISA with another provider, you should transfer the ISA rather than withdraw it, as this doesn’t have an impact on your annual allowance

Selling investments in your Stocks & Shares ISA and the holding funds as Available Cash does not affect your ISA allowance as the funds stay within the ISA wrapper.

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It's important you know

Capital at risk. All investing should be for the longer term. The value of your investments can go up and down, and you may get back less than you invest. Tax treatment depends on individual circumstances and may be subject to change in the future.

A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Payments you make into your pension won’t be accessible until the minimum pension age (currently 55, increasing to age 57 from 2028). Tax treatment depends on individual circumstances and may be subject to change in the future.

For Business Saver: T&Cs apply. Max one withdrawal per day.

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