Otherwise you can withdraw what you like without any tax penalty. If you put in the maximum for 2013/14 then you cannot out more in even if the balance is below the allowance (it is too late anyway!). You now have your allowance for 14/15 of ￡11880 and in July will be able to top that up to ￡15000
Don't know what Duck is talking about : an ISA is not a pension (although, of course, you can use it as one). He's probably thinking of a SIPP
You can't, without paying a HUGE penalty PLUS owing Income taxes on what you take out...the penalties are extremely punitive, which is sort of the point....you are SUPPOSED to leave that money there to grow until you reach retirement age!
http://ask.barclays.co.uk/help/savings/I...
Is it possible for me to withdraw my ISA for the year April 2013/2014 without paying tax on the balance? I put ￡5760 into an ISA last april. It has now earned me interest of ￡155.00, which means in total i have ￡5915.00 in my ISA account. I would like to withdraw the interest (￡155.00) earned but someone told me that as soon as i dip into the money, the bank will take tax away or if i decided to withdraw all ￡5915.00 tax will have to be paid. Is this true?
Many thanks
