Need My Isa Money

[mandimoo]

...... To use as a deposit on a house. How do I get my money without penalty?

[Tilly2]

If it's a fixed rate one, you don't.

[jennyjoan]

I lifted my money from the ISA last month and I was penalised. However, I do think it was about £50 - but then again it probably wasn't a big amount maybe like yours.

[granny grump]

If you read the terms and conditions Mandi you will find that you can't. If you chose the Isa because it had a better rate this will be one of the drawbacks

[woofgang]

won't you pay tax on the profit as well?

[ubasses]

No tax will need to be paid regardless, but any ISA allowance used will be lost.

[factor-fiction]

>won't you pay tax on the profit as well?

I'm not sure what profit are you referring to, woofgang

[woofgang]

well I get interst on my Isa

[factor-fiction]

Thanks. So I am wondering in what circumstances would interest on ISA (tax free) be taxed as 'profit'?

[dzug2]

HMRC say:

You don't pay any tax on the interest or dividends you receive from an ISA and any profits from investments are free of Capital Gains Tax.

I have a feeling that cash held long term in a S&S ISA is subject to income tax on the interest - but that may have changed

[Peter Pedant]

its a bit like levitation or getting pregnant with twins..... with difficulty

however you are gonna spend it on the house whose capital gain is likely to be much bigger than the cr+ppy ISA rate

sso close your eyes and go baby !

[GlenB]

Conditions for ISAs will vary from one provider to another and even one provider may have more than one issue, each with differing terms. You need either to read the terms for your particular account or contact the ISA provider.