News

You Can Withdraw Money from Your IFISA Whenever You Want

Published on April 12, 2017

So a Proplend IFISA is flexible and you can withdraw and return ISA monies within the same tax year. But you can also draw-down some or all the value of your ISA permanently.

Subject to selling your loan investments and the required cash being available, you can request a withdrawal from your ISA through your Lender Dashboard. You don’t have to tell us whether you intend to return some or all the funds before the end of the tax year (i.e. whether it’s a flexible withdrawal or not). Any withdrawals not returned to your IFISA before the tax year end will be treated as permanent withdrawals. Any amounts returned before 6 April will be treated as flexible withdrawals.

Your Proplend IFISA will remain open unless you specifically tell us that you want to close it. This means you can invest new ISA subscriptions and transfers in the future. This may prove particularly useful considering the current regulatory restrictions only allowing people to subscribe to one new ISA of each type per tax year.

Remember – You can withdraw all of the funds from your flexible ISA (current subscriptions and ISA monies from previous tax years) and replace the same amount within the same tax year without having been deemed to have made further subscriptions. The available flexible balance resets at the beginning of each tax year, meaning you can withdraw this value and any new subscriptions and transfers in the new tax year and return them by the end of that tax year. This figure will be clearly displayed on your Proplend IFISA dashboard.