ChatterBank1 min ago
Any Tax To Pay ?
10 Answers
Due to the recent massive spending by HM Gov I’m convinced it will spark off a new and prolonged “credit crunch” mk2,so bad that 1 or2 banks or building socs will go under.
I have savings in several accounts with Santander including one joint acc shared with my elderly Mum. As I’m only covered by the FSCS up to £85,000 as an individual . I want to protect my hard-earned nest egg so I intend moving £100,000 out of Santander in to NS&I...Two accounts with Santander are I S As which have lain dormant and untouched for at least4 years because of tax changes.
My question is when I close the 2 ISA s and move the sum into NS&I will the money earned within the ISA s when theyWHERE ISA.s be taxable ?? Grateful for any answers.
I have savings in several accounts with Santander including one joint acc shared with my elderly Mum. As I’m only covered by the FSCS up to £85,000 as an individual . I want to protect my hard-earned nest egg so I intend moving £100,000 out of Santander in to NS&I...Two accounts with Santander are I S As which have lain dormant and untouched for at least4 years because of tax changes.
My question is when I close the 2 ISA s and move the sum into NS&I will the money earned within the ISA s when theyWHERE ISA.s be taxable ?? Grateful for any answers.
Answers
If tou are asking whether any back tax charge would be levied, the answer is no, provided the ISA rules were followed. FUTURE interest will be taxable if you transfer out of the ISA but as Giz says you have an allowance. If the ISA was in joint names you may find you both get the £85000 protection- it is per person as I understand it- so as long as it's listed under 2...
07:19 Thu 06th Aug 2020
If tou are asking whether any back tax charge would be levied, the answer is no, provided the ISA rules were followed. FUTURE interest will be taxable if you transfer out of the ISA but as Giz says you have an allowance.
If the ISA was in joint names you may find you both get the £85000 protection- it is per person as I understand it- so as long as it's listed under 2 names you should both be covered.
If the ISA was in joint names you may find you both get the £85000 protection- it is per person as I understand it- so as long as it's listed under 2 names you should both be covered.