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    cashferret
    ISAs: do they ever need declaring on a tax return?
    • #1
    • 2nd Sep 10, 5:41 PM
    ISAs: do they ever need declaring on a tax return? 2nd Sep 10 at 5:41 PM
    My bank has sent me a tax certificate for an ISA and I shredded it, thinking that I didn't need to mention it on my tax return. I told this to a friend, who said that she believed that you have to put the interest on your self-assessment form.

    On the HMRC website, it says:

    "Q. What are the tax benefits of an ISA?

    A. You pay no tax on any of the income you receive from your ISA savings and investments [...] You do not have to declare income and capital gains from ISA savings and investments or even tell your tax office that you have an ISA."

    If you don't have to put your ISA interest on your tax form, why do banks send out tax certificates for them? I'm confused! And worried I am doing something wrong!
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