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ISA withdrawls and tax
Nic32_2
Posts: 2 Newbie
I want to take money from my Stocks and Shares ISA. What are the tax implications of this? Is the money I get taxable income that I would have to declare? I assume I am free of CG tax.
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Comments
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Withdrawls are free of tax and do not have to be declared.0
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Thanks for that.
Monday has started well with someone telling me things i want to hear!0 -
There is no tax implication but you do need to be aware that one way or another the money is likely to be taxed once taken out unless you have it as cash under the bed.
If you spend it you are likely to pay VAT or stamp duty on your purchase, if you put it in the bank outside an ISA then you may be liable for tax on the interest.Remember the saying: if it looks too good to be true it almost certainly is.0
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