Do i neeed to fill in a self assesment form

sorcerer

in the next couple of years I expect my income from savings and investments to exceed over £10,000 a year. But the majority of this will be in the Stocks and Shares ISA about 90%. The rest will be in normal bank accounts which are being taxed.


I am currently on PAYE. I currently don't do a self assessment form do you think I will need do one when this happens. Even though most of the money is sitting inside an ISA.


Thanks

Davide123

What's your other income, gross amount

00ec25

no
the 10K figure is with reference to taxed savings and investments and by definition ISA are not taxed and you never have to declare ISA income or gains therefore you do not cross the threshold for doing a tax return based on savings values. You may of course cross the threshold for SA if your savings income now tips you into either of the 40% rate tax bracket or your total (taxable) income is >£100k