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Tax being deducted from a NatWest Isa
GEMGIRL67
Posts: 186 Forumite
I thought Isa's were supposed to be tax free, but it seems I was wrong!
My Mum, Dad, Brother and myself, each have a cash Isa with NatWest. We opened them in 2001 and we have all put £3000 in at the beginning of each tax year. The interest is paid monthly and we get our statements on a quarterly basis.
Since June, my Dad has been taxed on his interest and has received approx £85 less for the quarterly period than the rest of us.
Him and Mum have been into our local Natwest branch and they have had to submit a report to head office to see why my Dad is now having to pay tax on his Isa. :mad: :mad:
Anyone else having to pay tax on their Isa's?
My Mum, Dad, Brother and myself, each have a cash Isa with NatWest. We opened them in 2001 and we have all put £3000 in at the beginning of each tax year. The interest is paid monthly and we get our statements on a quarterly basis.
Since June, my Dad has been taxed on his interest and has received approx £85 less for the quarterly period than the rest of us.
Him and Mum have been into our local Natwest branch and they have had to submit a report to head office to see why my Dad is now having to pay tax on his Isa. :mad: :mad:
Anyone else having to pay tax on their Isa's?
0
Comments
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I thought Isa's were supposed to be tax free, but it seems I was wrong!
Since June, my Dad has been taxed on his interest and has received approx £85 less for the quarterly period than the rest of us.
It cannot be anything other than a mistake as ISAs are tax free. I would write to NatWest with evidence and wait for them to put it right.0
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