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Can someone explain this to me

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Comments

  • hov204
    hov204 Posts: 10 Forumite
    masonic wrote: »
    No, because as above it was only taxable when it was paid as interest. That happened within the ISA, so there was no tax to pay. Moving it out of the ISA at some later date does not change that. Any interest you went on to earn on this money outside the ISA would, however, be taxable.

    Brilliant- thank you so much for clearing that up!
  • hov204
    hov204 Posts: 10 Forumite
    edited 19 November 2018 at 9:57PM
    Can someone also explain to me the difference between gifting and lending money- having done some research, this wasn't made clear to me? Would this have any different implications? (I have no other questions beyond this, as the Martin Lewis book has been very useful in telling me everything else I need to know about finance :)!)
  • Vortigern
    Vortigern Posts: 3,306 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    When you lend money to somebody, you expect them to pay you back.

    When you gift it, you don't expect to get it back.
  • hov204
    hov204 Posts: 10 Forumite
    Vortigern wrote: »

    When you lend money to somebody, you expect them to pay you back.

    When you gift it, you don't expect to get it back.

    Ok, that helps, thanks for clearing that up- my impression was that they were somewhat interchangeable (Clearly, I was wrong :laugh: )!
  • dunstonh
    dunstonh Posts: 120,232 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    hov204 wrote: »
    Ok, that helps, thanks for clearing that up- my impression was that they were somewhat interchangeable (Clearly, I was wrong :laugh: )!

    You must be a bundle of joy at Christmas and birthdays ;)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • hov204
    hov204 Posts: 10 Forumite
    edited 19 November 2018 at 9:58PM
    dunstonh wrote: »
    You must be a bundle of joy at Christmas and birthdays ;)

    Ahaha, that's why I never wrap up any presents :rotfl:

    In all seriousness though, thank you all for educating me a bit more about my finances- tbqh, it was well overdue (especially thanks for recommending that book, I feel a *lot* more informed!) ;)
  • eskbanker
    eskbanker Posts: 38,022 Forumite
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    dunstonh wrote: »
    hov204 wrote: »
    Ok, that helps, thanks for clearing that up- my impression was that they were somewhat interchangeable (Clearly, I was wrong :laugh: )!
    You must be a bundle of joy at Christmas and birthdays ;)
    ....but conversely, a great friend to borrow money from!
  • hov204
    hov204 Posts: 10 Forumite
    eskbanker wrote: »
    ....but conversely, a great friend to borrow money from!

    Hahaha, obviously ;) (I don't know why I thought that the economic context was different from the normal context :laugh:)
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