ISAs and tax returns

cashvoid121

Hi all,

I'm filling in my Self-Assessment tax return, but am struggling with the following question:

"Did you receive any interest etc, for example, from UK banks, UK building societies, UK unit trusts?"

I do have savings in a couple of ISA accounts, which earn interest, however I gather that is tax exempt. But since the question is not qualified to exclude tax-exempt interest (and I can't find such an exclusion anywhere in the supplementary notes), it appears I have to click 'Yes' to this and start trying to find out how much interest I got from my ISAs. But I have a feeling I'm actually supposed to exclude ISAs, even though it's not stated in the question.

Can anyone advise?

masonic

You can ignore ISAs and pensions when considering your income and capital gains.

cashvoid121

So if these ISAs are the only bank accounts, building society accounts or unit trusts that I received interest from, I can click 'no' to this?

masonic

Dangerous_Dave2k wrote: »

So if these ISAs are the only bank accounts, building society accounts or unit trusts that I received interest from, I can click 'no' to this?

Yes, you only need to declare interest from other types of accounts.

londoninvestor

It does say here that:

gov.uk wrote:

If you complete a tax return, you do not need to declare any ISA interest, income or capital gains on it.

Hopefully that sets your mind at rest, but you make a fair point that HMRC could easily clarify this within the Self Assessment pages themselves.

Heedtheadvice

Just another of the shortcomings (however minor) of the online HMRC SA process....��