Interest from Cash ISA

BlueVinney

In the middle of submitting my 2018/19 tax return I've discovered that interest for one ISA was paid to my bank current account rather than reinvested. Is it correct that interest received in this way is tax exempt and need not be declared to HMRC?

Unfortunately, an Internet enquiry doesn't find any information so thank you for any advice.

BV

Thanks for your help

ColdIron

The interest was earned within the ISA so does not need to be declared

Albermarle

The only issue is that once it has left the ISA , you could not add the interest back into the ISA , assuming it is an ISA from a previous tax year.
You could only add it to a new ISA that has been started in this tax year.

colsten

Albermarle wrote: »

You could only add it to a new ISA that has been started in this tax year.

and provided that you have not already subscribed £20,000 for the current tax year.