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Closing a Cash ISA - Is it taxed?
broken_man
Posts: 17 Forumite
I have two cash ISA's. One set up late March 2023 that's just matured, and one set up on April 6th 2023. I don't want to let the funds roll into another ISA, and would like to close the accounts upon maturity. Will the interest be taxed the moment the money leaves the ISA and goes back into my current account? If so, what rate of tax is used?
0
Comments
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Any interest accrued within the ISA is always tax free.2
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Interest earned within an ISA is not taxed. If you withdraw it, it won't be taxed either (it would rather defeat the point of an ISA). Any interest earned subsequently is taxable
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