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ISA monthly interest
miik0m
Posts: 3 Newbie
Could anyone please tell me if l elect to have my monthly interest from a cash ISA transferred each month to my current account does it retain its tax free status?. l have looked for a definitive answer to this with no success. Thank you
0
Comments
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Interest that is paid out is totally free of any tax.
Obviously, if subsequently invested elsewhere outwith an ISA any further interest counts as income for tax purposes.1 -
Yes it's tax free but now it's out of the ISA. Happened to me recently when I closed (what I thought was) an old ISA. Turned out there was interest to be credited, which was paid to my current account. Bit annoying to lose it from the ISA umbrella.1
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