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Stupid question about withdrawing ISA interest into non-interest current account
SeanM42
Posts: 18 Forumite
Hi, I'm thinking of doing this. There are no tax implications as it's a non-interest current account, right?
0
Comments
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No tax implications, any interest you earned on that money after it was withdrawn would be taxable income, albeit you still wouldn't necessarily actually pay tax on it if you had spare allowances, etc, but if there's no income generated from it post-ISA then that's academic.1
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There aren't any tax implications no matter whether the account you're paying into pays interest or not.
It's only the subsequent interest that that withdrawn interest earns from that point on that will obviously be potentially liable to tax, outside of the ISA.1
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