Confusion over tax on savings

slinger2

20122013 said:

Hi vikkimcd. I cannot see the full name of ISA mentioned here or on the MSE site. As there are other savings accounts, which have the same abbreviations which are not a tax free. I won't name it, to avoid confusion.

Can someone write the full name for the ISA that is tax free, please. 

All Isas are tax free. 

20122013

slinger2 said:

20122013 said:

Hi vikkimcd. I cannot see the full name of ISA mentioned here or on the MSE site. As there are other savings accounts, which have the same abbreviations which are not a tax free. I won't name it, to avoid confusion.

Can someone write the full name for the ISA that is tax free, please. 

All Isas are tax free. 

Yes. 
But not all savings accounts with the  abbreviations 'ISA' are tax free.  


This is what ISA stands for Individual Savings Account 

t0rt0ise

20122013 said:

slinger2 said:

20122013 said:

Hi vikkimcd. I cannot see the full name of ISA mentioned here or on the MSE site. As there are other savings accounts, which have the same abbreviations which are not a tax free. I won't name it, to avoid confusion.

Can someone write the full name for the ISA that is tax free, please. 

All Isas are tax free. 

Yes. 
But not all savings accounts with the  abbreviations 'ISA' are tax free.  


This is what ISA stands for Individual Savings Account 

Yes they are! All ISAs are tax free. If they aren't tax free they aren't called an ISA.

Dazed_and_C0nfused

t0rt0ise said:

20122013 said:

slinger2 said:

20122013 said:

Hi vikkimcd. I cannot see the full name of ISA mentioned here or on the MSE site. As there are other savings accounts, which have the same abbreviations which are not a tax free. I won't name it, to avoid confusion.

Can someone write the full name for the ISA that is tax free, please. 

All Isas are tax free. 

Yes. 
But not all savings accounts with the  abbreviations 'ISA' are tax free.  


This is what ISA stands for Individual Savings Account 

Yes they are! All ISAs are tax free. If they aren't tax free they aren't called an ISA.

I think this might relate to a fairly recent post where someone had though an Instant Saver Account was tax free.

eskbanker

t0rt0ise said:

20122013 said:

slinger2 said:

20122013 said:

Hi vikkimcd. I cannot see the full name of ISA mentioned here or on the MSE site. As there are other savings accounts, which have the same abbreviations which are not a tax free. I won't name it, to avoid confusion.

Can someone write the full name for the ISA that is tax free, please. 

All Isas are tax free. 

Yes. 
But not all savings accounts with the  abbreviations 'ISA' are tax free.  

This is what ISA stands for Individual Savings Account

Yes they are! All ISAs are tax free. If they aren't tax free they aren't called an ISA.

Although most understand what an ISA is, there was a poster last month who mistakenly thought that their 'instant saver accounts' were ISAs, which took a while to unpick!

https://forums.moneysavingexpert.com/discussion/comment/81263188/#Comment_81263188

20122013

Dazed_and_C0nfused said:

t0rt0ise said:

I think this might relate to a fairly recent post where someone had though an Instant Saver Account was tax free.

@ Dazed_and_C0nfused  and @ eskbanker 
thank you  for confirming, as I was not sure where I have read that post.  

vikkimcd

It is the Cash ISA?

20122013

vikkimcd said:

It is the Cash ISA?

Yes, it is the Cash ISA account(s) the 'tax free - Individual Savings Account'   

vikkimcd

I know someone has said above that the banks tell HMRC re: tax on interest, but I have been told by my bank that they do not, plus the fixed term savings account I had told me that I need to declare interest myself. How do I inform HMRC of any tax owed (if over the £18XXX), and when do I do this for the interest earned for 2023/24?

Dazed_and_C0nfused

vikkimcd said:

I know someone has said above that the banks tell HMRC re: tax on interest, but I have been told by my bank that they do not, plus the fixed term savings account I had told me that I need to declare interest myself. How do I inform HMRC of any tax owed (if over the £18XXX), and when do I do this for the interest earned for 2023/24?

The person you spoke to was wrong.

The details of what banks have to do are here on gov.uk

https://www.gov.uk/guidance/bank-and-building-society-interest-returns