isa interest

Hi my sons grandparents have passed away and left him some money. if he puts it in an ISA will he have to declare the interest as part of his annual earnings or just non isa accounts need to be declared/ thank you
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  • Ayr_Rage
    Ayr_Rage Posts: 2,440 Forumite
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    No ISA interest, dividends or capitals gains need to be declared.
  • Brunokid
    Brunokid Posts: 62 Forumite
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    Ayr_Rage said:
    No ISA interest, dividends or capitals gains need to be declared.
    Incorrect. ISA interest does NOT have to be declared on his tax return
  • Ayr_Rage
    Ayr_Rage Posts: 2,440 Forumite
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    edited 16 April at 7:50PM
    Brunokid said:
    Ayr_Rage said:
    No ISA interest, dividends or capitals gains need to be declared.
    Incorrect. ISA interest does NOT have to be declared on his tax return
    Haha, I didn't say "No. ISA etc etc....."

    Please read carefully next time.
  • Middle_of_the_Road
    Middle_of_the_Road Posts: 1,047 Forumite
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    debbieliz said:
    Hi my sons grandparents have passed away and left him some money. if he puts it in an ISA will he have to declare the interest as part of his annual earnings or just non isa accounts need to be declared/ thank you
    HMRC are not concerned with ISA interest. They only require that you keep within the £20k annual subscription limit.
  • Middle_of_the_Road
    Middle_of_the_Road Posts: 1,047 Forumite
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    Ayr_Rage said:
    Brunokid said:
    Ayr_Rage said:
    No ISA interest, dividends or capitals gains need to be declared.
    Incorrect. ISA interest does NOT have to be declared on his tax return
    Haha, I didn't say "No. ISA etc etc....."

    Please read carefully next time.
    Still not very clear, as dividends and capital gains would need to be declared, if not within a SaS ISA or pension.
  • Ayr_Rage
    Ayr_Rage Posts: 2,440 Forumite
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    edited 16 April at 8:09PM
    Ayr_Rage said:
    Brunokid said:
    Ayr_Rage said:
    No ISA interest, dividends or capitals gains need to be declared.
    Incorrect. ISA interest does NOT have to be declared on his tax return
    Haha, I didn't say "No. ISA etc etc....."

    Please read carefully next time.
    Still not very clear, as dividends and capital gains would need to be declared, if not within a SaS ISA or pension.
    OK, for the confused amongst us.

    Nothing regarding ISAs is declared to HMRC.

  • Middle_of_the_Road
    Middle_of_the_Road Posts: 1,047 Forumite
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    edited 16 April at 9:05PM
    Ayr_Rage said:
    OK, for the confused amongst us.

    Nothing regarding ISAs is declared to HMRC.

    It was your initial reply that caused the confusion.

    Ayr_Rage said:
    No ISA interest, dividends or capitals gains need to be declared.
    If you had said..

    Interest, dividends or capitals gains, from an ISA don't need to be declared.

    ... No confusion 🙄
  • masonic
    masonic Posts: 26,695 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    .. No confusion 🙄
    Does that mean that there would be confusion? ;)
  • Middle_of_the_Road
    Middle_of_the_Road Posts: 1,047 Forumite
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    masonic said:
    .. No confusion 🙄
    Does that mean that there would be confusion? ;)


    Yes..... No, I was confused, but now I'm not so sure 😊 
  • Ayr_Rage
    Ayr_Rage Posts: 2,440 Forumite
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    Ok, I'm done now, for those that read my first post and saw a full stop or comma after NO please check your screens for dust and other contamination.




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