isa interest

debbieliz

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

Ayr_Rage

No ISA interest, dividends or capitals gains need to be declared.

Brunokid

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

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

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

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

Middle_of_the_Road said:

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

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

Middle_of_the_Road said:

.. No confusion 🙄

Does that mean that there would be confusion?

Middle_of_the_Road

masonic said:

Middle_of_the_Road 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

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.