ISA Losses and Double taxation rules

Leakingtile79

Hello everyone.

I have a couple of questions regarding ISAs. As they are an efficient way of invest/save tax free, you dont have to declare them/pay tax on the capital/shares located in an ISA.

But, what happens in the cases stated below?

-Case 1: Having shares that pay you dividends in an ISA, and those dividedns are paid by a foreigh company with witholding tax (like USA), which witholds a certain amount of tax in the dividends receive at source. COuld you "claim" that tax back from the shares located in the ISA in your tax return in order to compensate for tax to be pais in dividends receive in a non ISA account, over the dividend allowance?
-Case 2: Having shares of a company in an ISa and including in a loss when selling them, could you claim the losses back to HRMC, to use the losses against future capital gains tax over the personal allowance?

MAny thanks in advance for the replies, I hope I explain the questions clearly enough!

Hoenir

1. No
2. No

eskbanker

No to both for broadly the same reason - in the first, US taxation can only be offset against UK income tax liability, which you don't have for shares within ISAs, and for the second, losses within an ISA are outside UK tax and so can't be offset against CGT liabilities (the good news is that flip side applies, i.e. no CGT on gains either!).

Ayr_Rage

The old adage, what happens in Vegas/ISAs stays in Vegas/ISAs