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Cash ISA
Skylarksun
Posts: 1 Newbie
Is tax payable when you cash in an ISA?
0
Comments
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Are you asking if tax is payable on a tax free savings account?4
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No it’s not an ISA would be pointless if it was.0
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Not on the already received ISA interest, but any subsequent interest received would be taxable if the lump sum withdrawn was placed in a non-ISA wrapper and earned interest.0
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"Would" should be replaced by "might".Ocelot said:Not on the already received ISA interest, but any subsequent interest received would be taxable if the lump sum withdrawn was placed in a non-ISA wrapper and earned interest.
It all depends on your personal circumstances, it is taxable income but there could be no tax to pay.
To answer the OP, no taxes are due when you cash in an ISA, whether it's selling investments or just taking out cash and interest.0
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