It is always good to remember the main tax benefits for ISAs. As a reminder:

  • There is not any UK tax on dividends in a stocks and shares ISA, although the 10% tax credit cannot be reclaimed ( it is thought that the 10% tax credit will be abolished from 2016/17)
  • Interest is received UK Tax-free in all ISAs.
  • The 20% flat rate which was applied to interest on cash held in a stocks and shares ISA has been abolished.
  • ISA income and gains do not have to be reported on a tax return.
  • Transfers of ISA’s can be made between the cash and stocks and shares components of an ISA and vice cersa with out any restrictions.

 

If you have an ISA or a number of ISA’s and wish to seek independent financial advice on them and the tax implications on them,we at Hutt Professional have financial advisers with many years of experience who would be more than happy to offer you independent financial advice. If you are located in Leamington Spa or Surrounding areas please do not hesitate to contact us.