ISA - Interest taxable?
lizzy
Registered Posts: 36 Regular contributor ⭐
Please would someone be able to explain to me how the interest received on an ISA is treated.
I know that the limit you can invest in a cash ISA is currently £3600 but what happens when over £6000 sits in a cash ISA from 06/07. Interest received during 07/08 is approx. £350 so is all this still tax free income?
Thank you in advance
I know that the limit you can invest in a cash ISA is currently £3600 but what happens when over £6000 sits in a cash ISA from 06/07. Interest received during 07/08 is approx. £350 so is all this still tax free income?
Thank you in advance
0
Comments
-
The limite is PER YEAR so it is perfectly possible to build up a large amount in an ISA, and yes it is all tax free.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 328 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 57 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 275 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 203 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 583 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership