Individual Savings Accounts (ISAs)

What are the tax benefits of an ISA?

  • You pay no tax on any of the income you receive from your ISA savings and investments. This includes dividends, interest and bonuses.

  • You pay no tax on capital gains arising on your ISA investments (losses on ISA investments cannot be allowed for Capital Gains Tax purposes against capital gains outside your ISA).

  • The insurer does not have to pay tax on income and capital gains on investments used to back your ISA life insurance policies. You do not have to pay any tax when the policy pays out.

  • You can take your money out at any time without losing tax relief.

  • You do not have to declare income and capital gains from ISA savings and investments or even tell your HMRC office that you have an ISA.

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