Is interest earned Cash in a Maxi Stocks and Shares ISA earned gross or net of tax. Cash = Money waiting around for you to buy some equity
- posted
19 years ago
Is interest earned Cash in a Maxi Stocks and Shares ISA earned gross or net of tax. Cash = Money waiting around for you to buy some equity
It should be net - Share ISA rules say that interest should be deducted at
20% before its paid.There is no more tax to pay on this interest if you are a higher rate taxpayer - neither than this tax be reclaimed if you are a non taxpayer.
Regards Sunil
So if I am a higher rate taxpayer, where do I put it on the form
Not that it's going to make a huge difference to what I will owe the IR
You mean your tax return?
The simple answer is that you don't mention it at all... thats one of the advantages of having an ISA - you never need to refer to them on a tax return.
Regards Sunil
In message , Mike NG writes
You dont. There is no more tax to pay.
Fine I've only ever been use to mini cash ISA's where everything is tax free.
Or I'm getting confused cos my mini cash ISA with building society A just shows one payment, but with my maxi ISA with stockbroker B (which I'e only recently opened) shows a gross credit and then a 20% deduction
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