Isas

[yrneh1938]

are isas taxable

[bhg481]

No

[Flonska]

They are free from Income & Capital Gains Taxes

[alavahalf]

No tax to pay on any income received from them .. but you are limited to how much you can invest annualy ..

.. straight fom the horses mouth ..

https://www.gov.uk/individual-savings-accounts

[ladybirder]

Just in case you didn't know, you are allowed to earn £1k/pa interest, tax free, so unless you are going to earn more than £1k interest there is no need to bother with an ISA. You may get a better rate of return in a fixed rate savings account.

[ladybirder]

Here's a link for the above ^.

https://www.moneysavingexpert.com/savings/personal-savings-allowance

[Flonska]

The £1,000 savings allowance is for basic rate tax payers. If you pay income tax at the higher rate, the allowance is only £500 in 2018/19

[Peter Pedant]

Nope - no taxes

should be no taxes on exit -
say you get £5000 for you ISA and THEN you used it for something else, clearly the something else may be taxed

also if you draw cash out of an ISA then you can't put it back without using up your this year's free allowance.

[Peter Pedant]

oh and forgot
you DON/T put it on your tax form if you make one out

[Flonska]

If the ISA is ‘flexible’, you can take out cash then put it back in during the same tax year without reducing your current year’s allowance.

Your provider can tell you if your ISA is flexible.

[fiction-factory]

It can be taxable though if you don't follow teh rules- eg if you subscribe to more than one ISA in a year

[DocHH]

The income generated by either a cash or a stock ISA is not taxable. Any capital gain generated by a stock ISA is not subject to capital gains tax, whilst the original investor is alive. On death both types of ISA lose their tax free wrapping.