ISAs and Saving Tax

Published / Last Updated on 03/02/2014

When banks add interest to your savings tax will have already been taken from it.If you are a higher rate tax payer then there is further tax due.If you have savings in stocks and shares then tax is payable on the dividends that your shares receive.If when you sell your shares you make quite a significant profit then potentially there is capital gains tax due.Interest on your cash ISA’s are essentially tax free.If you have a stocks and shares ISA then there is potentially no income or capital gains tax due.

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