How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15315
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

I cashed in an ISA in 2013 and got 13000 GBP, do I have to

Resolved Question:

I cashed in an ISA in 2013 and got 13000 GBP, do I have to declare this in my tax return and is there any tax due?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
You don't pay any tax on the interest or dividends you receive from an ISA and any profits from investments are free of Capital Gains Tax.
You can get your savings interest tax-free if your total taxable income is below your Personal Allowance. This is set by your age.
Your age Maximum taxable income you can reclaim tax on
Born after 5 April 1948 £12,880
Born between 6 April 1938 and 5 April 1948 £13,380
Born before 6 April 1938 £13,540
So if you were born between April 1938 and April 1048 your amount is tax free.
TaxRobin and other Tax Specialists are ready to help you

Related Tax Questions