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 taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

THINK I have been a bit ignorant over status of my savings.I

Resolved Question:

THINK I have been a bit ignorant over status of my savings.I have never had a tax return to fill in as I have always put savings in TESSAS PEPS AND ISAS.I HAVE NEVER drawn on any income they have produced but took the option of always reinvesting it in the ISAS..These I transferred to H AND L vantage scheme.I withdre these savings last year and put them into Barclays tax free ISA UP TO THE LIMITED AMOUNT.
I HAVE ONE OTHER CURRENT INVESTMENT with Legal and General which is now a lump sum ISA and from which the income has always been reinvested.
Would it be helpful to send a summary of these investments to HMRI as I have just "unearthed" them....My current pension amounts to about £24k. I am 69 and was looking forward for these reinvested savings to help out fund retirement for me the wife and a disabled son with cystic fibrosis...Ihope you can advise as the phone lines are v.difficult.
Thank you
M. Leary
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

What makes you think you should send a list of all your savings to the tax office?

HMRC does not require a tax payer toadvise what is saved in ISAs and/or interest earned as any income and gains arising from savings/investment in ISAs is free of income tax and capital gains tax.

My recommendation to you is to safe keep your current listing and keep it updated on a annual basis.

There is no need to notify the Tax office.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

I received tax credits in the H and L vantage scheme which were also reinvested Should Ihave received these as I thought they were intended for low incomes

Expert:  taxadvisor.uk replied 2 years ago.

Michael, thank you for your reply.

These are different from tax credits individuals receive to supplement their income. Nothing to do with investments.

Your tax credits are related to dividends etc and you need not worry about them.
All returns on ISAs are tax free.

I hope this is helpful.