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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have held a low risk Stocks and Shares Isa years and

Resolved Question:

I have held a low risk Stocks and Shares Isa for 5 years and secured average growth of around 6%. No income has been taken from it but I am wondering about the tax position if I did withdraw some or all of the Isa in a year or so. The value is around £30,000. I have no other investments and have not used any capital gain or investment tax allowances over the 5 year period. What tax, if any, would I be liable for in the year I cashed in the Isa? Many thanks for your help. James Macgregor
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for your question.

ISA's are out of scope of Income tax and Capital gains tax.

There is no tax payable on any income received or reinvested
There is no CGT payable on any gain made when you encash your Stocks and Shares ISAs.

I hope this is helpful and answers your question.

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