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Hi Sir,
Are ISAs and other tax-efficient investments are exempt for capital gains and income tax?
I am confused as self-assessment is to report on profit and other income outside the PAYE but what about the income from ISAs and another form of this small income generated items?
Hi Sir,
Are ISAs and other tax-efficient investments are exempt for capital gains and income tax?
I am confused as self-assessment is to report on profit and other income outside the PAYE but what about the income from ISAs and another form of this small income generated items?
Any income that is EXEMPT will not be chargeable to tax and is not therefore reported to HMRC under the self assessment system – only taxable income must be included on the tax return submitted by the taxpayer. Certain investment income such as ISA’s are exempt whereas most sources of income are taxable
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