"Tax implications of stocks and shares ISAs - You don’t have to pay Capital Gains Tax on any growth in the value of your stocks and shares ISA fund when you sell, although with the annual CGT tax-free allowance set at £10,600 in the 2011/12 tax year, this may not represent such a big tax incentive. Furthermore, the dividends paid from a stocks and shares ISA still carry the 10% tax credit – you only receive 90% of the dividend, and you cannot claim back the 10% tax that has already been deducted. However, if you’re a higher rate taxpayer, you don’t have to make up the additional 22.5% tax."
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