GGP / Existing ISA's28 Aug 2024 12:23
Hi all,
We have spoken about this same point over 2 years ago. I spoke to a financial advisor who told me that any funds held in an existing ISA can NOT be taxed as it is is clearly stated that ISA is tax free and has always been.
You can not change these rules for existing accounts however any future accounts may possibly have a change of rule so why put your money into an ISA one may ask ?? Also this can not happen over night and would have serious consequences to saving accounts that would cause outrage throughout the country.
Talking about change of rule at this point in time is Pure speculation and scaremongering to say the least and any existing accounts can not suddenly be taxed on any interest made as they are clearly classified by law as Tax Free.
Remember the old saying "You cant change horses in the middle of a stream / to stop using one system and start using another one, or to stop supporting one person and start supporting someone else"
By law " Individual Savings Accounts (ISAs) are tax-free savings or investment accounts in the UK that protect your money from income tax, dividends, and capital gains tax. This means that the interest you earn on cash in an ISA, or the income or capital gains you make from investments in an ISA, are not taxable.
Hope this is of some help to save worrying.