I understand that over 65's can get a tax exemption of 10,500 pounds in the new tax year 2012/2013 provided their total incomes for the year do not exceed 25,400 pounds. Does this 25,400 pounds include any interests earned on Cash ISAs? No, it does not.Income arising in ISAs of whichever type is not taken into account for income tax, nor does capital gains tax apply.TJH
© Copyright 1998-2013, The Motley Fool Limited. All rights reserved. This material is for personal use only.The Motley Fool, Fool, and the "Fool" logo are registered trademarks of The Motley Fool, Inc.Place of Reg: England & Wales. Company Reg No: 3736872. VAT Reg No: 945 6990 68. Registered Office: 5th Floor, 60 Charlotte Street London W1T 2NU.
Page load time and server: