Don’t risk HMRC fines.
You never pay tax on gains from ISAs.
They also don’t count towards your allowance.
Your tax-free Personal Savings Allowance depends on your Income Tax band:
|Income Tax band||Tax-free savings allowance|
|If you only earn savings interest (this is very rare)||You can use your Personal Allowance – £12,570|
|Low earner (other income under the Personal Allowance)||up to £5,000|
Any interest you earn from:
Usually it’s split 50-50 between partners – but not always.
Read more on our guide to paying tax on interest from joint accounts.
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