You are reading a single comment by @hippy and its replies.
Click here to read the full conversation.
-
So people declare they're putting money in an ISA when they do tax returns or the bank takes the tax out on deposit or what?
hippy-
You have an annual ISA allowance, you can invest that each year into an ISA of your choice. You don't get any tax rebate on what pay into an ISA but when you get the money out again you don't incur income or ctg tax. You don't need to include this on your tax return.
You get tax relief (up to a point) on your pension contributions but then you pay income tax when you come to draw down on your pension.
ChasnotRobert
Pensions taxed on the way out, not on the way in.
ISA taxed on the way in, not on the way out.
Coke and hookers only tax deductable for Tories during Tory govts.