Accounting
| New guidance notes for ISA managers |
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| Wednesday, 05 September 2007 | |
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Draft Guidance Notes, which explain how the new ISA rules will operate from 6 April 2008 are now available. This set of Guidance Notes will replace the current set from that date.
HMRC said that the guidance notes are being published now so that managers can see how the new rules will work. Until 6 April 2008 the existing guidance continues to have effect. The notes provide general guidance for ISA managers on how to operate the ISA schemes. Investors do not pay any tax on any of the income they receive from ISA savings and investments. Nor do they pay any tax on capital gains arising on ISA investments. However, losses on ISA investments cannot be allowed for Capital Gains Tax purposes against capital gains outside an ISA. The guidance notes are available on the HMRC website at http://www.hmrc.gov.uk/isa/isa-guidance-notes-2008.pdf. |
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