KC

Hello HMRC, I have tried to look for an answer from the HMRC website but still a bit confused on something about ISA. I had my first ever ISA account (Account A) opened in 18/6/2023 (in Tax year 23 - 24). Fund deposited £20,000. Account A was already matured in 18/6/2024. Interest received was £802.2 over the term. Total fund in Account A becomes £20,802.2. Account A was kept after 18/6/2024 for a few more days and more interest has been generated so the fund in Account A becomes £20,850. My understanding is, if I now open a new Cash ISA account (Account B) (in Tax year 24-25), I can transfer all the funds £20,850 from Account A (opened in Tax year 23-24). At the same time, I can also open one more new Cash ISA account (Account C) and deposit another fresh £20,000 max to Account C for the Tax 24-25 allowance. The interests to be earned from Account B and C will be tax free. i.e. each year we can deposit "fresh" funds to new ISA accounts according to the tax year allowance. Previous ISA account can be kept running or be transferred to a new ISA account. While the interests earned in those "old" ISA accounts are still tax free. Please kindly review and see if my understanding is correct. Thank you very much.

Hello HMRC, I am an UK resident and will submit a self-assessment for the tax year of 2023-24. I have received saving interests as income from some banks in Isle of Man. I will report that amount of income as foreign income in my self-assessment and will pay the corresponding tax. After the tax of that income is paid to HMRC, do I still need to pay any tax to the Isle of Man government for that same interest income? Thank you. Kind Regards

Dear Sir/Madam, My wife has been an UK resident for 2.5 years now and she has received some income (interest from savings) in the tax year of 2023-24. - Her total income (saving interest from both overseas and from the UK, all un-taxed) is around £5,000. This is her only source of income. - She was not working in the tax year of 2023-24. - She has not submitted a self-assessment in the past. Some queries, in her case: 1) Does she has to submit a self-assessment? 2) Does she has to report those income to HMRC in other way? 3) If both negative for the above 1) and 2), does she has to do anything related to the tax requirements for the tax year of 2023-24? Thank you very much.