I may have wrong-footed myself in taking out a Barclays ISA, which pays interest out-of-wrapper monthly to a current account.
Can anyone confirm that this interest does not count towards the £1000 PSA?
If it does count, then I’m a cretin
(I understand, of course, that further interest on that interest would count)
Google is a little vague on this and gov.uk declines to comment altogether.
I don’t know the answer for certain, but I suspect it would not count towards PSA, otherwise what’s the point of the account existing in ISA form?
Have you asked Barclays? If they’re offering this product I’d expect them to have an answer and not hide behind a “can’t comment on tax matters” type response.
It’s an important question but you’re right - it doesn’t.
Thanks: That’s good news, as yes, it would be utterly pointless as a product were it to count!
(Haven’t contacted Barclays as I simply can’t face the Kafkaesqueness: I got 17 answers to a yes/no question when I appplied for the ISA in the first place, so the maths there wasn’t good at all…)
Yes, it’s where the interest is earned that matters, not where it ends up. Same with dividends from Stocks & Shares ISAs.
And you win the inaugural “Poshest word on a Saturday” contest
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