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Normal Expenditure out of Income - ISA

LLBLLB Member
in Technical stuff

If someone doesn't have a DC pension and draws a regular monthly income from their ISA, which then creates a surplus over their expenditure, would this be acceptable as 'income' for the purposes of the normal expenditure out of income exemption? I've found conflicting information on this (I suspect that's because it might not be entirely clear!). Or would it only be the value of any interest and dividends received in the ISA that could be withdrawn and would count as 'income'?

I'd be very grateful for any clarification, thank you.

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Comments

  • les_cameronles_cameron Member

    Interest and dividends received if withdrawn would count

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  • LLBLLB Member

    @les_cameron said:
    Interest and dividends received if withdrawn would count

    Thank you for your reply Les. So just to clarify, regular withdrawals from the ISA capital (not the interest/dividends) therefore would not count as income for the exemption? This is my understanding but just want to be totally sure, thank you.

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  • les_cameronles_cameron Member

    @LLB said:

    @les_cameron said:
    Interest and dividends received if withdrawn would count

    Thank you for your reply Les. So just to clarify, regular withdrawals from the ISA capital (not the interest/dividends) therefore would not count as income for the exemption? This is my understanding but just want to be totally sure, thank you.

    Correct

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  • LLBLLB Member

    @les_cameron said:

    @LLB said:

    @les_cameron said:
    Interest and dividends received if withdrawn would count

    Thank you for your reply Les. So just to clarify, regular withdrawals from the ISA capital (not the interest/dividends) therefore would not count as income for the exemption? This is my understanding but just want to be totally sure, thank you.

    Correct

    Thank you :)

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