Stocks & Shares ISA -> 3520,3520-A required or not?

I own a stocks and shares ISA where I hold individual company shares. Do I need to file forms 3520,3520-A ?

I think no, because the company shares I own and manage on my own are based on fair market value. It is not a mutual fund/pooled investment or managed by anyone else.

Is this interpretation correct? Thanks in advance. 

I think that sounds sensible. You'll have to pay tax on any dividends or capital gains to the IRS. On the bright side no 1116s will be required because you don't pay any UK tax on the ISA. Make sure you file the informational forms required.