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Hi Ashstash89 and hi to all the ones who you know I'm with you till my next stop.
Most Importantly Guys:
DO NOT OPEN A STANDARD ISA TRADING ACCOUNT -
IF YOU'VE NOT DONE SO YET, OPEN AN ISA [FLEXIBLE] TRADING ACCOUNT.
I'VE GOT ONE WITH IG INDEX. IT MUST SAY FLEXIBLE ISA.
Don't take my word for it and double check this info below as I'm not sure if possible:
Also I think that you could close the current non-flexible isa account andre-open to a flexible isa account.
I purposely used capital letters to get the message across this forum. An isa flexible account is the best way forward with total flexibility of your money in comparison to a standard isa trading account which penalize you if you draw your money and decides to return as this would not be permitted in comparison to the flexible isa which allows you to the max for this year about to pass upto the 5th April 21 and the new 2021-22 form the 6th April. Also, you can draw the profits and replace this back again in the exact amount that was drawn. Be wise guys and take full control of your money with the [flexible] isa choice and it cost no more or less than the old style isa trading accounts.
Great day ahead.
Don't worry about the papers scaremongering with the Brazilian variant re-runs.
Sod them with their doom & gloom agendas.
Good Luck and see you all tomorrow at 8am sharp at the Cine doors. Be there Be Square
Simply.(*__*).NoFear.Ever!
DrIndianaJones you can transfer from one s&s isa to the next. Also the £20k is just a contribution limit. I.e. I maxed out my isa but made circa £10k. I can't pay into it until April, but it's sitting at far above £20k
racandfz, you cannot pay into 2 separate s&s isas in any tax year. You can only pay into different types of isas i.e. £10k cash or £10k s&s. You can have multiple isas but then you'll have to leave them dormant in terms of paying into them.
Hope that all makes sense.
Would you be able to transfer say from 2020-2021 s&s to 2021-2022 s&s and vice versa ?
Someone said you can only pay into 1 s&s isa per tax year. This is only true for new ISA money.
If you have another Isa (from a prior tax year) (s&s, cash, innovative finance) you CAN transfer between them to your hears content.
ISA 20k limit ONLY refers to investment into the ISA. Growth is never taxed.
Quick question i opened an s&s ISA , if i put £20,000 into it can i then buy and sell shares using this .? But if i made a profit would I not go over what i can hold in the isa??? Any advice of information appreciated.
Quick question i opened an s&s ISA , if i put £20,000 into it can i then buy and sell shares using this .? But if i made a profit would I not go over what i can hold in the isa??? Any advice of information appreciated.
Thanks Ash again. And NoFear from 2 days ago.
@Robin ii have an ISA as well. I think when you have an account of £50k+ ii are one of the cheapest. What are their dealing fees? I use AJ Bell and dealing fees are cheaper if you trade regularly.
For the babies, Junior ISA with AJ Bell. Remember, you cannot pay into 2 of the same ISAs in a tax year. So definitely Junior ISAs for the babies
Ashtash.
I always believed in you. Which company best for ISA? I'm with iiiiiiiiiiiiiii for share dealing.
Babies x 2 (not mine)..which company for ISA?
Thanks
@unit open an s&s ISA simple as that. 20k contribution allowance, max that out then go to share dealing/general investment account. Absolute 100% returns via ISA no matter what the gains are. Coming from a financial adviser. Also, what most people don't know is that dealing fees are cheaper with an adviser, if the platform allows an adviser. You can still manage your account etc.
@TJMC- I have a Halifax S&S ISA and I have been doing what you suggest ( bed and ISA) over the last few years so all of these shares are protected. Started in 212 as a little distraction this passed year- got a bit out of hand! but in a good way. I’ll work it out to ensure I dont exceed the CGT allowance as Im going to have to declare it in any case. Just need to figure out the best platform for next year. Thankyou for your input.
Thankyou- yes I did make a loss on tui :( got cold feet! .... before I got back in. I already do a self assessment tax return so I think ill keep under the CGT radar for this year and maybe look at a S&S ISA with low dealing costs for next financial year as Ive inadvertently turned into a day trader!!!!! Any suggestions?
@unitopay
Assuming you will be going over the annual allowance you could do something called ‘Bed and ISA’. This is where you sell your shares and transfer the funds to an ISA. You then repurchase the same shares within the ISA. The 30 day rule does not apply when you do this as ISAs are CGT exempt. Therefore the gain is recognised when you sell the shares outside the ISA. Once in the ISA any dividends and gains are CGT exempt (but so are any losses).
I’m in the same situation as you. I’m split between an ISA and normal account. Originally planned to split the non-ISA gain across multiple tax years but with the potential upcoming hike in CGT and removal of annual allowance this may not work!
You can offset any losses in the year against gains. Any losses in previous years can be carried forward into this year and offset. To clarify, these losses and gains are realised. If you have paper losses you can’t use these to offset your realised gains.
I've made the same mistake didn't know about the CGT allowances of using an ISA have done very well on Boo this year and sold at a good profit same with IAG, I have used all my CGT allowance this year on a sale of a 2nd property, not selling any other shares until new tax year, will be interested in hearing if any losses from this year and previous years can be offset ?
if its a nice amount id go speak to someone professional to be honest before making any decisions
have you sold any shares at a loss to offset your profits?
Think I’m gonna do well on Cine- made a faux pas though- been dealing through 212 not through an ISA. Anyone else made this rookie error and faced with the dilemma of whether to sell before or after April 4th? Which platform do you use to keep costs down? thankyou