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Franny1968, is it restricted in the UK or only with your SIPP provider? I do day trade, never found any restriction.
Apple your two delisted is one of them Motif by any chance?
I haven't traded like that in my ISA, I just used those companies as an example to highlight my point.
FYI: I opened an ISA in Nov, put 20k in and bought EUA. That is now worth over triple! Currently 45k 'profit' tax free I if sold right now. I won't sell them at this low low price of course, and will await the asset sale/takeover/or rerate up to 50p +
Tax free lovely jubblies
Now obvious there is no guarantee that I keep doubling my ISA, but I will have fun trying to and taking advantage of this tax free opportunity.
HRMC obvious have never considered that some investors could take advantage like this, but we are just playing within the rules that are set.
I don't intend to remove any money from my ISA for the foreseeable future, so I can grow the funds exponentially every year due to "compounded tax free-ness" of all profits made.
*Kray :-) soz
Thanks Katy great explanation......
Ian, there are no restrictions on day trading or number of trades etc within an ISA.
The restrictions are that you can only put in £20k per tax year. If you then remove some money back into your bank account or standard share trading account, you will not be able to return it at a later point. ie put 20k in, remove 5k, try to put another 5k back in you won't be allowed.
All profits are capital gains tax free forever from anything inside the ISA. For example: my 20k ISA bought shares in EUA and the shares doubled, I decided to sell those shares, and now I have 40k inside the ISA in which to buy new shares. I buy 40k of MNRG, and they double in price and I sell, and I then have 80k within my ISA. All tax free. After the start of the new tax year (April) I can add another 20k, and I will have 100k to buy shares in ORCP which then double and I sell giving me 200k tax free. I have spent 40K in total of my hard earned paper round money and turned it into 200k. There is no tax to pay on the 160k profits!
Lovely jubbily!
Was a bit harsh seeing as Ian wasnt far off. I think maybe the confusion might be you can't keep ploughing money through an isa you can put 20k a year in minus anything you have put in other isas. You can reinvest profits but you couldn't stick 20k in lose 15 then put another 15 in if your own money. Then tax man wouldn't like. IMHO dyor
Evening Lucretius, thanks for clearing that up, as I say just something that was discussed on another BB some time back and because of that I kept my number of trades to a low number within the ISA wrapper for that reason, not that I traded as I bought in and held mostly.
Yes, thanks, optician today said my blurred vision was due to cataract that had formed as a consequence of the eye op, one thing leads to another. I hope all your decorating is now finished.
All the best
Ian
Taff, its 'another'.
We'll get you a dictionary when we are all sunning it up.
Best regards
The BB
I thought the bank will calculate your tax and CGT and if applicable deduct it and sort it out for you?
I didn't realise you could carry forward the lpss indefinitely. Thanks for that. I just know that you don't have to report a capital gains loss immediately and that you have up to 4 years to report the loss. I checked as I lost a load of money on flybe in Jan last year.
A CGT LOSS. has to be declared first on a tax return. Then the loss can be carried forward indefinitely.
I would have put mine in an isa but I didn't have any unused allowance and won't until April or unless I sell other shares in my ISA and they aren't at the point I can sell them yet.
You are better off in an isa then as it's tax free
Sorry if I have given any wrong advice but as I say what I had heard and what to me makes some sense, we are not discussing the ins and outs of an ISA or how much money one can invest yearly or that all gains on stocks held within are capital gains and tax-free but ask yourself why there are clear distinctions between a stocks and shares ISA and a Trading Account if you carry out too many transactions from within your ISA you could be deemed to be Trading I.E. carrying out a profit-making business from within that said ISA, if you want to risk that carry on, as I was saying just tread carefully it was only something that went aroud on another BB some time back to steer clear of the tax man.
I'm not talking huge amounts by some peoples standards, but I sold sxx at a loss of £5k.. if EUA does what we are hoping I could make £40k profit
Sell your sxx shares bank the loss. Move to EUA (if tgats the share you want) then you have realised the loss out of the shares whuch you can claim for, then take any gain tax free in your ISA.
It really depends how much of a loss you have made to offset any profit. You can use any unused losses up to 4 years in the past.
I'm trying to work out if I'm better off moving to an ISA - I made a loss on SXX and I was under the impression I can offset the loss against any tax I would have to pay if (when) I make a profit on EUA. But that doesn't apply if its an ISA, so is it better to leave things as they are in a non ISA account ?
I never done so many trades, 500 trades, but if there would be any restriction I would be advised about it... I did a few times sales/buys within the same day with the same share and nothing happen.... Taking it logically tax office will be happy when we will do many trades because each time we have to pay stamp duty.... definitely there is no restriction regarding to number of trrades...
Big problem I experienced was a stock losing isa status, had to transfer it back to my trading account, really ****ed me off!
Rubbish, you can trade as many times as you like in your ISA and any gains are 100 %tax free, and when you take the cash out then you will not get taxed on taking cash out your ISA - FACT.
Ian was talking about an ISA. Once within an ISA there are no restrictions ad long as transactions are legal.
But the question was about ISA