RE: Capital Gains Tax27 Feb 2021 13:44
Hi all,
I am a financial adviser (you can find me on the fca register) and it's just unbelievable some of the information being given to the original poster.
If you want to keep things simple for yourselves, unless you're buying crypto or assets not available via an ISA, trade within an ISA. No tax to pay. If you then pay in £20k per tax year, you can either just trade through that, or set up a general investment account. You will have the cgt allowance then. After that, any gains above £12,300 will be taxable. If you go over that and want to limit potential tax, then Bed and ISA. If you have tax to pay, 0%, 10% or 20% depending on your taxable earnings. If you want to reduce your tax bill, you can contribute to a pension, gift to charity, or invest in a VCT, BPR fund (Aim shares usually) or EIS. There may be other things, but please, seek a professional if you're unsure and not listen to non qualified or knowledgeable folk.
Some of you did provide advice, but damn, be careful