RE: Capital Gains Tax anyone?21 May 2020 20:55
For me, I have an ordinary trading account but I understand that that you are liable for CGT on profit (cost less proceeds) over £12k (10% lower earnings then 20% upper earnings).
For a stocks and shares ISA. Is it tax free for what you put into it to invest up to £20,000?
So then, what if you buy £10k worth of shares on 06/04/20 and they are worth £25k mid year when you want to cash them in? Can you cash in £25k worth? If so are you liable for CGT for the £5k (£25k less £20).
Similarly, what happens if you buy £10k worth of shares on 06/04/20 and they are worth £25k on 05/04/21 and you don't want to cash them in? Is this allowed.
I have set up a Stocks and Shares ISA in the last week. Can I transfer some of my shares from my trading account to the ISA?
Regarding SIPPS. I have heard about this and know that it is pension related but I have not looked into any of the rules on this to be honest.
Apologies for being thick on this subject.