RE: When the time comes....21 Nov 2020 17:23
Iseo hi,
I am in exactly that position and without giving any direct advise I will tell you what I intend to do.
1. Do NOT take any cash / shares out of your ISA acc, that's for sure as its TAX free etc and safe. FULL STOP !
2. Reduce your Trading account ( T/A ) ASAP, but be careful how you do it, slow and steady and maybe take professional advice.
3. Transfer £20k each year from your T/A to your ISA acc.
4. Dependant on age !!!!!! reduce T/A ASAP before the new CGT may come into effect next year. !!!!!!!!!!!!!!!!!
5. Take a clean hit for CGT now rather than later ( if it increases ) to reduce impact.!!!!!!!!!!!!!!!!!!!!
6. Remove all your T/A account ASAP and transfer into ISA. I left it far too late as I did not know about ISA, silly but true.
7. Always open an ISA, NOT a trading acc.
Well that's my plan and I hope it answers some of your questions. And I add this is NOT advice but what my main plan is.
I was not intending to post over the w/e but reading up I though I may be able to help your question :-)
Now time for Dinner and a few Glasses of wine so BOL.
Tom :-)))