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Shares - tax implications? (ISA allowance used)
CarpyQS
Posts: 24 Forumite
I have used my full ISA allowance for the year but i'm interested in buying some shares myself through an online broker. I'm just interested in what tax implications there are on this? Is capital gains the only consideration? is yef then i'm safe as i havn't used my alloawnce of £7k or what ever it is (alot more then i will be buying)
thanks in advance
thanks in advance
0
Comments
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The dividend income will have to be declared on your tax return. There will be no further liability for basic rate income tax but you there will be for higher rate tax if it takes you into or you are already in that band.
CGT is the other issue, as you are aware.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You only pay capital gains when you sell shares and only then after the first £7,900 (current tax year`s allowance) PROFIT in any tax year.0
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