We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Confused over moving to ISA
Calzor_Suzay
Posts: 67 Forumite
Back in November I got a tip off from a friend about some shares that would hopefully climb increase in value. Not knowing about ISAs then or the best way I set up a share account with The share centre, dumped about £3k into this share and it's thankfully steadily climbed to £4.5k with hopefully future gains in 2011. It's not a long term investment and I could/want to sell it any point.
Now since then I've heard about an ISA share account and looking to switch it over but it seems I need to sell all I have, transfer the cash into the new ISA account and buy back into the share, the share centre can do this along with the charges and hopefully minimal change in share price.
Is this adviseable, will I need to pay the tax on the current gains then tax free on the ISA, is it not worth it and start afresh with an ISA later on, can you day trade in an ISA account? It looks like if you take money out you can't top up the ISA once you've hit the limit for the year?
Confused and need the low down on an ISA and the best way to pay the minimum tax on this investment. I earn in the higher rate tax band if that makes a difference.
Now since then I've heard about an ISA share account and looking to switch it over but it seems I need to sell all I have, transfer the cash into the new ISA account and buy back into the share, the share centre can do this along with the charges and hopefully minimal change in share price.
Is this adviseable, will I need to pay the tax on the current gains then tax free on the ISA, is it not worth it and start afresh with an ISA later on, can you day trade in an ISA account? It looks like if you take money out you can't top up the ISA once you've hit the limit for the year?
Confused and need the low down on an ISA and the best way to pay the minimum tax on this investment. I earn in the higher rate tax band if that makes a difference.
0
Comments
-
The Capital Gains Allowance is around £10,100 before you pay tax. And that's on profit.
Your current profit is £1,500....0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.2K Banking & Borrowing
- 254K Reduce Debt & Boost Income
- 454.9K Spending & Discounts
- 246.3K Work, Benefits & Business
- 602.5K Mortgages, Homes & Bills
- 177.9K Life & Family
- 260.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards