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Newbie Question Stocks & Shares ISA
MoneyBob
Posts: 70 Forumite
I have a hunch about a particular share, I think it will do rather well for the next 6 months or so, I have a plan of when to sell it.
I am not using my stocks and shares isa allowance, at all.
Wise or otherwise, to get this clear in my puny brain...
Am I right that I can buy the shares within a stocks and shares ISA, hopefully make a killing, tax free, and then withdraw the lot, without having to concern myself with tax, capital gains or otherwise?
I have made a bit on other investments and it looks like I'll be close to the CG allowance of £10k so this seems like a way to make even more this year, tax free.
I guess I'm missing something?
I am not using my stocks and shares isa allowance, at all.
Wise or otherwise, to get this clear in my puny brain...
Am I right that I can buy the shares within a stocks and shares ISA, hopefully make a killing, tax free, and then withdraw the lot, without having to concern myself with tax, capital gains or otherwise?
I have made a bit on other investments and it looks like I'll be close to the CG allowance of £10k so this seems like a way to make even more this year, tax free.
I guess I'm missing something?
0
Comments
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Your understanding of how ISAs work is entirely correct.
........ but you don't have to withdraw the cash after a sale ... you use it to buy your next hunch still within the ISA.0 -
Yes, whole point of ISAs is tax free. Good luck with your venture.0
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Your understanding of how ISAs work is entirely correct.
........ but you don't have to withdraw the cash after a sale ... you use it to buy your next hunch still within the ISA.
Definitely make sure you understand this. Once you remove that money from your ISA you have lost your tax free allowance for this year.
If you buy £11,000 of a certain share inside your ISA and it rockets you may now have £100,000 in your ISA. All of that is tax free. As soon as you remove it you have lost that allowance and to get it back in again would take nearly 10 years at the £11k per year rate.Remember the saying: if it looks too good to be true it almost certainly is.0 -
I could put ALL of the annual ISA allowance into a stocks and shares ISA? I thought it was split to about £5.5k S&S, £5.5k Cash?
If my hunch is right it'll perhaps triple my investment... if it does 10x I think I'll lose my nerve and cash out well before, just in case.
Did the same with LiteCoin recently.
Fear and greed!!0
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