Newbie investor question..I have a share account and want to open a share isa with the same company.I know I can only transfer £20k into the isa but the problem I have is that the £20k transfer would contain a profit exceeding the annual capital gains allowance.I am reading something about a bed and isa 30 day rule.Am i reading it correctly in that if I carry out this bed and isa under the 30 day rule I will not have to pay capital gains tax on the sale of the shares in the original share account?
No, Bed & ISA doesn't circumvent CGT liability on gains already made outside the ISA, so if a £20K transaction would breach your annual CGT allowance then your best bet for CGT avoidance would be to split the transactions across multiple tax years.
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