Are profits over 20k still tax free in a ISA

Billycock

CKhalvashi said:

Deleted_User said:

"What happens in the ISA, stays in the ISA."

I was just going to post this, great minds think alike etc!

What great minds?

unkle

The_Fat_Controller said:

@dunstonh

Yes, I peaked on 6 September !

Well done you! Although is that 21.1% gain all time? If so that seems really poor if you've paid in £826k in what is probably over decades.

The_Fat_Controller

@unkle according to this article from 2019

https://www.ft.com/content/3b8e19e8-3c12-11e9-b856-5404d3811663

The maximum that anyone could have invested since ISA/PEP inception is around £320,000.

I missed the full allowance in a few years and foolishly had a couple of cash ISAs too.

Billycock

The_Fat_Controller said:

@unkle according to this article from 2019

https://www.ft.com/content/3b8e19e8-3c12-11e9-b856-5404d3811663

The maximum that anyone could have invested since ISA/PEP inception is around £320,000.

I missed the full allowance in a few years and foolishly had a couple of cash ISAs too.

So possibly your "cost" column might be an ISA transfer from another provider given the maximum investments since ISA inception are around £320k.
You've done really well with your investing. 

The_Fat_Controller

@Billycock , yes the "cost" was a transfer a few years ago as WITAN stopped their own ISA provision and we all had to find a new home !

As I only hold one Investment Trust now, the fees from HL are £45 per annum which I find amazing.

I am sure a few will say "you could have done much better" however I have achieved my long term objective.

Shedman

The_Fat_Controller said:

I am sure a few will say "you could have done much better" ..

Even so I reckon the rest of us would be more than happy with a miilion quid sitting in a tax free account 🤑👍

MEM62

Tonys101 said:

Linton said:

Tonys101 said:

MX5huggy said:

Yes. The £20k is the annual limit of how much new money you can add to ISA’s growth within in is unlimited.

Can I make a profit over 20k for example of I sell my shares and make 22k profit will I had to pay tax 

Mx5huggy has said it clearly.  Let me re-emphasise. Whatever happens within an ISA is free of income tax and CGT. The only limit is how much new money you can contribute. Any profit you make within the ISA is tax free.

Only asking because a guy at work was telling me I was wrong and had me questioning my knowledge

Ah!  A guy at work - that sound source of financial advice that is only bettered by 'the guy down the pub'.  :-)

soulsaver

The_Fat_Controller said:

@unkle according to this article from 2019

https://www.ft.com/content/3b8e19e8-3c12-11e9-b856-5404d3811663

The maximum that anyone could have invested since ISA/PEP inception is around £320,000.

I missed the full allowance in a few years and foolishly had a couple of cash ISAs too.

Pedant allert! Not strictly true: You could have inherited ISAs in addition.

The_Fat_Controller

@soulsaver, nothing inherited in my investments and I did say "anyone could have INVESTED", so your  comment is totally irrelevant.

zagfles

The_Fat_Controller said:

@Billycock , yes the "cost" was a transfer a few years ago as WITAN stopped their own ISA provision and we all had to find a new home !

As I only hold one Investment Trust now, the fees from HL are £45 per annum which I find amazing.

I am sure a few will say "you could have done much better" however I have achieved my long term objective.

Yet you still get people saying "HL are expensive" unqualified.