Advice for using a General Investment Account for 120k

isayhello

Hi, I'd like some advice from some of the experienced folks on here with using a General Investment Account please. I've currently maxxed out my ISA and do have pensions with work as well.

I'd like to invest around 120k and was considering using a General Investment Account, I know this is liable for capital gains tax, so I'd plan to sell some it each year and move into the ISA to avoid this. I'm currently with iWeb for my ISA and wondered if there are any recommended platforms for GIA? or how to use them in the best way.

My plan would be to invest in funds as I have in my ISA but maybe try a small amount in some stocks as well for a gamble.

Any help appreciated as I'm still learning.

Albermarle

What to do once maxxed out annual pension and ISA limits.... — MoneySavingExpert Forum

Have you read this thread ( just below yours in the list )?

ColdIron

If you are happy with IWeb for your ISA you will be just as happy with them for your GIA

I'd skip the whole 'stocks as well for a gamble' thing

PaulPension

From the thread that Albemarle linked above … if you have a partner, then consider maxxing out their ISA and pension contributions.

dunstonh

Its usually best to hold the GIA on the same platform as the ISA as it makes the bed & ISA process much more streamlined.

If you want to gamble then stick to horse racing.

Thrugelmir

isayhello said:

I'd like to invest around 120k and was considering using a General Investment Account, I know this is liable for capital gains tax, 

Only if you make a large enough gain to pay CGT.  

isayhello

Albermarle said:

What to do once maxxed out annual pension and ISA limits.... — MoneySavingExpert Forum

Have you read this thread ( just below yours in the list )?

Yes, I did ask one of the posters on that thread which platform they use but didn't get a reply and didn't want to hijack the thread. I was curious to get advice about platforms and methods to use so thought I'd start a separate thread specifically for GIA's.

isayhello

ColdIron said:

If you are happy with IWeb for your ISA you will be just as happy with them for your GIA

I'd skip the whole 'stocks as well for a gamble' thing

@ColdIron Thanks I'm happy to do that but I know there are different charges for different types of things, so I wasn't sure if someone would recommend a different platform for say cheaper trading fees or GIA fees.

isayhello

dunstonh said:

Its usually best to hold the GIA on the same platform as the ISA as it makes the bed & ISA process much more streamlined.

If you want to gamble then stick to horse racing.

That's a good point, though I guess if you had it on another platform then you could transfer into an ISA there and then transfer the ISA but it would only be worth it if another platform offered a good reason.

If the other platforms aren't much better overall then I'd be happy to go with iWeb, just thought I'd see what other people use for GIA's.

isayhello

Thrugelmir said:

Only if you make a large enough gain to pay CGT.  

Sure, I'd probably transfer each year into an ISA to hopefully avoid this because with acc funds I've read that it can be difficult to figure out the gains and I'm not great with the maths around this so could mess it up.

ColdIron

isayhello said:

ColdIron said:

If you are happy with IWeb for your ISA you will be just as happy with them for your GIA

I'd skip the whole 'stocks as well for a gamble' thing

@ColdIron Thanks I'm happy to do that but I know there are different charges for different types of things, so I wasn't sure if someone would recommend a different platform for say cheaper trading fees or GIA fees.

As you know IWeb are very cheap for ISAs, especially with open ended funds, and you won't have the hurdle of the £100 account opening fee that others may have. All those advantages carry over to the GIA. If you are happy with the website and the service levels I don't think there is much to gain by using another mainstream provider. On the fees front you don't get much better than £5 trading and £0 pa GIA fees

They provide an annual Consolidated Tax Certificate as you would expect to help you with your tax