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Stocks and Shares ISA
stebiz
Posts: 6,592 Forumite
A bit of advice please. I currently do not own an ISA. With CGT being heavily reduced I am looking at a Stocks and Shares one. Shares I have are likely to increase a lot in 2023/4. Do I sell and buy back and open one now and deposit £20k (and buy shares in it) and then another in April and put another £20k (and buy shares in it). Does this protect me tax wise upto £40k profit on these shares? Thankyou.
Ask me no questions, and I'll tell you no lies
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Comments
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There is no CGT on gains within an ISA.1
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You don't need to open a second ISA, open one before the year end, fund it with 20K buy whatever you want, add 20K to that ISA on the first day of the new tax year.As XYLOP said, profits, dividends, interest in an ISA is completely tax free."Shares I have are likely to increase a lot in 2023/4" mystic meg?
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The most efficient wrapper for most people is pension (it trumps the ISA wrapper if you can retain the funds to age 57+)
LISA is better than ISA if you can retain the funds to age 60+ and qualify for it.
ISA comes next.
Have you considered the other wrappers?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Make sure you pick a S&S ISA that will hold individual shares, some will not,Shares I have are likely to increase a lot in 2023/4.
Any chance you could tell us what these are, and how you are so sure they will increase ?
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