Why use CGT allowance

flopsy1973

thanks all. I have now bed and isa £8000 with HL and I have added rest of my isa allowance 12000 to my iweb isa. Is this allowed under the new rules 

jimjames

flopsy1973 said:

thanks all. I have now bed and isa £8000 with HL and I have added rest of my isa allowance 12000 to my iweb isa. Is this allowed under the new rules 

Allowed under new rules but not allowed under the current rules that apply until 6 April 2024. Your post reads that you've already done it but probably worth just leaving at this point

flopsy1973

Thanks as presumed already done  so what are my options now what happens if I don't do anything 

wmb194

flopsy1973 said:

Thanks as presumed already done  so what are my options now what happens if I don't do anything 

Just wait to see whether HMRC sends you a letter. If it's your first 'offence' and you've kept within the £20k annual allowance - the most important thing - it shouldn't be a problem. Worst case the account you funded second  - iWeb? - will be made taxable.

flopsy1973

Can I just withdraw my iweb and put it in hl or will I lose isa status then or could I ask hl to pay that bit out rather than isa it or because its all done am I stuffed? Don't want fine off hmrc

eskbanker

flopsy1973 said:

Can I just withdraw my iweb and put it in hl or will I lose isa status then or could I ask hl to pay that bit out rather than isa it or because its all done am I stuffed? Don't want fine off hmrc

Those actions wouldn't reverse the effects anyway (and could make it worse) but there's no point in trying to rectify it now (i.e. with two days of the tax year to go) if it's all done - there won't be any fine as such from HMRC and, as above, they'll typically forgive first 'offenders'.