General investment account ,ISA and SIPP

george20

 general investment account ,ISA and SIPP on abrdn platform can i move money from the General investment acct to the ISA without capital gains tax issues?

jimjames

There is no CGT on moving money between accounts. How you got that money might have generated a CGT liability.

soulsaver

It's a sell in the GIA... so it will crystallise gains. Buy again in the ISA without having to wait 30days - 'bed & isa' - and maybe a trading cost saving and/or avoid settlement delay, depending on platform. 

Voyager2002

george20 said:

 general investment account ,ISA and SIPP on abrdn platform can i move money from the General investment acct to the ISA without capital gains tax issues?

This is not just 'moving': you sell assets in the GIA and then buy them again in the SIPP. Any capital gain that results in the GIA may be subject to CGT.

dunstonh

george20 said:

 general investment account ,ISA and SIPP on abrdn platform can i move money from the General investment acct to the ISA without capital gains tax issues?

Bed & ISA is treated as a disposal for CGT purposes.  So, the answer will depend on how much your gains are.

Beddie

There will be taxable gains as you have to sell, then buy in the ISA. So work out what your gains are and only sell enough to keep it below £k gains. Same again next tax year until it's all in the ISA.

Or just pay the tax if you want it moved now.

eskbanker

george20 said:

 general investment account ,ISA and SIPP on abrdn platform can i move money from the General investment acct to the ISA without capital gains tax issues?

On your other thread you ask:

george20 said:

I want to move my GIA funds from one platform to another ,what is the best way to do this avoiding tax issues /capital gains 

so perhaps worth clarifying exactly what you want to move, i.e. are you using 'funds' and 'money' interchangeably or considering two unrelated moves?  Moving a cash balance won't have tax implications, but if the money is invested then there may be a CGT liability if the transfer can't be handled on an in specie basis....

DavidAC

You might also have a tax liability for any dividends you have received.

eskbanker

DavidAC said:

You might also have a tax liability for any dividends you have received.

But that will have been an ongoing issue while holding the investments within the GIA, i.e. it isn't related to the process of selling or moving elsewhere.

DavidAC

I mentioned it because it is relevant to the purpose of transferring from a GA to ISA for tax reasons. You should not just consider if you are building up a capital gain liability in a GA, but also an ongoing dividen liability, especially now the dividend allowance has been reduced.