We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Quick capital gain tax question

Options
Hello,
Most of my investments are in a S&S ISA. However, I had in the past (10years ago) also had some funds outside the ISA on the same investment platform. Last year, I decided to "transfer" these from the normal investment account to my ISA account. However, this involved selling them, transfer the money between accounts and buying them back in the ISA wrapper. Am I right that I would need then to pay Capital Gain tax on these, even though the money stayed with the platform (in this case ii)? I realise now that I made a mistake and should have done this progressively year after year to stay under the CGT allowance. 
Just quickly checking before declaring these...
Many thanks!

Comments

  • p00hsticks
    p00hsticks Posts: 14,437 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Yes, Any profit you made when selling the shares outside the ISA is liable to CGT
  • El_Torro
    El_Torro Posts: 1,866 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Yes, Any profit you made when selling the shares outside the ISA is liable to CGT
    This is correct. 

    The fact that you didn't change platform when making the switch from unwrapped to an ISA makes no difference to the tax you may or may not owe.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.