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Quick capital gain tax question
gowgowuk
Posts: 411 Forumite
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!
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!
0
Comments
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Yes, Any profit you made when selling the shares outside the ISA is liable to CGT2
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This is correct.p00hsticks said:Yes, Any profit you made when selling the shares outside the ISA is liable to CGT
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.2
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