General Investment Account and Capital Gains Tax Question

Jubee

I am aware that growth on a General Investment Account is subject to capital gains tax and that currently £3,000 growth in tax free. However, if you withdraw all your growth and pay the necessary CGT can you then reinvest the balance in another GIA?
……and can you have £3,000 growth tax free on both GIAs?
Sorry if this is an obvious question but this is new to me.
Any advice gratefully received 
Thank you

eskbanker

£3K is your total annual CGT exemption across all unwrapped accounts, i.e. for all assets you dispose of in any tax year, £3K is knocked off the CGT liability for the aggregate gains and losses since their acquisition.

Jubee

eskbanker
Do you know if I am allowed to reinvest the sum withdrawn from the first GIA if I pick a different fund? I think there are rules in this area?

InvesterJones

Jubee said:

eskbanker
Do you know if I am allowed to reinvest the sum withdrawn from the first GIA if I pick a different fund? I think there are rules in this area?

There are no restrictions on reinvesting. As far as CGT is concerned then the stipulation is if you buy the same asset within 30 days then your original purchase price is used, not the repurchase price. If you buy a different fund then that's not the case.