Any tax due on a dealing account?

poseidon1

Albermarle said:

poseidon1 said:

Just an observation, but have to wonder whether the OP's lack of understanding of the  complex tax compliance regime and record keeping implicit in investing,  is typical of the majority of those entering the investment arena for the first time  outside of a tax free wrapper.

I would suggest it is only a relative few of us ( even on this forum), who are properly aware of the tax compliance complexities of investing outside of tax wrappers,  and this knowledge  often gained either from assiduous self learning or having worked or are working in the tax advice industry in some capacity.

For my own part it  helped to have been a self assessment filer over the last 18 + years, but fundamental understanding was gained as a professional in the tax planning and advisory  industry from a very early age.

However, as a retiree, it is only in the past few years that I have come to realise the almost complete lack of understanding of the investment world and related taxes amongst my  peer group of friends and relatives.

For the overwhelming majority of them, this lack of knowledge is most unlikely to ever change now they are retirees (interestingly most were teachers or local government workers) ,  with consequences for their own children, grand children and generations to come.

I understand enough, that I have actively avoided investing outside an ISA/Pension.

I think the OP would be wise to do the same, and save themselves a headache. Especially as they regularly adding and withdrawing to the account, which is normally not advisable anyway with an investment account.

Wise counsel.

The OP's use of a GIA as a form of 'instance access' cash savings account, appears particularly unwise given their apparent zero knowledge of investment tax compliance and associated detailed record keeping.