General investment account gains

ShinyStarlight1

Having filled all the tax-exempt opportunities I can, I put some money in a general investment account.

Does anyone know - what are my reporting obligations with this?

I have no other income apart from the interest on my savings. The amount of interest, including any gains from the GIA, is below £10k.

I think I read on the forum somewhere that you still have to report any GIA gains after it goes over a certain amount, even if that still keeps your total amount of income from savings interest and investments below £10k.

Could anyone enlighten me on here please - when do I need to act once my gains in the GIA go over a certain amount?

Thank you in advance.

FrugaiMacDugal

You only have a 'paper' gain in a GIA until you sell something at profit.

You have a CGT allowance of £3000.tax free, look here.

flaneurs_lobster

FrugaiMacDugal said:

You only have a 'paper' gain in a GIA until you sell something at profit.

You have a CGT allowance of £3000.tax free, look here.

I have cash in a GIA that is earning 4% while uninvested, is it treated like any other savings account?

ColdIron

flaneurs_lobster said:

FrugaiMacDugal said:

You only have a 'paper' gain in a GIA until you sell something at profit.

You have a CGT allowance of £3000.tax free, look here.

I have cash in a GIA that is earning 4% while uninvested, is it treated like any other savings account?

Yes it is   

ColdIron

ShinyStarlight1 said:

Could anyone enlighten me on here please - when do I need to act once my gains in the GIA go over a certain amount?

You may be liable to tax on any dividends annually as well as any interest. These are usually detailed in your annual tax certificate

You only need to consider CGT when you dispose or sell anything so it's not an annual thing. If you don't sell there is no tax however you could be building up a large potential gain. These are usually not reported in your tax certificate, you will need to do the sums yourself. You should keep complete and accurate records of all your purchases and sales to allow you to do this

DRS1

and think about selling enough each year to use that £3k allowance.

ShinyStarlight1

Thanks for your responses everyone. Much appreciated.