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Stocks & shares isa changes
Hi, getting myself confused with the future changes to the s&s Isa’s. For example, I pay in £100 a month and have a balance of £10,000 in the account. what amount would I be taxed with the new 22% charge? Basic rate tax payer. Simple answers please, go easy on me.
thanks
Comments
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Assuming your money is held in cash then all the interest you make will be taxed at 22%.
You shouldn't really be holding £10,000 in cash in a S&S ISA (it's not clear whether you are or not). If you are then best to move that money to a Cash ISA, unless you want to invest it of course.
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are then best to move that money to a Cash ISA
Shouldn't that be "transfer" rather than "move"?
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Do you actually mean you have £10,000 in cash in the S&S ISA? The idea of a S&S ISA is to invest the money, not hold it as cash, unless for a specific reason.
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You've missed a vital bit of information. How you are invested (inc how much is in platform cash)
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Also which platform. SWSD won't incur any tax charges as there is no interest paid.
Remember the saying: if it looks too good to be true it almost certainly is.1
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