Tax advice on unit trust
snowyroot
Posts: 36 Forumite
in Cutting tax
Over twenty years ago, I invested a sum of money in a unit trust and haven't touched it since. Now, I'm in need of some money, so I've been thinking of selling and starting an ISA instead. I'm confused though because I think I would have to pay HMRC capital gains tax. I'm a complete novice at all of this. How would I work out how much tax to pay?
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Comments
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Not the answer to your question (already done above) but you should consider, if the net gain is over the CGT allowance, selling some this year (at a level not to trigger CGT tax) and some next year etc. That way you minimise any tax due.
That is providing of course it will meet your cash needs or, if not, can you work it to spread the need?
To get the unit trust turned into an ISA (S&S variety), provided you are happy to keep your investment in same unit trust, you should get a platform or Stockbroker to Bed and Breakfast them to minimise costs. Again over more than one tax year if needed for CGT purposes. If not wishing to hold the same units then some stockbrokers might do a lower cost deal but maybe not as low as some of the low cost platforms' standard charges.0
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