Can I re-buy investment within 30 days

[StOmer]

Hi,
I believe that if I sell an investment any gain counts towards the Capital Gains Tax allowance. If I sell the investment in a non-ISA a/c and then buy it back in the ISA a/c, can I do this within the 30 days limit without penalty? I think this is known as bed & ISA
Thanks.

[staffordian]

You can sell then buy in an ISA just as quickly as you can get the funds transferred, (immediately if funds are separately available).

Any gains on the sale will count towards your capital gains allowance, but the 30 day rule is of no relevence when the repurchase is within an ISA.

Perhaps worth adding that if the same institution holds both your accounts, they will often do a cheap deal for a bed and ISA, eg only levying one set of charges.

[Alaric]

You can sell then buy in an ISA just as quickly as you can get the funds transferred, (immediately if funds are separately available).

A strategy that some follow is to wait until the end of March and inspect your portfolio for gains. You then sell so as to raise enough for the new year ISA contribution whilst staying inside the Gains allowance. Hold the money as cash over the tax year end and transfer to the ISA at the start of the new tax year. You can buy again the previous stocks or different ones. No tax consequences other than reporting the disposal if necessary.

The point of not selling and buying in the same tax year is so as to mitigate against being a forced seller where there's a takeover. If you had already used up the CGT allowance earlier, you have a tax problem.

[StOmer]

Thanks everyone, a great help.