Re: Tax implications for GIA
Posted: September 23rd, 2021, 6:57 am
Starting to see the wood for the trees now.
The clearest thing is for me to buy 'inc' version of any investment I buy. Makes the tax return far easier all round.
Income tax to be paid on any dividends paid every year. Presumably I could use the £2000 0% tax allowance each year for this.
CGT only pay when I sell investments and realise a gain. £12,300 CGT allowance (if not used elsewhere)
That would then pay me to keep a close eye and sell off assets before growing to over £12,300 even if it means buying back in straight away at the new higher price.
Use the GIA to bed an ISA.
The clearest thing is for me to buy 'inc' version of any investment I buy. Makes the tax return far easier all round.
Income tax to be paid on any dividends paid every year. Presumably I could use the £2000 0% tax allowance each year for this.
CGT only pay when I sell investments and realise a gain. £12,300 CGT allowance (if not used elsewhere)
That would then pay me to keep a close eye and sell off assets before growing to over £12,300 even if it means buying back in straight away at the new higher price.
Use the GIA to bed an ISA.