Invest Account tax / admin work

Hi all,

I was thinking of buying some shares on Invest account, and I was wondering what will it imply ?
On my ISA account, as long as I am under 20K investment, I don’t need to worry about paying tax and doing any other admin stuff.
But if I invest on my Invest account, will I have to keep track of all my investments and perhaps at the end of a financial year I need to show my shares / profits to government ? What other admin stuff will I have to do ?

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assuming you are in UK as long as you are under 12,000 odd PROFIT you will be ok, the total investment size doesn’t matter it’s tax on the profit. Even if your stocks are up 100k you haven’t made that profit until you actually sell so only sell 12k a year and you’ll avoid tax.

edit; forgot to say inside your ISA you don’t pay tax on the profits at all for any amount so fill your ISA up first.

Oh cool. So if I buy a stock on Invest, I only have to do some extra admin work (tax related) if I sell more than 12K a year.

basically yes assuming you have no other gains from other forms of investments. that’s why some people wonder why bother using an ISA if the gains aren’t high enough anyway, but the idea is to build up the ISA account over time.

calculator here to work out what gains to pay, play around with some numbers and you’ll see

Something I’ve never been sure about, haven’t looked into because I don’t need to, but is that £12,000 outside of the ISA. So you can have both? That’s a lot of tax free allowance!

I’m in the UK and I had a stocks and shares ISA with Santander Bank, in just over 6 months it made very little profit.
I recently cashed it in and used the money to trade on T212 and I’m making more than my ISA in just a few weeks.
For those outside the UK after 12 months you can start another ISA but you are only allowed to have 1 a year and they are tax free.
I’m 72 and I was thinking ISA’s usually are for 5 years so at my age anything can happen so I decided against one but for younger people they are very good.

The allowance is that outside an ISA the first £12,300 of capital gains (after deduction of losses) and first £2,000 of dividends are tax free.

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That’s amazing, Government really aren’t taking money off investments. Sounds like maybe it’s in their own interests :man_shrugging:t4:

I read a few other counties are thinking of doing ISA’s, Germany benig one of them.

I wrote to my bank and asked/suggested to do a 3 year ISA as well as the 5 year ones and they may get more investing.
At my age and older 5 years is a long time, course they never replied but it was just an idea.

Col.

I imagine part the reason is that people who are making only small amounts of dividend and capital gains income will not know how to report it. Huge nuisance. Goverment don’t want to make millions of people tax delinquents unknowingly and for small tax take. Or force many into needing to hire an accountant. However, need to raise taxes may change that soon.

not sure what you mean by this, I’ve had my stocks and shares ISA for more than 5 years and there is no limit of time on it , it should be held your entire life so eventually your huge amount of investments are tax free after many years to give maximum savings.

There is more than 1 type of ISA as you may already know, is your’s a lifetime ISA?

Look here for more details:

oh yeah of course, but this thread was about stocks and shares. didn’t think anyone seriously considered using a cash ISA any more.