UK Capital Gains Tax Question

just going to make an obvious point, you didn’t state anything about your ISA, the assumption is that all this trading is outside of your ISA account, if both you and your wife’s ISA accounts are full that is fair enough, otherwise you are losing serious tax advantages.

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If I transferred total 100k initially to trading212 which was our joint money(although in two separate212s). And now I bring that back with profit and want to use joint CGT then why would hmrc have problem with it?

As I have mentioned above my 212 account hasn’t got enough profit to fully use my tax free allowance.

That is a fab point you get tax free allowances on your ISA too.

All invest account n cfd

The accounts held with 212 will be individual accounts.

Dont really have enough knowledge of trading. Just wanted to use the pandemic opportunity

Why dont you make use of the ISA and transfer funds internally from your 212 account into the ISA.

Wish i had to think about these things. I only have a messily £50 in my invest account. I worked for HMRC tho so thought i might be able to help out.

Does it means sell some invest shares and transfer money to isa then rebuy there? Then sell some more in invest so I can withdraw? Does isa have a locking period?

Because tax allowances are not transferable between spouses. Parliament could have decided they should be, but that is not the case.

Since your gain is just 5k you will not use up all your allowance. The remainder is wasted and cannot be used to offset your wife’s gains of 35k.

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Ive not really used an ISA but yes your money is locked for the financial year i believe.

I believe with stock and shares ISAs you can withdraw.

I think I need a way to increase my accounts gains to reach 12300 by April.

Thank you both of you. I am certainly more knowledgeable than I was 15mins ago

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No. Money is not locked up (perhaps you were confusing with a LISA or SIPP?)

You can withdraw money from an ISA at any time. However you may not add to more than one stocks and shares ISA per tax year and cannot deposit more than £20k per tax year, even if it is money you had previously deposited and then withdrawn. If you were to add £20k then withdraw it you would not be able to redeposit anything.

I now see you have corrected yourself.

Apologies for piggybacking on this. Still new too investing. Just got an invest account but thinking of setting up an ISA account.
Just a thought if I sell positions in my invest account and transfer that into an ISA account is that exempt from CGT?
I’m not in a position yet to be near the CGT limit however I am just thinking further down the line if that is a viable option.
Thanks everyone

Always always use isa account if possible. The gains should compound over the years to make it v worthwhile with any luck. No reason not to use an isa, loads of reason to use one.

BTW cap gains wise. It doesn’t matter if you withdraw the gains or not fro. Your 212 invest account. You have the gain the second you sell the shares. Hence why some people get done over tax reporting yr to yr in taxable accounts. They make a big gain one yr, don’t put aside money to pay that cap gains bill, loose konry the next and suddenly dont have that cash to pay the tax bill…
Just use an isa, its soooooo much simpler.

No. If you have gains from the sale then they are taxable, irrespective of whether or not you intend to reinvest in the same company within your ISA.

Hi Richard

I noticed you have a lot of knowledge in this matter, could you please give some guidance on my situation.

I’m employed with a salary of 36k and I day & swing trade on Invest account , so far my returns are 13k and my losses are 14k for this year, obviously I made a 1k loss,

My first question: my gains are above the 12.3 k allowance, Do I need to report this.
Secondly, I tried to open a self assessment account but I’m confused as I was given options as If I’m registering this for a business/self employed type of account.

Your reply would be much appreciated please


I am not a tax professional so would not want to guess things that are outside my own experience as a long term investor. There may be special rules that apply if you trade a lot and become classified as a business.

HMRC have a very friendly and responsive presence on Facebook. You can send them a direct message with questions.