Share ISA Question

Be aware that moving shares (ie personally selling and the ISA nominee buying) into an ISA will trigger a gain.

You don't need to declare anything done within an ISA.

Generally you don't pay capital gains tax (CGT) on income, you pay income tax.

Within the ISA, you personally pay no income tax on dividends; the company paying the dividend has paid basic rate tax on your behalf in the form of advanced corporation tax (ACT). The ISA administrator can no longer reclaim this. They can still reclaim tax on what the IR consider to be interest payments from loan stock such as government and corporate bonds and funds investing in these.

hth

Daytona

"Daytona" wrote

Wasn't ACT scrapped many years ago?!

In message , Daytona writes

ACT has been scrapped now. The divi just has a tax credit with it.

Thanks John, I couldn't remember what the ACT situation was, not that it matters as far as the op is concerned.

Daytona

Without a hint of irony, "Jeff" astounded uk.finance on 10 Feb 2005 by announcing:

No; you can *purchase* up to 7000 worth of shares each tax year. If their value drops to 5000 you cannot buy another 2000...

...and by the same token, it's irrelevant how much they gain. It's the amount you paid that's important. Just as you can stick 3000 in a mini-cash ISA each tax year; it's irrelevant how much interest you're paid or when.