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Since I'm not planning on using most of my Capital Gains Allowance (12.3k) this year, something I've decided to do with it is to 'move' my investments from my Freetrade GIA account to my S&S ISAPermalink On twitter.com
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Mood +2 🙂
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Since I have to sell the assets I have on Freetrade (everything I'm selling has a positive gain), any profits on these I make count towards my CGA but I'll likely just be putting my money back into the same assets but within the S&S ISAOn twitter.com
Mood +10 🙂
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As long as my 'profits' are less than the remaining allowance I have, I should be able to move my money without paying any capital gains tax I won't be moving my entire Freetrade GIA account but I'll likely do it bit by bit towards the end of each tax year going forwardPermalink On twitter.com
Mood +2 🙂
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Why am I doing this? I'm avoiding giving myself a bigger tax bill later on 😅 If I didn't do this and my assets continued to grow in value, I might go over the Captial Gains Allowance and have to pay tax If they are in a S&S ISA, I pay no tax on any gains I make when I sellPermalink On twitter.com
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Mood +3 🙂
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I'm pretty sure there's a rule about being not needing to pay capital gains tax if you are reinvesting the money right away but I'm not an accountant and I haven't had a chance to look into it yetPermalink On twitter.com
Mood +4 🙂
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I've just remembered the term I think this is I think this is a 'bed and breakfast' thing but I'm not 100% sure If anyone knows, feel free to correct me 😅Permalink On twitter.com
Mood +1 🙂