Thanks for the heads up and thatās great service from the @Freetrade_Team! The fact that they can do that hopefully means it would be easy to implement that āExport your tax reportā button in the future.
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Ok now Iām a bit worried! I was told if you had the ISA account and stayed inside your 20k wrapper per year and didnt extract any funds out of the account back into your normal bank account, you didnt have to declare anything to HMRC!?
If itās in your isa youāre fine, theyāre talking about GIAs (General investment accounts)
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As itās part of Investment ISA and guess you donāt need to declare anything - unlike, Basic account trading.
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Thank Jeebus! glad I was told the right info! cheers folks 
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ISA is nice, but the way I see it - the goal is to park the money and keep it thereā¦ General investing account IMHO is more suitable if you plan to sellout and withdraw money when you need it.
You can withdraw your money from an ISA as well?
Obviously would be ideal if Freetrade had a flexible ISA.
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My long term goals is to get my ISA and stocks up to a level where my dividends are coming in on the regular to essentially nearly match my monthly salary (or a little more above than that) then I would plan to each month withdraw some cash so that I could use it for whatever I wanted.
Only thing that sucks about that is the whole having to declare what I take out of the ISA every time!
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Iām far from an expert on this so I could be wrong but I donāt think you have to declare anything you take out of an isa. Itās treated the same way as savings
I was under that assumption too, but Ive got a feeling its unfortunately not the case? I could be wrong too so guess some clarification from the good folks on here could correct us?
You donāt have to declare anything you take out of the ISA.
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You canāt put it back, can you? You can have only one ISA a year, so why use it for short term goals?
I just meant withdrawing money from an isa is treated the same as withdrawing money from any savings account from a tax perspective
You can withdraw and put back with some ISAs but Iām not sure if any are Stocks and shares Isas. I donāt think you can with FT anyway.
As far as I understand it, withdrawals are fine but you will be eating up your ISA annual limit.
If you were to max out the Ā£20k annual limit, then withdraw say Ā£5k at a later date, you would be unable to add anything until the following April when the annual saving limit resets.
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Yup, good thing will be wastedā¦ Regular account could do for that. Ā£2000 in dividends comes from relatively heavy account. Plus to make more than an annual allowance requires either a lot of successful trading, or not so little money.
Letās say I invest 20K in free account and buy some ETF. After a year the value of them becomes 30K. I donāt sell and another year pass. After the total of two years letās say they are valued 40K. If I sell at that time, I will be having 20K profit, which means I need to pay tax.
How can the annual tax exempt amount be best used? For example, should I sell each year, so materialize the profit and buy back after a day or two?
I have ISA and used all my allowance and plan to use ISA allowance in the next years as well. So I cannot move this amount to ISA.
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It looks like selling some, under the annual allowance is the way to go. Actually a lot of people worry about tax too much. I actually would worry more about MAKING money. Just for fun- go to HRMC website and imput Ā£1000000 as capitals gain. The tax that you should pay is actually ridiculous. I mean if I ever had 1 million gain, I probably would not mind paying double the rate of what it is right now.
I would actually worry more about correct way to declare when the time comes, since it is much more important part after actually MAKING money.
If Iām not mistaken - that 20k profit you will not have to pay tax because its part of the original 20k ISA that you didnāt touch in the first year. Itās only if you had deposited more than 20k in that first year then will pay tax from the extra but not sure how that would be calculated.
The annual allowance on capital gains tax in the UK would be slashed and CGT rates would be closer to those of income tax under a far-reaching review commissioned by Rishi Sunak, the chancellor, that has potential to raise billions of pounds for the Exchequer.
The Office of Tax Simplification, a statutory body, on Wednesday published a highly anticipated report into CGT that concluded the current rules were ācounter-intuitiveā and created āodd incentivesā in several areas.
The losers from the proposals would be wealthy individuals who hold second homes or assets outside tax-favoured vehicles, such as Individual Savings Accounts. It would also hit the owner-directors of small companies, who often hold cash within their businesses for use as a pension when they retire.