Freetrade ISA UK advice

You only declare gains when the assets are sold.

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Thankyou great answers this was a really useful thread

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Thank you everyone, really useful answers

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Also to add, if you have left over cash (must be cash) sitting in your gia (and haven’t maxed your ISA contribution this financial year) you can ask freetrade on the on app chat to transfer it into your ISA for you.

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Sorry - but this is completely inaccurate.

You only declare gains when the asset is sold and only if it results in a gain over £12,300.

The one exception is if the sale of shares totals over about (can’t remember off the top of my head) £45k. You then need to put this on your self assessment even if no CGT is due.

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It is four times your Annual Exempt Amount (£49,200 in 2020/21) and is only reportable if you are already registered for self assessment (source)

If not registered, then you only must report if gains exceed £12,300.

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And you only make interest on cash balances, not sure it counts on investments

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What if you don’t sell them and you hold the shares for years?

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You don’t pay tax until you crystallise the gain.

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Use your Gia for non isa shares, mostly Chinese.

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I know that you can request for money to be moved from your GIA into your ISA. Can money be moved the other way from your ISA into your GIA?:thinking:
(I apologise for asking such a novice question :roll_eyes:)

Yes, and you can also simply withdraw funds from your ISA to your bank account. The £20k annual limit on contributions remains, though, so if you are so fortunate as to have deposited £20k into your ISA and then you decide to take some money out (to your GIA or bank), you won’t be allowed to put any more new money into the ISA until the next tax year. There are some ISAs that are ‘flexible’, which allow you to take money out and then replace it within a tax year, but Freetrade’s isn’t one of those. But that’s perhaps a more esoteric point than you needed to know.

Thanks Very Much for the detailed answer to my question. Cheers. :blush::+1: