Hi all
iām fairly new to this so apologies for asking some noob questions. Iāve done some digging but canāt seem to find a clear answer
i have a GIA account - i dont intend on making millions through it - maybe low thousands. (would be nice ey)
do i need an ISA account? - iām guessing not?
also, if i stay with my GIA and make Ā£1000 profit and withdrawl - would i have to pay tax on that?
thank you for your time
You donāt need a S&S ISA, no. The capital gains allowance is currently Ā£12,300 a year, I believe and I donāt think you need to report a gain under that. If in doubt, always consult a tax professional and never rely on something an idiot like me says, though. I certainly am no expert and this isnāt financial advice.
If you want the features of Plus and think you might at some point benefit from the capital gains protection an ISA offers, Plus is suddenly Ā£7/month, or your ISA is free if you think of it that way.
Personally, I think having an ISA is a good idea. Even if you donāt plan on making a lot. You never know, you might buy into a stock that goes 
lol. Plus, keep in mind that reducing the capital gains allowance or increasing the rate thatās paid for gains outside of a S&S ISA is an easy way for a government to get some extra revenue after something like a global pandemic.
hi thanks for your time 
this has been helpful
You really should read up on the tax rules if you donāt know.
If you have a small amount and are buying shares infrequently then itās not going to be a huge problem for a while.
But it depends on how often your investing and how much. Thereās also a different threshold for cgt on dividends than realised gains from sale of stock. If your trading frequently and in larger amounts thereās also different rules depending on buying and selling the same stock on the same day or within 30 days or after 30 days.
CGT tax isnāt only applicable to stocks either but most assets you may sell (if over a certain threshold).
If you gain Ā£1000 in the entire year over all sold assets stocks or otherwise then no, you likely wouldnāt pay tax. You wouldnāt have to complete a tax return either
hi - thank you for this
To address your last question first: if you stay with your GIA, you should be aware that you have to pay capital gains tax based on the profit that you make when you sell shares, not when you withdraw money. And dividends are taxable when you receive them in your account, not when you withdraw the money. For both of those, the tax-free limits may seem so high right now that you will never reach them, but after a few years you might surprise yourself! Also, thereās a sneaky trap that arises if you buy and sell shares frequently: each transaction adds up and even if you donāt make much money each time you buy and sell, the total might push you into the zone where you have to report them on your tax return even if you donāt have to pay anything, which is a record-keeping hassle.
An ISA isnāt absolutely necessary, but it can simplify your tax-reporting chores tremendously, and if you are expecting to accumulate investments over many years and have a reasonable prospect of being able to invest thousands of pounds rather than hundreds, itās well worth considering. But I suppose no-one can definitively say whatās best for you personally!
Beautifully said. It might not make sense now, but you will likely kick yourself in the future if you donāt use ISAs now as much as you can.
I was in the same position as you Kyle and figured for peace of mind Iāll pay the Ā£3 and basically not worry about tax for as long as I can see. Also because I am an invested fan of FT I donāt mind my small amount of money going to a product I love. No brainer for me.
Agree with this comment. I previously passed on the ISA thinking there was no way my gains would be more than Ā£12,300 a year or that I would have Ā£20k to invest in any one year. Then my shares in Tesla went mental and I am now looking at a hefty tax bill when I sell or several years of using the capital gains tax allowance and gradually bedding them into an ISA. Iām not complaining by any means but with hindsight definitely wish I had paid the Ā£3 a month!