I have an ISA account and I’m quite new in this game.
I’ve seen that some shares are “Non-ISA” (which means I cannot buy under the current account) and on the account page I can change the type of the account (Investment ISA/Basic Account).
Can I have keep both accounts simultaneously (to be able to switch between them and buy both ISA and non-ISA shares) OR if I switch to Basic Account then the ISA account will be automatically converted to Basic ?
If I can keep both, then, does it mean that once I change the account type, there will be some bank details which I can use to send money to that Basic Account ?
I learnt that for a Basic Account the taxation is done accordingly to the “Capital Gains Tax”. Is the tax applied to only cash money I have at the end of the tax-year or the total value of the stock ?
In other words, if I buy a stock for £10,000 and with all this volatility in 6 months it will be valued at £100,000 then I decided to sell it and with that money I buy another stock which I’ll keep it over the entire tax-year and after, do I have to pay any tax ?