Hi, I’m a complete and utter newbie when it comes to investing and have a few questions most will find completely stupid and probably convince you I have no business here, but I’d really appreciate the help.
Firstly, if I open an ISA with Freetrade but already own some shares prior, is it too late to benefit from the ISA with them? That is, do they need to be bought from money in the Freetrade ISA, assuming that’s possible, to have any profits from selling return there and become tax free up the stated amount or can the money be moved from my account with Freetrade generally after the fact?
Secondly, do I still need to declare the money in that account assuming it exceeds the capital gains tax free allowance? Does it still become taxable in the event that I withdraw it from the ISA to actually use the money elsewhere?
Thirdly, if I make a profit at any point of a few thousand say but I reinvest it all back in, to the point I have less cash than I started with but some additional stocks, am I still expected to declare that extra money I pulled out despite it all going back in and I’m not at all materially any richer? I could lose it all on the next trade after all.
Finally, how do I pay tax on any gains made from US stocks? Do I need to find or order a specific form to do so or is there a section on the regular tax forms I should look for? Does capital gains tax free allowance apply here too assuming all money is made from US stocks alone?
Sorry for the extremely dumb questions I’ve just never dealt with anything like this before. Tax was basically automatically deducted from all previous jobs. Thanks in advanced to any who read this and might clear it up for me.