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ameen
ameen asked in Business & FinanceInvesting · 2 months ago

General Investment Account?

So I'm thinking of opening a General Investment Account but I just want to make sure that I won't be taxed. I'll only be investing around £3500, so essentially it will be the same as if I had invested in an ISA right?

4 Answers

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  • Travis
    3 weeks ago

    Good euro exchange rates https://bitly.com/2P73Fzh

  • OneDrop
    Lv 4
    2 months ago

    Hello again

    So as you know the GIA is taxable unlike the ISA but you're obviously aware that you have a Personal Allowance and Dividend Allowance too and so putting in £3500 isn't likely to trigger any interest from HMRC but remember that's only true if all of your capital gains from ALL transactions during the tax year is below the Allowance threshold.

    Furthermore, you won't be taxed at source even if you receive gains above your Personal Allowance.  In this case you would need to inform HMRC via a Self-Assessment Form. 

    Lastly, in a GIA you will pay stamp duty of 0.5% (currently) on purchases of UK shares.

  • Linda
    Lv 4
    2 months ago

    Look into a TDA (tax deferred annuity) 

  • kswck2
    Lv 7
    2 months ago

    An unused General Investment Account won't be taxed. 

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