Re: Started mini self select isa but not sure of benefits

GSV Three Minds in a Can wrote:
Bitstring <ILSdndHdQocz_HTanZ2dnUVZ8qClnZ2d@xxxxxx>, from the wonderful person Len <Len@xxxxxxxxxxx> said
Hi,

I started a mini self select isa today using £4k worth of shares from holdings I have in a share dealing account with one of the major banks.(about £30k worth) The administration fee is £30.00 annually. The shares will have to be sold and rebought to facilitate the transaction which in itself will incur some loss. I may add to this with a further £3.600 worth of shares from the same source in April. However unless my main holdings do exceptionally well I am not sure how/if I am going to benefit as I seem to be a long way off incurring capital gains tax? Have i wasted my time and incurred unnecessary expense by starting this isa?

Any comments apprecieted

Not much point in an ISA unless you expect to be into CGT land, or are a higher rate tax payer (and get a lot of dividend income), OR unless you hold bonds (or bond funds) rather than shares, in which case you CAN reclaim the tax deducted. Of course once the money is ISA'd you can move it to (tax free) bond income at some future date.

Now a cash ISA does benefit from no taxation of income ..



Thanks for that info. I should have looked into this more thoroughly beforehand of course. I do intend to keep these holdings indefinately and they all pay dividends, which will be reinvested so there may be a possibility of CGT in years to come? Otherwise the exercise has been a waste of time! Thanks again.
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