Reader Question:
Hi Damien,
I have some questions regarding selling shares that are held in an ISA.
My understanding is that when I sell shares that are in an ISA I do not have to pay any capital gains tax, even if the profit from the sale is over £10,600. My question is, will the profits still count towards my CGT allowance?
Meaning that if I were to make any capital gains later in the tax year would I have to pay tax?
Thanks
My response:
Hi, no they won't.
Any capital gains made by selling shares held within a Stocks and Shares ISA are not liable to Capital Gains Tax (CGT). As such your CGT allowance will be unaffected.
For more detail on how Stocks and Shares ISAs work then click here.
I hope that helps
Damien
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