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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Each year, is the entire Capital Gain on ISA Share capital

Customer Question

Each year, is the entire Capital Gain on ISA Share capital investment £15k tax free, regardless how much Capital Gain is?
Submitted: 22 days ago.
Category: Tax
Expert:  TonyTax replied 22 days ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 22 days ago.

Can you rephrase your question please. I'm not entirely sure what you are getting at.

Customer: replied 22 days ago.
If Year 1 I put £15K in ISA share but didn't produce a Capital gain, Year 2 I put in another £15k in Isa share. These total £30K then returned a say, £2K profit. Is the entire £2K tax free?
Expert:  TonyTax replied 22 days ago.

Any gains you make on shares held in an ISA are completely tax free regardless of the level of the gain. Income earned in an ISA, eg dividends, is also tax free.

I hope this helps but let me know if you have any further questions.

Customer: replied 22 days ago.
In my question, I also asked about if ISA investment is accumulative. Can you confirm?
Expert:  TonyTax replied 22 days ago.

If you put £10K into an ISA in one tax year, you cannot carry forward the unused £5K to the next tax year.

Expert:  TonyTax replied 22 days ago.

You are limited to £15K investment per tax year. The gains you make aren't part of the £15K allowance.

Customer: replied 22 days ago.
Unfortunately this is not the question I asked. Can you please read my original question? If I invest £15K in Year 1, another £15K in Year 2. The capital gain on the accumulative £30K is taxx-free?
Expert:  TonyTax replied 22 days ago.

I did answer the question. All gains and all income made inside an ISA are tax free. That's the whole point of an ISA. Look here for confirmation.

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