Day trading AIM in an ISA?

Hi guys, I am a bit of a newbie when it comes to ISAs and that lol

I am literally in the process to start day trading Penny stocks on the UK AIM market full time, but I am not too sure how tax trading in an ISA works.

If I day trade in an ISA share trading account does that mean ALL profits are tax free? I will not need the full ISA allowance, but say I put £2000 in a trading ISA account and build the account to £20000 in 1 year, does that mean I dont have to pay any tax what so ever??

(I will be moving in and out of different positions daily.)

Thanks for your help

Anyone

iLeeman said:

Anyone

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If you deposit £2000 in to an ISA and trade it up to £20,000 - you are correct, there will be no capital gains tax to pay.

Croman90 said:

Anyone

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Hi Cronman

Just wondering what ISA company you are using to trade your penny stocks with, as I would like to do something similar?

I have an ISA account comprising ETFs and would like to also now trade penny stocks either using this ISA account or a new one specifically for penny stocks.

Cheers

sounds great! what is an ias, and where can i get one?

I'm surprised you are able to trade penny stocks at all in an ISA. There are certain restrictions on what can be traded in an ISA. What broker are you using OP?

remme001 said:

I'm surprised you are able to trade penny stocks at all in an ISA. There are certain restrictions on what can be traded in an ISA. What broker are you using OP?

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There are no restrictions while trading or investing in an ISA for UK small cap stocks, or penny stocks as you state.