Hi,
Do I need to pay taxes for trading in a non-ISA account if I make profit through trading in that account - even if I am not withdrawing my profits and not spending it? That is if I am re-investing my profits - if any, again and again?
My account manager in eToro told me that as soon as I close a profitable trading position in a non-ISA account, I am liable to pay taxes . He said that the personal allowance for capital gains tax is £6,000 in a financial year (which I read in HMRC website also). And that it is a flat 20% tax that I have to pay for any profits I may make beyond £6,000 in a non ISA account in a financial year. Is this information correct?
Also, will I get a separate personal tax allowance of £12,570 apart from this £6,000 personal allowance for capital gains tax while calculating my taxes for my full time job salary?
Thanks a lot,
James
Do I need to pay taxes for trading in a non-ISA account if I make profit through trading in that account - even if I am not withdrawing my profits and not spending it? That is if I am re-investing my profits - if any, again and again?
My account manager in eToro told me that as soon as I close a profitable trading position in a non-ISA account, I am liable to pay taxes . He said that the personal allowance for capital gains tax is £6,000 in a financial year (which I read in HMRC website also). And that it is a flat 20% tax that I have to pay for any profits I may make beyond £6,000 in a non ISA account in a financial year. Is this information correct?
Also, will I get a separate personal tax allowance of £12,570 apart from this £6,000 personal allowance for capital gains tax while calculating my taxes for my full time job salary?
Thanks a lot,
James