ISA question

[Chad Seven]

Not really trading related, but related to money which everybody here is interested in and knowledgeable about.

Consider a scenario where £30,000 is deposited into an ISA and invested in financial assets The value of the ISA then increases by £20,000 to £50,000 via capital gains.

In the current tax year the initial sum of £30,000 and a further £12,500 of capital gains can be withdrawn from the ISA without incurring any tax. The following tax year the remaining £7,500 can be withdrawn so that the entire £50,000 has been withdrawn without incurring any tax.

Is my understanding correct?

 

[mpups]

Not really trading related, but related to money which everybody here is interested in and knowledgeable about.

Consider a scenario where £30,000 is deposited into an ISA and invested in financial assets The value of the ISA then increases by £20,000 to £50,000 via capital gains.

In the current tax year the initial sum of £30,000 and a further £12,500 of capital gains can be withdrawn from the ISA without incurring any tax. The following tax year the remaining £7,500 can be withdrawn so that the entire £50,000 has been withdrawn without incurring any tax.

Is my understanding correct?

i'm guessing you got the answer to this somewhere else by now i.e. that the ISA funds are simply exempt from capital gains tax (and withdrawals are not relevant)

 

[Chad Seven]

i'm guessing you got the answer to this somewhere else by now i.e. that the ISA funds are simply exempt from capital gains tax (and withdrawals are not relevant)

I figured it out, thanks