I know this isn't a financial advice forum, but how do ISA's work? I've got a hell of a lot of shares and I'm just trying to work out if it's worth my while wrapping them in an ISA.
I'm assuming a Shares ISA means I don't pay income tax on my dividends on the £7200 worth of shares I've wrapped, but what happens the next year. So say I've already got £7,200 worth of shares in an ISA and I wrap another £7,200 in a new ISA the next year, do I not pay tax on both lumps of shares? Or is an ISA only tax beneficial per tax year.
And what happens if my portfolio increases in value? Does that wipe the whole thing out or only the value about the £7200.
I'm assuming a Shares ISA means I don't pay income tax on my dividends on the £7200 worth of shares I've wrapped, but what happens the next year. So say I've already got £7,200 worth of shares in an ISA and I wrap another £7,200 in a new ISA the next year, do I not pay tax on both lumps of shares? Or is an ISA only tax beneficial per tax year.
And what happens if my portfolio increases in value? Does that wipe the whole thing out or only the value about the £7200.
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