H&L SIPP - down 2% in 6 months

[MarillionFan]

I've just delved back in. I prefer to do it myself and trade upto my Capital Gains limit. I had been rapidly trading (ie. holding shares for a few days) but my accountant has kyboshed that my telling me I've got to pay income tax on the gains because I'm not holding them long enough.

Made a slight loss so far in the last month.

[pmeswani]

I've just delved back in. I prefer to do it myself and trade upto my Capital Gains limit. I had been rapidly trading (ie. holding shares for a few days) but my accountant has kyboshed that my telling me I've got to pay income tax on the gains because I'm not holding them long enough.

Made a slight loss so far in the last month.

I don't believe that is true if you hold the shares within your pension. Any investments you hold in your pension (Shares or Funds), no matter how long you keep them there for, is free of any additional income tax.

[AtW]

I've just delved back in. I prefer to do it myself and trade upto my Capital Gains limit.

Not very hard with your skills.

[AtW]

my accountant has kyboshed that my telling me I've got to pay income tax on the gains because I'm not holding them long enough.

Did he give any reference to HMRC's view on this?

[MarillionFan]

I don't believe that is true if you hold the shares within your pension. Any investments you hold in your pension (Shares or Funds), no matter how long you keep them there for, is free of any additional income tax.

It is true as I was not holding them in an ISA or SIPP. I did about 300 trades last year.

[MarillionFan]

Did he give any reference to HMRC's view on this?

I can't be bothered to find the exact one for the UK, but Day Trading Tax Dangers | Long-Term Capital Gains is a US one. The rules seemed the same here as well.

Better still found this clever chap on Google

[SupremeSpod]

I don't believe that is true.

Given who posted the original statement the above is all that is required.

[MarillionFan]

Given who posted the original statement the above is all that is required.

Big boys are talking shares. Jog on fella.

[AtW]

It is true as I was not holding them in an ISA or SIPP. I did about 300 trades last year.

It's bollox I say unless your main income is from trading activity.

Maybe your accountant just does not like you.

Check if your accountant got a mistress with a posh car...

[SupremeSpod]

Big boys are talking shares. Jog on fella.

Already contributed to this thread. **** off Billy.