#3 Making & Saving Money this Week – i-Tax

Saved this Week: £1900                     Total Saved this Year: £4019.40 (week 3)

Wasted this Week: £0                 Total Wasted this Year: £53 (week 3)

End of tax year this week. I took the decision to pull out a load of equity from my house when I moved which left me with a big chunk of cash that would not fit in an ISA (placeholder for article on that decision) and with the government’s recent decisions to reduce Capital Gains allowance it made it advisable to realise, in the 22/23 tax year some stock market gains that the invested chunk of cash generated.

My Share Platform tells me my investments are up £8k overall. Aside from the tax the other things I considered were:

How much does it cost to sell? / How much does it cost to buy back? (costs / spread / stamp duty). Do I want to change what I am investing in? (I do …somewhat).

Note: Selling and buying back to minimise capital gains tax (called Bed & Breakfasting) is banned if done within 30 days (for more info see here). I will be avoiding this problem via moving some funds into an ISA prior to reinvestment and picking ever-so-slightly different investments.

The decision to do the above can really only be judged a good idea or not in retrospect but the balance of probability is that it will save me some future tax @ 20% (£8000 x 20% = £600). @£600

What to do with the funds is a more interesting, and potentially more lucrative opportunity.

@£300 + @£1000

Notes: These companies offer many different cashback amounts depending on the amount you transfer, I cannot be bothered to list them all – I am just focusing on the ones that I am targeting. Also the Lloyds offer is better but I cannot get it because I am already invested with them.