For every problem there is a solution...........
- A GIA, or General Investment Account, is an account which allows you to hold investments outside of tax wrappers, such as ISAs or pensions. Unlike ISAs, there is no limit to how much you can invest in a GIA. They are therefore, ideal for those who have used up their ISA allowance and who have more to invest. There are no restrictions on when you can access money invested in a GIA, although you should generally look to invest for at least five years.
- This flexibility means you can put in and withdraw as much as you like from your GIA. You also won’t need to pay dividend tax on any income you get under the £2,000 annual allowance.
- You won’t need to pay capital gains tax on any profit you make under the £12,300 threshold, although this allowance includes any profit you make during the tax year.
- Much like an ISA, you can hold a broad range of investments in your GIA, including funds, shares, investment trusts and ETFs. Picking the investment account that will help you reach your goals doesn’t need to be difficult, although if you’re unsure you should seek financial advice.
