Hi All,
I started investing using Invest Engine in Oct 2022. Created a portfolio of ETF’s and invested £5k by the end of the financial year. I’m now looking to invest more and I can see that my remaining allowance has reset to £20k.
I’m happy at the moment to continue investing into the same ETF’s.
So my question is, do I need to create a new portfolio (carbon copy of last year). Or can I simply just invest into the same portfolio I had last year? This would increase the investment from £5k and just assume it’s time stamped in the background to show a separation of tax years. Cheers Matt
hi mattyb,
if your allowance has reset to 20k it will be inside an ISA which is exempt of any taxable gains.
if you are happy to add to you initial 5k you can add upto 20k into the same portfolio this tax year and then it will be the same again for each year.
inside a general investing account (GIA) you can add any amount you wish but you will be taxed on the profits in future.
maybe a quick search on google will give you more info, isa allowances and CGT allowances.
Hi Mark66, thanks. Yes it’s a self managed stocks & shares ISA. Cheers for clarifying, will add new funds in now the limit has been reset.