- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning Investment Strategies with Hargreaves Lansdown
I am currently exploring the world of investing in shares through Hargreaves Lansdown. My goal is to diversify my portfolio and potentially maximize returns by taking advantage of tax-efficient strategies. One approach I am considering is to transfer these shares into my Individual Savings Account (ISA) before surpassing the £20,000 annual threshold.
## Handling Tax Implications with Employer Contributions
As I anticipate that my ISA threshold will be exceeded due to contributions from my employer, I am preparing myself for the taxation implications that may arise from the dividend earnings and reinvested capital gains on the shares, eventually leading to the need for tax filing.
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## Utilizing Self-Invested Personal Pension (SIPP) and Vanguard Index Fund
To mitigate potential Capital Gains Tax (CGT) on my shares, I intend to fully utilize my ISA allowance and also consider utilizing a Self-Invested Personal Pension (SIPP) for further tax benefits. Additionally, I plan to invest in a Vanguard index fund to diversify my investment portfolio and potentially increase my returns over the long term.
## Seeking Guidance on Tax Calculation Post-ISA Limit
Once I reach the £20,000 ISA limit, I am unsure about how to accurately calculate taxes on my investment gains. I am open to suggestions and recommendations from fellow investors on reliable online calculators or resources that can assist me in understanding and efficiently managing my tax liabilities post-ISA threshold.
## Conclusion
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>from my employer contributions I am certain my 20k ISA threshold will be exceeded
What do you mean by this? Do you have a SAYE scheme that’s depositing directly into an ISA?
https://community.trading212.com/t/faq-for-tax-in-the-united-kingdom/48024
>How do I figure my capital gains tax liability?
>You add up all the sales which have resulted in gains. You add up all the sales that have resulted in losses. Everything must be figured in GBP. You will need to know the original costs to compute the gains and losses. Make sure to read below “What are the share matching rules?”
>Suppose the gains add up to G. Suppose the losses add up to L. You are taxed on G-L-6,000 if this is positive, and have 0 tax if this is negative. The tax rate depends on the tax band in which the capital gains income falls when regarded as the top layer of your income. If this is basic rate (all income <50271) the tax is 10%. If this is higher rate (income >50270) the rate is 20%. You might pay tax at both 10% and 20% rates if your capital gains (after deduction of the allowance) causes a crossing of the 50270 boundary.
>If your total losses exceed your total gains then you will have a net loss. That loss can be carried forward and used against gains within the next four years.
I’m honestly surprised it isn’t legislated to require brokers to automatically calculate this information – user would just need to put in how much allowance they have and tax band and it could spit out the numbers.
If you set yourself up with a Fidelity investment account it is able to calculate the tax liability for you. It also a very good platform overall fir SIP, ISA and general investment purposes.
Hi /u/BaguetteInMyPant, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/index-funds/
* https://ukpersonal.finance/investing-101/
* https://ukpersonal.finance/pensions/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
No its one of the most popular investment platforms here. My wife uses Hargreaves Lansdown. Its fine but I think Fidelity is a better user interface with more investment products available and easier to use.
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