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HMRC Tax Rules - Day Trading?

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    #21
    Originally posted by GJABS View Post
    Not a good idea because isa dealing fees will eliminate your profits.
    I suggest you use a broker set up for day trading such as Interactive Brokers (who I use).
    Concentrate on getting your trading profitable first before looking at tax issues. If you ever do.
    Hi,

    I use interactive investor as they allow you to set up both accounts, i.e. cash in an ISA and a trading account. I don't use Interactive brokers as their fees are not cheaper than Iweb share dealing or iii.co.uk.
    Yes I have been doing this for five years now and am nicely consistent, hence from what I have gleaned it looks as though there is no minimum or maximum holding time for shares in an ISA so as long as your strategies and psychology are aligned, there will be no tax ever to pay on profits, but of course one has to understand that losses incurred can't be offset IIRC?

    Cheers.

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