How to Become a Stocks and Shares ISA Millionaire - Tax Free!

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This video is about the UK's 2,000 stocks and shares ISA millionaires, how they have become successful, what they invest in, the companies they invest in as well as the funds. I talk about the benefits of using a stocks and shares ISA to protect all of your gains from tax and also talk about dividend allowances and capital gains tax allowances which are all ways to help you build your wealth and become successful investors. I use research from Hargreaves Lansdown and AJ Bell who interviewed ISA millionaires asking them for tips and what they invest in. Don't forget to make the most of it before the end of the tax year and get your money invested before your allowance resets. Good luck!

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[malcolmbirkett]

I started way too late to become a isa millionaire. But for you youngsters out there you have a good chance of doing it .

[gurdeepchumber]

I started late at 45 but I'll use as much as my allowance as possible going forward

[TheCompoundingInvestor]

It’s only L&G I don’t have in that share list. It’s always been on my shopping list from the very start but never pulled the trigger.
Love the 89k equivalent income you highlight. That seems incredible!!! I never thought about it that way before.
Nice work Toby!

[YourAverageInvestor]

Maybe one day! I'm still very much in the accumulation phase targeting filling the ISA as much as possible each year. Subbed - keep up the good work 👍🏼

[dann]

A comment to help out the channel. Keep up the hard work 💪 Great video!

[itsmesaltax]

That's crazy really. A million in an ISA with a 4% dividend = £40, 000 tax free per year / £3, 333 per month. Equivalent to earnings like 70-80K as a higher tax tax payer.

[sybaritic]

I think it's definitely a good idea to use all your ISA allowance if you're able. £20k per year is quiet generous. If politicians need to find more tax revenue in future, it's possible they may try and cut that allowance a bit. Cancelling existing ISA privileges would be much harder. In other words, take advantage while you can!

[lawrencer]

Fabulous video.
I have been investing for about 23 years and had ISA'S for the last 10 years.
Different pensions since I was 18 .
43 this year .
I have done very well .
Took a bit out and invested in properties.
Got to say, even thou I have done really well with stocks and shares .
You just cant beat investing in properties.
My only mistake, I was told about bitcoin about 11 years ago and choose not to invest 😱😱🙈😭😭😭😭
Cant win them all 🤣🤣🤣🙊
Keep the good work up 👍👍👍👍👍🙉🥂🥳

[davefalls]

excellent channel, the info is top shelf.

[mrlolmaster]

I have noticed that most of the big british financial youtubers have started within the last 5 years/ 2017, also vanguard has only been in the UK since 2009

[stuartdonald]

Great video thank you, I have now subscribed!

I started my investment Journey with Legal and General. I realised during lockdown I was very overexposed to L&G

Rather than sell and have CGT worries I invested the dividends in other businesses. I bought a Couple of REITs then a very high yield and a good hedge against inflation. It is strange and probably good luck but my portfolio is getting to be rather good. Some platforms allow you to Bed and ISA shares, so I will be doing that with L&G next week. I will sell and fill up my ISA and fill up my wifes ISA too. I use my trading account (In AJ Bell) to create enough to max out our ISA's next year too.

[oph]

Just a note you can actually move your holdings to your ISA without worrying about any CG as there is a clause in UK Law (I am trying to find the exact name and like if anyone can help - I have watched a few videos about it) that states that selling an asset and rebuying that asset within 30 days then the asset is still the same asset so would not trigger any CGT. it was brought in to stop people selling an asset say 29th and buying it back 1st of the next month in a new tax year "Bed and Breakfast" but I am let to believe it allows you to use that ruling to move stocks without fear of CGT providing you buy the same thing. 20 appl sold 20 appl bought etc.

[damnmister]

Ive got an idea for a follow on video:
What happens if you move abroad?

I believe you can keep your ISA open however cannot use any new annual allowance. When withdrawing from your ISA I believe you would pay tax in your new country of residence irrespective of it being classed as tax free in UK.

[pauldewberry]

Hi Tony, Great Channel. I picked up on you selling some holdings in your GIA and then putting the cash into your ISA. Are you not able to trade under the "Bed and Breakfast rule" to save on any gains made that would attract tax?

[worthykev]

hi toby, just found your channel. i have a vanguard isa invested in a couple of funds, wanted to get into buying individual shares too but can't seem to find anywhere on vanguard to do that? they only seem to do etf's within the isa umbrella. is it the general investment account i need, do you know?
also the tax implications, as a basic rate paye taxpayer i wouldn't be liable for any tax on dividends up to 6k and if i sold the shares i can take 12k profit before CGT? if i was very fortunate to find myself in this position where tax ix due, how is that taken by HMRC, would i need to contact them myself or fill in self assesment?
great video by the way, subscribed

[alexmcmanus]

How does it work if you have over £85, 000 in a UK tax and shares ISA ?

If the bank that underwrites your trading company collapses, would you only receive 85k or would you be covered as you have physical investments in companies' shares

[bubblebakingbunny]

How has your strategy for moving money from GIA to ISA adapted now the CGT will be £3000 for tax year 24-25?😢

[bensadventureblogger]

Don’t worry, it is possible to earn until that but I need to keep on consistent in planning my investment plan until I am ready to retire.

[deanphipps]

Another great video Toby : D, although I have a question. At what point when my stocks are in the red should i begin to purchase more becuase a few are down 0.5% so is that good discount to get some more or should i wait for them to drop some more? Might be a silly question but any advice is appreciated XDD

[villageintheshire]

Hi, do you have a link of the types of instruments you can trade in your stocks and shares ISA? For example, can you trade futures or CFDs or any form of derivatives? Thank you