ISA Share Dealing..Question about Tax

[boxster9]

Hi, I apologisise if this is a silly question..but am I right in thinking that any profits on tradiing done via a stocks and shares ISA is Tax Free?

Secondly..

I am thinking of buying some bank stocks via an ISA.. Can you only tade on the current years ISA account? For example if I were to buy some shares in this way now, could I then sell some of these in the next financial year whilst at the same time buying some more shares to fill the previous years ISA limit.

Cheers for any advice

[LD1Racing]

Yes, any capital gains made in a nominee ISA are tax free. You can only deposit your annual allowance, if you sell shares, the money remains in your ISA as cash and you can then buy more shares. If however you withdraw the cash following the sale, you can only put cash back in up to the value of your annual allowance. If you have already reached your annual limit you may not pay in anymore cash.