UK Investment Platform Comparison – GIAs

A General Investment Account (GIA) is a standard investment account – no special tax treatment, just a regular account for making investments. Unlike ISAs and SIPPs, there’s no annual contribution limit and no restrictions on when you can access your money. The catch? You’ll pay tax on any gains, dividends, and interest you earn.

Most people fill up their ISA and pension first because of the tax benefits. A GIA is useful when you’ve used up those allowances, or when you need money you can access without restrictions.

The trade-off for this flexibility is that you’re responsible for tracking your gains and reporting them to HMRC. Most platforms provide annual tax statements to help, but it’s on you to file correctly.

Unlike ISAs and SIPPs, investments in a GIA are subject to tax. There are three main taxes you might pay:

Capital Gains Tax (CGT)

You pay CGT on profits when you sell investments for more than you paid for them. The first £3,000 of profit you realise each tax year is tax-free (the annual exempt amount). Above that, you pay tax based on your income tax band.

Note: CGT rates increased in October 2024 from 10%/20% to 18%/24% for most assets. Residential property has different rates (18%/24% unchanged). See GOV.UK CGT rates for details.

Dividend Tax

The first £500 of dividends each tax year is tax-free (the dividend allowance). Above that, you pay dividend tax based on your income tax band:

Note: Dividend tax rates are increasing by 2 percentage points from April 2026 for basic and higher rate taxpayers.

Interest on Cash

Interest earned on uninvested cash in your GIA counts towards your Personal Savings Allowance: £1,000 for basic rate taxpayers, £500 for higher rate taxpayers, and nothing for additional rate taxpayers.

A GIA isn’t the first choice for most investors because of the tax implications, but there are situations where it makes sense:

Here’s how the three main investment account types compare:

Some investors with holdings in a GIA choose to gradually move them into an ISA so future growth is tax-free. You can’t transfer directly – you have to sell in the GIA and rebuy in the ISA. This is sometimes called “Bed & ISA” (or “Bed & SIPP” for pensions).

How it works

1. Sell investments in the GIA – this triggers CGT on any profit
2. Stay within the CGT allowance – the first £3,000 of profit per year is tax-free
3. Rebuy the same investments inside an ISA – future growth is then tax-free

Example

Someone bought £42,000 of a global tracker fund in a GIA. It’s now worth £50,000 – an £8,000 profit. By selling in stages over 2-3 years and staying within the £3,000 annual CGT allowance each time, they could move the full holding into an ISA without paying Capital Gains Tax.

Things to consider

• Out of the market: There’s a short gap between selling and rebuying when the money isn’t invested. The market could move up or down.
• Trading costs: Dealing fees apply twice (sell and buy) unless the platform waives them.
• Same-day trades: Some platforms allow same-day; others require waiting until the next day.
• No 30-day rule: The rule that stops selling and rebuying the same investment within 30 days (to claim a loss) doesn’t apply here – the purchase is in a different account type.

The £3,000 annual CGT allowance doesn’t roll over – if it’s not used by 5th April, it’s gone. Here are some ways people use it:

Annual harvesting

Selling enough investments each year to use up the £3,000 tax-free allowance, then reinvesting. This resets the purchase price for tax purposes, reducing future CGT. The same investments can be rebought immediately into a different account (ISA/SIPP), but rebuying in the same GIA requires a 30-day wait to avoid the “bed and breakfasting” rule.

Loss harvesting

If some investments are down, selling them locks in a loss. These losses can be offset against gains in the same tax year, or carried forward to future years. Losses must be reported to HMRC within 4 years to use them later.

Spouse transfers

Transfers between spouses and civil partners are CGT-free. Some couples transfer investments to whichever partner has unused CGT allowance or is in a lower tax bracket before selling. See GOV.UK guidance on gifts.

A GIA can hold the same investments as an ISA – there are no restrictions. Most platforms offer:

Moving a GIA between platforms is simpler than transferring an ISA because there’s no tax-free status to preserve. However, there are still things to consider:

In-specie transfer (as stock)

Your investments move across without being sold. You stay invested throughout, and importantly, no CGT is triggered because you haven’t sold anything. The new platform takes on your original purchase price for tax purposes.

• Takes 4–8 weeks typically
• Both platforms must support the same investments
• Not all platforms support in-specie transfers out

Cash transfer

Your investments are sold, cash is transferred, then you reinvest at the new platform. This triggers CGT on any gains – which could result in a tax bill if gains exceed your £3,000 allowance.

• Faster – typically 2–4 weeks
• Works even if the new platform doesn’t offer the same funds
• You’re out of the market during the transfer

Exit fees

Some platforms charge exit fees for transferring out – either per holding or as a flat fee. Examples:

• Hargreaves Lansdown: £25 per holding (shares/ETFs), free for funds
• AJ Bell: £25 per line of stock
• Interactive Investor: Free
• Vanguard: Free
• Trading 212: Free (but in-specie out has historically been difficult)

Check the platform’s current fee schedule before transferring – these can change.

The same platform considerations apply to GIAs as to ISAs – fee structures matter, and the maths depends on portfolio size and trading habits.

Unlike ISAs and SIPPs, GIA investments require you to track gains and losses for tax purposes. Good record-keeping makes Self Assessment much easier.

What to track

• Purchase date and price – for each investment, including any dealing fees (which are allowable costs)
• Sale date and price – when you sell, including dealing fees
• Dividends received – amount and date for each dividend payment
• Corporate actions – stock splits, mergers, rights issues can affect your cost basis

Platform tax statements

Most platforms provide an annual consolidated tax statement (usually available in April/May for the previous tax year). This typically shows:

• Realised gains and losses for the tax year
• Total dividend income received
• Interest on cash balances

Keep these statements – HMRC can ask to see records up to 5 years after the tax year.

Multiple platforms

If you have GIAs with multiple platforms, you’ll need to combine the figures yourself. Your total CGT allowance is £3,000 across all platforms combined, not £3,000 per platform.

GIA investments are protected by the Financial Services Compensation Scheme (FSCS) in the same way as ISA investments:

• Investments: Up to £85,000 per person, per authorised firm
• Cash: Up to £120,000 per person, per banking licence (increased from £85,000 in December 2024)

What FSCS covers

FSCS protection applies if your investment platform fails and can’t return your assets. It doesn’t protect you against investment losses – if your shares fall in value, that’s just market risk.

Your investments are typically held separately from the platform’s own assets (called “ring-fencing” or “segregation”). If the platform fails, your investments should be returned to you or transferred to another provider. FSCS only steps in if there’s a shortfall.

Shared licences

Some platforms share the same FCA authorisation, meaning your £85,000 protection is shared across them. For example:

• Halifax Share Dealing, iWeb, and Lloyds Direct Investments share one licence
• Barclays Smart Investor and Barclays banking share one licence for cash

Check our FSCS Protection Checker to see which platforms share limits.