Do I pay tax?

[Rainbowchoc]

I already have a S&S ISA with Wealthify and some premium bonds and I am thinking of investing with vanguard's life strategy.

I would like to put in a small lump sum and then a small monthly amount but what I am not clear on is the tax implications if I wanted to withdraw the money in future. Would I have to pay income tax and/or capital gains tax and do I need to think about stamp duty?

I'm really new to this so trying to get my head round it all, so I hope this isn't a silly question. Thanks.

If outside an ISA there will be income tax and capital gains tax, unless you are below the relevant allowances.

There isn't stamp duty on lifestrategy funds.

I think you might be confusing things.

So Wealthify is the company.
S&S ISA is the tax wrapper account.
Vanguard Lifestrategy is the fund.

If Wealthify offer it as a choice, you can invest in the LifeStrategy fund within your current ISA wrapper.

If they don't, wait until the new tax year and open a new S&S ISA with Vanguard, and start your investment in their Lifestrategy fund then. That way there will be no tax implications so you don't need to worry. The reason I say this is because I think you can only pay into one S&S ISA per tax year. So next tax year don't pay anything into your Wealthify one, just open a Vanguard one instead.

In any case, you might find the Vanguard fees are better than the Wealthify fees. If you find this, you could transfer the S&SISA over. Depending on how much is in it and how much you intend to invest, it might be quite important to do this via transfer, not by withdrawing the money and then putting it into your new ISA. Anyway, that's a few steps down the line.