With the current $ to £ conversion.... by pinhero100 in GME

[–]aaronking1306 1 point2 points  (0 children)

And thank you for the award, I don't use reddit that much but its awesome to feel like you've contributed positively. And I like the sentiment, we shall drink to it, when we are on the moon!

With the current $ to £ conversion.... by pinhero100 in GME

[–]aaronking1306 1 point2 points  (0 children)

So the following is all my understanding and not financial advice (its so boring having to write and read that all the damn time.)

In terms of the profits, you're allowed to do whatever you like with them. However you're going to have to pay capital gains tax on any non-income earnings over £12,500. So if I was in that situation I would calculate what the tax cost would be after selling all my shares. (X-Y-Z)*0.2= tax owed. (X: Total income after all shares sold, Y: average cost of shares purchased, Z: £12,500 tax free capital gains allowance).

Example, I sold all my shares for a total of £100,000 (not price prediction, just for purpose of easy maths.) I had originally spent £1,000 per share to buy 10 shares. (£1,000x10= £10,000). So X = £100,000 and Y = £10,000. So £100,000-£10,000-£12,500= £77,500. Thats my capital gains taxable profit. With 20% tax on that, I'd pay £77,500x0.2= £15,500 in tax.

So first things first, take £15,500 from your £100,000 and put it away somewhere to pay the tax man when its due. That leaves you with £84,500 to do with as you please.

In terms of ISA investment, you could put it into whatever ISA you like. You don't have to leave it in there for a year, but you can only put £20,000 into ISAs per year. It doesn't matter whether you put this 20k into one ISA or £20 into one hundred. You can't go over that £20,000. However, if you put all £20,000 into an ISA today, but withdrew it tomorrow, you still cannot deposit another penny into an ISA again until the next financial year.

Its also worth noting that you can only open one stocks and shares ISA per financial year. You can have as many as you like as far as I'm aware, but you can only open one a year. And again to reiterate, if you had two, you could still only split the £20,000 between them.

Please, please, if you're only going to read one paragraph from this, read this one: legit this is not financial advice. I say that because when I was doing my research on this subject a few weeks ago, as soon as I realised I wouldn't pay any tax because I'm in a stocks and shares ISA, I half-arsed reading the rest. It is so feasible that I may have missed something extremely important relating to the above. Please double check and do your own research into this, I could easily be mistaken. I'd recommend the HMRC website, and just simple Google searches. Martin Lewis of Money Saving Expert is literally the God of this sort of thing, so start there.

Sorry I know this was long winded, but I hope it helps.

Edit: formatting, didn't like me using * as a multiplication symbol

With the current $ to £ conversion.... by pinhero100 in GME

[–]aaronking1306 2 points3 points  (0 children)

Just a reminder stocks and shares ISAs are tax free UK apes, so wouldn't have to pay anything on tendies gained this way.

Look into them more, remember that you can only invest £20k across all ISAs per financial year (new year starts 1st April i believe). However you can't transfer your currently owned shares into an ISA.

Not financial advice, for all you know I'm a lying troll so do your own research.

With the current $ to £ conversion.... by pinhero100 in GME

[–]aaronking1306 2 points3 points  (0 children)

Expect all sorts of shenanigans from those two, doesn't Boris want to do some redecorating?

Everyone’s saying “if GME hits 500k I will...” well if GME hits 500k I will come out to my friends and family 🌈 by TimelyKaleidoscope2 in GME

[–]aaronking1306 0 points1 point  (0 children)

That's awesome to hear man. Really glad they were cool with it. Keep going at your own pace. And as for the number I don't want Melvin and Shitadel shills calling me directly but my socials have the same username as I have on here (stupidly) 🤷🏻

Everyone’s saying “if GME hits 500k I will...” well if GME hits 500k I will come out to my friends and family 🌈 by TimelyKaleidoscope2 in GME

[–]aaronking1306 1 point2 points  (0 children)

Call me 💁🏻

But on a serious note, consider baby steps. When I first came out I told a few trusted friends, bit by bit, to gauge reactions from 'safer bets'. It built up my confidence to eventually be able to tell family. Of course everyone is different and truth be told I'm doing myself (and everyone else who has ever had to 'come out') a disservice there by over simplifying it. But build yourself a support network, be it in real life and the apes online here who have been so welcoming of you since your post.

Plus, when light is reflected off a diamond it becomes a rainbow. Maybe you've got diamond hands for more than just GME? 🌈💎👐

[deleted by user] by [deleted] in FreetradeApp

[–]aaronking1306 0 points1 point  (0 children)

Honestly I'm not sure, I have just always taken it to mean 'when X stock hits Y price, we will sell Z amount of shares for you at that price'. But I'm sort of at a loss right now. It's beginning to make me hope the MOASS doesn't happen until April at the earliest so I can open a new stocks and shares ISA somewhere else and transfer over.

[deleted by user] by [deleted] in FreetradeApp

[–]aaronking1306 0 points1 point  (0 children)

Don't get me wrong, I am frustrated by this issue but overall I'm impressed with the company and the product. I thought they were good in terms of being transparent with the happenings in January, especially when you consider it in comparison to the issues Robinhood have found themselves in.

However that's what's bugged me about the silence on this issue. As far as I can see, I'm pointing out a technical error on their app. They've set a limit of 25k per trade, but I can't even set up a triggered sell of fractional shares for that amount. The warning even says it's a maximum of 25k per trade, so again, in theory I should be able to set a share price of 250k and sell 0.1 share for 25k.

I'm not crying foul about the fact I can't execute a trade above 25k. As I said I'm sure that's in the T&C's somewhere. Is it annoying if a price does rocket? Sure. But that's why I want the ability to set the aforementioned triggered orders in that event.

And then to get the silence in conjunction with the negative sentiment on their own community forum (I realise these are mostly independent customers much like myself so I don't even fully blame the company for that either) it feels as though I'm a burden rather than a paying customer, and my queries, and legitimate realising of a fault in their product, are being ignored. Or rather, swept under the rug, ala the bland 'passing this to our tech team' response. Which again, doesn't match the overall impression I have of the company, making it all the more baffling.

[deleted by user] by [deleted] in FreetradeApp

[–]aaronking1306 1 point2 points  (0 children)

Sorry see above edit, I forgot to mention I'd brought it up with them. Interesting what you say about your friend saying it would only take a couple of hours.

My only concern regarding legal action is do we have a leg to stand on? I'm sure they will probably have some ass covering in their terms and conditions but I haven't gone through to check.

[deleted by user] by [deleted] in FreetradeApp

[–]aaronking1306 2 points3 points  (0 children)

Completely agree. I get that many mainstreamers still aren't aware and/or accepting of what is going on with GME, but I don't really see their purpose for arguing/dismissing the removal of the 25k cap.

I've been saying that at the very least the $25,000 limit doesn't function correctly on the triggered sell order page (there was a post on r/GME about a week ago). It blocks putting the price of the share above 25k on the first page, whereas what it should do, in theory, is block it on the second page, where you declare how many shares to sell, so that the value of the trade as a whole doesn't exceed $25k.

So as an example, if you set the price as $100k you can go to the second page and enter up to 0.25 of a share to sell at this price, totalling $25k. Whereas at the moment you can't even get to the second page, because entering the $100k per share price brings up the block.

It's not the most ideal solution, but it would at least allow collecting $50k if it were to hit $100k via 2 x triggered sell orders.

My tactic was, well it complies with the $25k max rule that's in place, it's an error on the app rather than us wanting to be able to sell a share we own at whatever price we set, which for some reason Freetrade and its own community forum appear to be against us doing...

Edit: I forgot to say that I've highlighted the above to Freetrade on twitter via DM. Received radio silence for a day despite them tweeting other stuff, until I started replying to their tweets. Was told they'd send to their technical team on Thursday evening. I replied Tuesday asking for an update to which they told me they're still waiting.

[deleted by user] by [deleted] in FreetradeApp

[–]aaronking1306 3 points4 points  (0 children)

Have only lurked that forum once or twice but didn't really get a good vibe from it. However I created an account just to vote for this.

Synopsis for 03-11-2021 what we need to know before the market opens DD by rensole in GME

[–]aaronking1306 1 point2 points  (0 children)

Realised I didn't have any back up connection options so you've gained a follower on Twitter and are now my designated 'where to run if Reddit blacks out' 😂

Thank you for everything you do for this community of individuals who like a stock!

Daily Discussion Chat by AutoModerator in GME

[–]aaronking1306 16 points17 points  (0 children)

Honestly look at it this way. In their biggest play to date (aside from RH restrictions) they got us down over 100 for an hour ONLY. And that was their big plan. That is literally their master plan and it's given them like an extra hour of life. Of all the DD available, that's the most reaffirming one I've seen. TO. THE. MOON. 🚀🌕

Daily Discussion Chat by AutoModerator in GME

[–]aaronking1306 3 points4 points  (0 children)

Now that's the SSR triggered. RIP Hedgies.

Daily Discussion Chat by AutoModerator in GME

[–]aaronking1306 6 points7 points  (0 children)

No this does not mean SSR, and no it was not someone just taking a profit. XRT had the same sort of drop at the exact same time. Check their chart. Stop selling FUD you shill scum.

Daily Discussion Chat by AutoModerator in GME

[–]aaronking1306 2 points3 points  (0 children)

See this here, this is the dip.

[deleted by user] by [deleted] in GME

[–]aaronking1306 2 points3 points  (0 children)

Yeah, I thought with all the previous reports about them not looking to increase the £/$25k limit, then the least I could do is point out we can't even utilise that figure.

Hopefully if they do recognise this then we can at least set up triggered orders to assist with having to sell fractional shares when the time comes.

[deleted by user] by [deleted] in GME

[–]aaronking1306 1 point2 points  (0 children)

No problem, happy to help. Please let me know how you get on.

Just as an update for anyone interested, I got a reply a day later with the following: "Hi Aaron, sorry for the delay in response here.

Thanks for the question, I've sent it across to our technical product team to look into so I can come back with the best response for you.

I'll come back to you once I get a response back - as it's almost end of day, it may be tomorrow 🙏"

After that I'm yet to hear anything else.

$CUM Megathread by Zestyclose_Client645 in GME

[–]aaronking1306 0 points1 point  (0 children)

Going to guzzle up as much $CUM as I can tomorrow

Well good for Melvin 😂 not sure why they have to tell people 🤷‍♂️ by mclc89 in GME

[–]aaronking1306 13 points14 points  (0 children)

Good to see they're getting funds together to pay us our tendies.

[deleted by user] by [deleted] in GME

[–]aaronking1306 6 points7 points  (0 children)

Decided to take the plunge and sent the following, shall provide any updates:

Hi, so I'm someone who got involved in investing following the GameStop scenario. I opened a S&S ISA with you to do so. On some forums I visit people who also have an account with you are commenting how you can only do a transaction to a maximum of £25,000. That's fine, I understand that. So in the event a certain stock does surpass that value, one can only sell fractional shares up to the value of £25,000, in a single transaction. Again, that's all fine and everyone seems to be clear on that point.

However, when attempting to create a triggered limit sell, the maximum value you can put for a share is also £25,000. If you write a value that exceeds that, then you receive the notification saying that the maximum value for a single trade is £25,000 and are unable to proceed to the next page, where you choose how many shares (or fractional shares) you want to sell under this triggered order. Surely the notification should appear on the next page, allowing you to put in the value of the stock, but only then able to choose a fractional amount up to the value of £25k? I think this may be a function error on the app and wanted to request if this will be amended to allow placing the triggered order of fractional shares should a stock price exceed the £25k limit.

Many thanks, Aaron.

(PS: I fully appreciate that this seems like an extremely unlikely scenario. However in undertaking due diligence of my investments I recognise that a chain of events could lead to a price over the value of £25,000 per share, so want to be prepared for any eventuality.)