General Investment Accounts Explained

By Tom Ashby, Editor · Updated 11 October 2026

5 min read · Facts checked against official sources on 11 October 2026

In short

A general investment account holds the same kinds of investments as a stocks and shares ISA, with no limit on what you pay in.
There's no tax wrapper: dividends, interest and gains can be taxed, above their yearly allowances.
People usually use one once their ISA allowance is full, for joint investing, or for investments an ISA can't hold.
Unlike an ISA, it can be held jointly. Married couples are usually taxed on half the income each.
You can move investments into an ISA over time ('bed and ISA'), using each year's ISA allowance.

On how much you can pay in: No limit
Dividend allowance, 2026/27: £500
Capital Gains Tax allowance, 2026/27: £3,000
FSCS limit if your platform fails: £85,000

On this page

How is a general investment account different from an ISA?
When do people use a general investment account?
How is a general investment account taxed?
Do you need to tell HMRC?
Joint general investment accounts
How to move a general investment account into an ISA
Is money in a general investment account protected?
Related guides
Sources

A general investment account, often shortened to GIA and sometimes called a trading or dealing account, is an ordinary investment account with no special tax treatment. You can usually hold the same funds, shares, ETFs, investment trusts and bonds as in a stocks and shares ISA, and pay in as much as you like. The difference is tax: the money isn’t sheltered, so dividends, interest and gains can be taxed. This guide explains when a general investment account makes sense, how it’s taxed and how to keep the tax down.

How is a general investment account different from an ISA?

	General investment account	Stocks and shares ISA
Limit on payments	None	£20,000 a year across all your ISAs
Tax on dividends	Yes, above the £500 dividend allowance	None
Tax on interest	Yes, above your Personal Savings Allowance	None
Capital Gains Tax	Yes, above the £3,000 allowance	None
Can be held jointly	Yes	No, ISAs are always in one name
Reporting to HMRC	Sometimes required	Never

Many platforms offer both, and you can usually see them together in one login.

When do people use a general investment account?

Their ISA allowance is used up. Once you’ve paid £20,000 into ISAs this tax year, a general account takes anything extra.
To invest jointly. ISAs can’t be held jointly, so couples who want one shared account often use a general account.
For investments an ISA can’t hold. Most mainstream investments qualify for an ISA, including shares listed on recognised overseas exchanges. HMRC’s rules exclude some things, such as warrants, options and futures, and since 6 April 2026 crypto exchange-traded notes can’t be newly bought in a stocks and shares ISA.
To keep the ISA allowance for later. Some people use a general account briefly, then move the money into an ISA at the start of the next tax year.

How is a general investment account taxed?

Three taxes can apply, each with its own allowance. For 2026/27:

Dividends, including dividend distributions from funds: the first £500 is tax-free, then 10.75% at the basic rate, 35.75% at the higher rate and 39.35% at the additional rate.
Interest, including interest on cash in the account and interest distributions from bond funds: your Personal Savings Allowance covers £1,000 for basic-rate taxpayers and £500 for higher-rate taxpayers. Above that, it’s taxed at 20%, 40% or 45%, rising to 22%, 42% and 47% from 6 April 2027.
Capital Gains Tax when you sell at a profit: the first £3,000 of gains is tax-free, then 18% or 24%, depending on your income.

Example: a basic-rate taxpayer holds £40,000 in a general investment account, producing £1,000 of dividends a year. The first £500 is tax-free and the other £500 is taxed at 10.75%, which is about £54 a year. In a stocks and shares ISA it would be £0.

Our dividend and Capital Gains Tax calculator works out the tax on your own figures, and our guide to tax on investments explains each tax in detail.

Do you need to tell HMRC?

Dividends up to £500: no.
Dividends over £500 and up to £10,000: if you don’t already fill in a Self Assessment return, you can tell HMRC between 5 April and 5 October after the tax year, for example by asking it to change your tax code.
Dividends over £10,000: you need to complete a Self Assessment return.
Gains above £3,000: you need to report them and pay the tax, either through HMRC’s real-time Capital Gains Tax service by 31 December after the tax year, or on a Self Assessment return. The tax is due by 31 January.
Sales over £50,000: if you fill in a Self Assessment return, you must also report disposals when your total sale proceeds are over £50,000, even if there’s no tax to pay.

Platforms usually provide a yearly tax statement for general accounts, and it’s worth keeping a record of what you paid for each investment, because you’ll need it to work out gains.

Joint general investment accounts

A general investment account can be held jointly, for example by a couple. For tax, HMRC usually treats income from investments that married couples or civil partners who live together hold jointly as belonging to them in equal shares, even if they own different shares of the account. If they genuinely own it in unequal shares, they can make a joint declaration to HMRC on Form 17 so that each is taxed on their actual share. Couples sometimes arrange their investments so that both partners’ allowances and tax bands are used. Transfers between spouses or civil partners who live together don’t create a Capital Gains Tax bill.

How to move a general investment account into an ISA

You can’t transfer a general account into an ISA directly, but you can sell investments in it and buy them back inside an ISA. This is often called bed and ISA, and many platforms do both steps together. Under the ISA rules, investments in an ISA are treated as held in a separate capacity from your other investments, so the 30-day rule, which normally matches a sale with a repurchase of the same shares within 30 days, doesn’t apply between them.

Two things to remember:

the money you put into the ISA counts towards your £20,000 allowance for the year
the sale is a disposal for Capital Gains Tax, so large gains may be taxable

Example: someone has £60,000 in a general investment account. By moving £20,000 a year into their ISA through bed and ISA, it can all be inside the ISA within three tax years, while keeping each year’s taxable gains within the £3,000 allowance where possible.

Is money in a general investment account protected?

Your investments should be held separately from the platform’s own money. If an authorised firm fails and can’t return what it holds for you, the Financial Services Compensation Scheme may pay up to £85,000 per person, per firm. As with any investment, it doesn’t cover falls in value.

Before opening one, compare platforms’ charges for general accounts, which can differ from their ISA charges. Our platform fee calculator helps you compare the yearly cost.

Sources

Our guides are general information and education, not personal financial advice. If you are unsure whether an investment is right for you, speak to a regulated financial adviser. Capital at risk. Investments can fall as well as rise, and you may get back less than you put in.