Weekly progress report
Oh dear, it was all going so well...A bad week this week, albeit a slight uplift late on Friday.
The table below shows the weekly stats for the last 9 weeks on my T212 accounts (ISA and GIA):
I added 30K, transferred from my Interactive Investor (ii) GIA account into my T212 GIA account this week, hence the 70K deposited in my T212 GIA has now grown to 100K.
I decided to liquidate my ii GIA because the ETFs I held in that account were accumulating ETFs which were getting difficult to calculate ERI on and also because there are trading fees when buying or selling on ii whereas on T212 there are no fees (also the T212 end of tax year reporting by T212 is much better than that of ii). However, I have kept the ii transfer as cash in the T212 GIA account and not bought distributing ETFs as I originally intended, because the market went down this week.
Selling my 33K of Interactive Investor ETFs has probably incurred a CGT penalty of around £800 for the 2025/26 tax year, but by sheer good luck, I seem to have liquidated just before the correction this week thus saving me around £2K in paper losses!
Since the next few weeks will be extremely volatile, I am hoping to buy cheaper shares with the cash soon and then be fully invested again by December.
T212 Accounts (£)
Deposit Age 12Sep 19Sep 26Sep 3Oct 10Oct 17Oct 24Oct 31oct 7Nov Result(wk)(IRR since start)
£20,000 7mths 24,700 25,083 24,619 25,225 25,622 25,790 25,919 26,077 24,619 -1,457 (ISA 24% - 20k in April)
£100,000 15mths 76,474 78,574 78,415 80,057 80,138 80,503 82,059 84,871 111,359 -3,512 (GIA 45% - DCA over 15mnths)
My overall LOSS on T212 this week is -£4,969.
I currently have over 33K (GIA) + 1.5K (ISA) held in cash but on Friday - I did top up and buy a few more cheap stocks on the dip however.
So my £120K T212 accounts (£20k ISA + £100K GIA) now totals £136k with approx. 35k of that 136k held as cash.
I have also added £2.8K to my SIPP in order to reduce my 2025/26 tax bill next year (and get my 25% free top-up from the government!).
Market Correction thoughts
Just about everything went down this week. I think mainly because investors saw the massive short by Michael Burry. It was revealed that the trader who inspired The Big Short has bet $1.1bn (£840m) on a fall in prices for AI-related stocks Nvidia and Palantir. I guess at some point he is going to exercise his short and after that we will probably see a massive rise again in the whole Tech market!
By the end of yesterday (Friday), USA trading seemed to recover a little (but still way down on the week) - here are my T212 portfolios which I am trying to keep diversified as much as possible at the moment:
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| T212 ISA (9.30pm Friday at USA close) |
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| T212 GIA (9.30pm Friday at USA close) |
Tips
In my T212 Invest GIA on Friday, I bought some more Caterpillar (CAT), Palantir (PLTR) and Lundin Gold (LUG). I also added a bit to my Top Performers S&P Pie (see earlier post). In my ISA, I bought some more nVidia (NVDA), MP Materials (MP) and Oklo. I also took profits on some shares in my T212 ISA and sold some to minimise losses in my ISA account - small holdings only.
I think Caterpillar and LUG are good mid-term buys at the moment, my other buys were mainly because the price seemed to be recovering and I tried to buy them on the rise - these buys were a gamble which I hope will pay off next week.
My ISA account on T212 is treated as my high volume trading account, whereas my Invest GIA 212 account is used for longer term investing.
Autumn UK budget
The autumn UK budget was delayed by a month this year and I believe this was done to allow government systems to be made ready for a change which will take immediate effect on budget day.
Historically, and as seen in recent budgets, the following types of changes have been implemented immediately or with very short notice:
- Excise Duties: Adjustments to duties on tobacco and alcoholic beverages are a classic example of immediate budget changes.
- Tax Loophole Closures: Measures to close specific tax loopholes can be implemented instantly to prevent individuals and businesses from taking advantage of the period between the announcement and formal enactment. For example, measures to prevent individuals from avoiding UK Capital Gains Tax by selling assets after moving to a low-tax jurisdiction could be implemented almost immediately.
- Targeted Taxes: New or adjusted taxes on certain goods or services can also be introduced with immediate effect. For example, reports suggest a new charge on workers using Limited Liability Partnerships (LLPs) could be one such measure.
- Overseas Pension Transfers: Following the October 2024 Budget, the exemption from the 25% Overseas Transfer Charge was removed for most EU/EEA transfers with immediate effect, showcasing how international tax changes can be enacted instantly.
I have no idea what changes are actually going to occur though.
The signs are that Income tax will go up by 2p. State pensions may also be tweaked.
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