Another tax question.
If you have your account managed by a brokerage firm in their Managed Portfolio Account such as Imara SP Reid has, and they often swop stocks then you are considered a trader. Losses and gains must be added to your other income.
If you have Unit Trusts that you keep for 10 years and although the stocks within the UT's are also sold and replaced from time to time, you will not be liable for tax until you sell the UT.
Am I correct?