NISA numbskull

[Tokyo123]

Hi folks,
I opened a general NISA account in 2019 and stupidly ignored a letter form my bank last October saying the account would become taxable as of January. I have not touched the funds. I'd like to continue with a new NISA but it looks like I have to sell my funds first. Is there any way to avoid the 20% capital gains tax? I was thinking I wouldn't have to worry about it until the end of 2024. I realize it was a big mistake to ignore the letter.
Thanks for any advice!

[RetireJapan]

Welcome! Thankfully that is not how NISA works. Any of your investments that have exceeded the NISA duration (5 years for the legacy regular NISA) are just moved to a taxable account. You will only be taxed on gains that occurred after January 1st. You do not need to sell them until you want to.

You can use the new NISA now with fresh funds, or sell your old investments and invest that money.

[Tokyo123]

Thanks for your kind response!