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and as previously mentioned, but worth reiterating, any final salary pensions are x20-30 (it varies) so getting to the £1.072m is not as hard as it may first appear....a £25k final salary pension could be valued at over £500k to start with
Jarrovian
Just be careful of exceeding the lifetime allowance.
Once done the excess is taxed at 55%
All pensions count, allowance is just over £1million.
Check it out
Good luck
Graeme
Newbie
Your cgt liability will put mine into perspective.
Also have 2.7m frr shares. If there is a payout and everybody has lost isa status because of delisting then I will have a massive cgt liabilty. I suppose better than getting nothing at all.
There is a positive side to paying more CGT, it means this was sold for a higher price. Fortunately for me most of mine are in my ISA, BUT, they can take what’s necessary out of the rest as I’ve only got 169K shares outside.
Let’s hope it’s a massive payday
it is probably wise to assume that HMRC sometimes use information
posted on these boards to investigate, trace & evidence significant
undeclared liabilities. (probably not frequent, but it has been known.)
LSE have a duty to cooperate with regulatory authorities & government
agencies including HMRC. ... sensible to remember this board is public.
Will be quite a few ISA millionaires after this I feel.. Tax free goodies :)
14:03, lol, no prob.
Squash man, unfortunately my shares aren't in an isa either as I didn't have the allowance on there to buy the shares. I do have losses from previous shares that I can use to lower the tax burden a bit, however if I end up having to pay 20 percent capital gains tax on a big payout on whatever is taxable it's not the end of the world.
Investor
Funny enough, I am in the same situation. A few days before suspension, I bought £5k's worth at 7.5p for my dealing account expecting to sell around 12 to 15p and use profits to pay for odd jobs around the house. Didnt want to put in isa account because I would have kept them there. I wish I did now. If we receive say £1 per share, I'll have a cgt liability. I suppose it's a nice problem to have but hopefully they dont check previous years transaction. Interesting to know outcome telephone conversation on monday
Thanks squash man/investor. I trade with self trade (eqi) but I don't ever remember giving them my NI number. I'll call up on Monday and find out. Thanks
Thanks spikey, I was looking and wondering about that?
Your not all bad, mainly you are of course but not on this occasion. :)
Cheemap/ Investor
3 yrs ago, I paid the ex off for her share of the family home by selling investments outside ISA. I rang selftrade (now eqi) and asked do they inform hmrc where proceeds from a transaction exceed capital gains allowance and the answer was no. Rules may have changed over the last 3 yrs but I didnt notify hmrc and neither did selftrade. There has been no comeback to date!!!!!
if you have EUA shares in an ISA, but then there is a takeover which
includes some payment in shares in a newco/ otherco, then yes,
those payment shares will sit within your ISA, ** providing ** that
they are shares which are eligible for inclusion in ISAs to begin with.
good point !
IF we are given shares as part of sale ?
would those shares be paid into isa , with original holding ?
If outside of isa, does our broker inform the tax man or is that left down to the individual in question to do a self assessment (providing they don't use an accountant currently)?
Yes will all be tax free
Yes
So i have got approx 20k in my isa at the moment.So say if my 20k turns into say 80k ,will all that 80k be tax free many thanks ,and good luck to all,,,,