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Thanks again - all part of researching into this! There are some very helpful people on this board as well as the rampers and derampers :-)
@1st Timer - the amount you pay could be more than 10% depending on how much you have invested. If you make large profits (which is easily done with this share!) the capital gains made can take you into the 40% tax bracket. You will, therefore, get £12,300 tax free, then pay 10% on the next portion and then 20% on the rest. As I re-mortgaged at the beginning of the year, with the view of using equity released for buy-to -let purchases, I was unable to put all the money into ISAs. I put £20k in each of my and my wife's ISAs and then did the same again on 6th April in the new tax year. The rest had to stay in Investment accounts, so now I'm stuck with huge profits outside of protection (I'm not moaning!). This mans, though, I will need to consider selling a little before the end of the tax year and each year going forward to keep my tax liability down on Novacyt shares held outside of protection. Remember you are only liable to CGT when you sell. I may also gift some of my wife's shares to me as her investment account is more weighted to Novacyt than mine, as I also hold Ibstock and Saga. You could gift some of your shares to your spouse if you have one.
I have pasted below an extract form HL's CGT information sheet:
CGT is normally charged at either 10% or
20% depending on your taxable income in that
year. Your gain is added to all other taxable
income in that tax year to work out the rate of
tax. (Gains on residential property are taxed
at 18% and 28%, depending on other
taxable income.)
If the gain falls into two bands, by taking
income from the basic to the higher rate,
you’ll pay CGT at 10% (or in some cases 18%)
on the amount which falls into the basic-rate
band and at 20% (or in some cases 28%)
on the amount which falls into the
higher-rate band
Thanks to all who replied to this. I was hoping I could just transfer the shares across rather than have to sell them! Might look at the safe options of ESF etc..blended with some higher risk shares. Just getting into this. I am a lower rate taxpayer so the CGT would be 10% on gains after the taxfree threshold is reached. It has got to be better than the 0.01% interest rates on my savings account. 15 years is a bit long to wait to take the profits - looking more in 5 years time when coming up to retirement!
‘Pat‘, not ‘pay’
Hi 1stTimer.
I think you will need to carry out a ‘Bed and ISA’, which involves selling your non-wrapped NCYT ASAP and then investing the cash raised into an ISA account to then purchase the NCYT back within that ISA tax-wrapper.
Do it soon. Every rise misses now will cost you multiples later.
And then do all you can to use up your ISA allowance each year. That’s your most assured route to financial independence out there. It’s won’t be overnight but you’ll pay yourself on the back in 15 years time, whilst sipping your champers/****tail/Louis XIII brandy in the Ritz/Caribbean/Alps [Delete as necessary].
All the best
Intrepid
Get on the phone to Hargreaves lansdown www.hl.co.uk or fidelity and get them to set you up a stocks and shares isa. If you still want cash in a safe building society account you can do that with them also
Dyor good luck
1st timer, yes bed and isa, they sell and buy back same day, I would do it when it settles down, I lost alot once when I did it a while back due to the spread etc.
I'm with Halifax. You can easily open a stocks and shares Isa then ask they perform a bed and Isa from the trading account. This will cost you a usual trade fee, they will minimise the spread, but you'll still get slightly fewer shares in the Isa. Hope this helps
Hi all - thanks for all your posts on here - I am learning a lot!
I only have a few £ invested in here so far but can I transfer the shares to an isa account and add to them up to the value of £20K? Currently have a normal shares account with Halifax online and a normal savings isa with them (which is pretty useless). Any advice greatly appreciated :-)