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Amanensia, sorry bud. Well you know your stuff
Ashstash - that was me quoting another poster, and disagreeing with them!
Amnesia "I thought your income becomes taxable only if you don't reinvest (roll over gain until sales and banking the proceed)" isn't true. Doesn't have to be claimed. Reinvested income, is still taxable, if you exceed your savings allowance of either £1000 (BRT), £500 (HRT) or £0 (ART)
Hi Amanesia - I was nodding all the way though your posts if that helps.
The disposal into a bed and isa needs to be considered for CGT though doesn’t it?
Hi Ashstash - if you can point to anything I said that's inaccurate, I'd be interested to hear. Always happy to learn!
Hi all,
I am a financial adviser (you can find me on the fca register) and it's just unbelievable some of the information being given to the original poster.
If you want to keep things simple for yourselves, unless you're buying crypto or assets not available via an ISA, trade within an ISA. No tax to pay. If you then pay in £20k per tax year, you can either just trade through that, or set up a general investment account. You will have the cgt allowance then. After that, any gains above £12,300 will be taxable. If you go over that and want to limit potential tax, then Bed and ISA. If you have tax to pay, 0%, 10% or 20% depending on your taxable earnings. If you want to reduce your tax bill, you can contribute to a pension, gift to charity, or invest in a VCT, BPR fund (Aim shares usually) or EIS. There may be other things, but please, seek a professional if you're unsure and not listen to non qualified or knowledgeable folk.
Some of you did provide advice, but damn, be careful
ISA is the way to go as no tax was what I was getting at. I can read!
Yes, totally. But as both me and my wife have maxed the ISA allowance for the current tax year, and I don't want to put more in my SIPP at this point, options were limted.
This is all very complicated. This year I have put a total of £10k in my share dealing account. Whilst ‘learning’ I managed to turn my 10k to 7.5k. At that point I opened an ISA and transferred all the funds in to the ISA. No more complications. Topped up my ISA to 16k in December and Argo has done the rest since then.
Wherever possible I would use an ISA as it all gets rather complicated.
Can you not move the stock holding to a shares ISA before this really takes off?
Capitalise on your gains!
You would be liable for any cgt tax payable if you sold and moved them now of course, but usually you can do a bed and breakfast trade though.
Thanks Prophet and Amanesia I will definitely need the calculator this time round!
Here you go, just copy your trading history in the right format and it will do it all for you!!
http://www.cgtcalculator.com/calculator.aspx
robmcp: in general, you need to work out the average purchase price for that share, and calculate the gain according to that average. There are different rules for shares bought and sold on the same day, or sold and rebought within 30 days.
(Sorry I referred the original reply to someone else.)
AH Thanks will look it up Always worked on FIFO.
GiveMercy - not true I'm afraid. You need to average ("section 104" rules).
James29H - in general, you need to work out the average purchase price for that share, and calculate the gain according to that average. There are different rules for shares bought and sold on the same day, or sold and rebought within 30 days.
Here's a question. If I buy 100 shares of company A in yr1 and another hundred in yr2, then in year 3 sell 100 for a taxable profit, can i decide which lot it was I sold...
No the HMRC see it as first in first out FIFO
Yep!
Theres a really good on line calculator for that sort of thing. I've used it for years on my tax return!
Two quick questions...Not through an ISA....
Everytime I sold my shares to buy back in cheaper, regardless if it's a profit or loss... If I did this 10 times a day for example would I be expected to pay Capital Gains tax on every sell transaction or is it just a total profit at the end of the year??
Answer : Gains/Losses are calculated over the fiscal year, not per transaction. So if you make gains on these trades but losses on others, it'll be the difference of the two you'll pay CGT on, if you made a profit above the annual allowance. However if you make profit on other shares dealing then its the result across all your dealings within that fiscal year not per company.
Also... If it is the end of the year does this only count if I would of transferred it to my actual bank? If I sold out at a profit on my trading platform but re invested it, would I have of been required to pay tax before I reinvested it?
Answer. No, as its not within an ISA, its at the point of sale where you made the gain not what you reinvested the profit in. Unless you invested through an ISA, which you declared you haven't, where any gains or losses are exempt from your personal Tax Return.
Here's a question. If I buy 100 shares of company A in yr1 and another hundred in yr2, then in year 3 sell 100 for a taxable profit, can i decide which lot it was I sold...
"I thought your income becomes taxable only if you don't reinvest (roll over gain until sales and banking the proceed)"
Your comment isn't very clear, but if you mean what I think you mean, that's not correct. If you sell a share, any capital gain relating to that disposal (if there is one) is taxable in the year of the disposal.
Capital losses can be carried forward indefinitely, although they need to be reported to HMRC within four years of the end of the tax year of the loss. They can't be carried back to cover gains in previous tax years.
I thought your income becomes taxable only if you don't reinvest (roll over gain until sales and banking the proceed)
Can you not offset any losses over the previous 3 years?
If it matters to you seek financial advice, and please Pay your due taxes.