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Lol fair enough but you do get what I am saying?
psk
I hold BKG at an average £3.4749
I hold HFD at an average 3.14p
as two examples
I have made a profit on 3i and SBRY plus free shares as two examples
Lti I am not questioning your trading I am just talking about averages.
Well done it seems you are doing well and I hope it continues for you and for all on this board, let's all make money and be happy
Longtimeinvestor, wrote. “Tax man would say that I have made a £50 profit in the example.”
That’s not really true as I recently put my accounts in and had to get all the correct figures to show my dividends for the year and all my sales. It’s not hard for them to work out your profit using sales and buys. My accountant said once they have an in to know what you are selling they will check to see they aren’t owed tax.
psk
Averages yes - That's what I was talking about MY averages not the tax mans.
Lti,
It is 100% accurate - but not something the tax man wants to know.
They are the words of a criminal, I have no doubt of that, what else do you get up to in your spare time?
stevebt
don't need to worry when you have a stocks and shares isa which I am sure lti has
psk
yes I have taken the maximum PEP/ISA allowance each year
sbt
''It’s not hard for them to work out your profit using sales and buys.''
sbt/psk
Would you know where you stand with a stock if you had made hundreds of trades on a stock over a 25 year period?
stevebt
This is what happens when people assume lti!! Nobody knows how you are investing amd each investors circumstances
Lti I don't even know where I stand over 12 months lol what I do know is I always sell for a profit not a loss
Longtimeholder, wrote. “Would you know where you stand with a stock if you had made hundreds of trades on a stock over a 25 year period?”
A friend at work has about £500k in persimmon shares and all bought through the work share scheme over a very long period of time. He wants to start taking money out now as he is 55 but since he has no way of proving his average he can’t take more than £12300 out each year as if he takes more out he has been told he will have to pay capital gains.
The government has the onus on the investor to prove their average or suffer the tax bill.
ww
You need to explain yourself. What has my own personal share dealing records got to do with any submissions to the tax man?
ww
btw you have already confessed to being a criminal.
sbk
Your friend should have kept the relevant documentation, and also the employer should have kept records of SAYE schemes etc
steveb
Can he not transfer some to his spouse to reduce the capitol gains?
Longtimeinvestor, I really don’t know why his is that bothered on selling more than £12300 a year as with the amount of shares he has the dividends alone is more than enough to finish working and have a comfortable life.
Hmm, fascinating debate...
Walkersworld, I'd be a bit careful about using words such as "criminal".
There's a difference between how things are reported to the taxman (if indeed this is required), where things have to be done to one particular set of rules, and how one uses statistics to assess one's own investing performance. With the latter you are at liberty to use any method you like.
It's similar to how companies report their financial results, where there are "statutory measures" which have to be done and done in a particular way, and "Alternative performance measures", where companies can also choose to present figures in ways of their own choosing. As long as they state clearly which are which, is there a problem?
With my own share dealings which are outside my ISA, I follow the HMRC method (currently called the "Section 104" holdings) with my spreadsheets, simply because I only want to run one system, not 2 different systems in parallel. If people also want to run their own system, for whatever reason, where's the harm in that?
Mike.
psk
you can transfer to a spouse without CG implications to make use of two lots of allowance
Just as I thought thanks for confirming lti
Just to clarify the £12300 per annum is the profit not the total value that’s the taxable allowance The suggestion of transferring sufficient to spouse so she can sell up to the tax limit is a very popular one.
M14
Good post
If he's planning on retirement couldn't he sell down say £30,000 a year and just pay the 10% tax on the amount over the allowance each year?
Obviously I have no idea of his personal finances/income.
No one wants to pay tax but he's saved it, might as well enjoy it especially as he's young enough to enjoy it.
I still have a load of shares from an old certificated account, thankfully I've always kept the purchase paperwork over the years.