RE: CGT advice?21 Feb 2021 20:37
I think most have the same CGT problems , but what a problem for us to have lol.
You get £12,300 per year allowance on pure profit.
Off set any losses from other shares you had historically against your new ARB gains, you can count losses backdated . If you have still, this year's tax allowance amount £20k, then bed the gains and move over to ISA account asap. You can call you trading account people they will help .
Unfortunateky shares don't move across at same SP price originally bought. The share dealing people will sell from your normal account, and try to buy back into your ISA asap, so there is a risk of price changing but at least any extra profits are tax free and not subject to CGT.
Unfortunately I've maxed out my ISA for this year already on ARB, so I have to wait until 6th April new tax year, to bed and move into new ISA from normal reading account . Also as people mentioned use your sipp pension account ( which you can back date 3 years allowance of £40k per year) , but in a sipp you can only withdraw 25% of sipp at 55 years old, but rest in the sipp pot you have to ride out until retirement , but again no taxes or CGT to pay on profit.
Can't hide from CGT it will catch up on you , they know when you sell any share ;) . As soon as you sell a share ( doesn't matter if you don't cash it out full of trading account and try to invest in a new share ) , HMRC still count your sell trade and count your profits. CGT should be 20% taxed on any gains above the annual free threshold of £12,300.
IF you can wait then cash out 5th April use CGT allowance, then next day is new tax year , new £12,300 allowance kicks in again :) .
Not my personal financial advice - but what my accountant has advised me , so I suggest you get more financial advice as back up.
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