RE: TAX IMPLICATION WORRIES11 Sep 2020 02:05
Hi Gary,
I’m reading your post the same as Caspar ie the shares are in your personal name not yourLtd company.
I don’t know the total value of your shareholding and how you are planning to dispose of your shares ie part sale and keep some or sell all when the happy day comes.
The first 12300 ( approx) you can sell under your annual CGT allowance tax free. The rest it’s taxed at 20 % if you are a higher rate tax payer, assuming that is the case.
I would open an ISA and invest the annual allowance of 20k In Eua or your other shares. To avoid any risk of missing out or rise in value sell your shares and buy in the Isa on the same day. You can transfer shares into an ISA and avoid the selling and rebuying but if time is of the essence ,and it is in this potential sale situation, I wouldn’t take the risk of any time delay in the administration process of transferring your shares.
If you want to hold onto some shares and sell them in the next tax year you can do this all over again, using your CGT tax allowance, although I’m pretty sure Boris has some capital gains tax increases planned so It could all be very different next tax year.
Pls check this out with your financial advisor, don’t take my word for it! Good luck, M.