RE: Capital gains tax7 Aug 2015 22:05
if your profit is greater than £11,100 then yes you will need to declare it. you can do this at the end of the financial year by filliing out a self assessment form. so if your gross income from sale is £50,000 and £10,000 was originally invested. your profit is 40k and from that 40k you can place £10,000 which was the original investment back into your account. leaving 30k of which £11,100 can be removed tax free into your bank account. leaving a net of £28,900 of which you will be taxed according to what your income tax band you fall into. let say basic so 18% £5202 will be removed and you keep the remainder £23,698. Also to add I did read that you can also deduct you losses from other trades for that year.(or previous year) and im not sure but if you can do that then I don't why you cant deduct the yearly admin fees for your account. commission in the shares traded can also be deducted. alternatively become a resident of Dubai for a few months and have your money transferred over to a arab bank and then cash out and back to blighty. (jokes)