Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
The Delta plus variant is also called B.1.617.2.1 or AY.1 strain. Out of the details emerging about the Delta Plus variant, the most noticeable one is the fact that the new strain is resistant to the monoclonal antibodies ****tail.
India on Tuesday said it has at least 22 cases of the Delta plus variant, which the government has classified as a variant of interest so far. The strain from which it has mutated from Delta has been listed as a variant of concern by the World Health Organization (WHO).
The Delta Plus variant of the Covid-19 variant is found in nine countries, including India which has reported 22 cases, the central government said on Tuesday.
These countries include the United States, the United Kingdom, Portugal, Switzerland, Japan, Poland, Nepal, China and Russia.
Media feeding off of negativity. Delta plus variant was identified back in March across the world. Its already known nothing new here.
If every country did atleast 50% sequencing we'd be having variants in tens of thousands everyday.
This is what HMRC said when asked I fall under trading/investment :
As with any other activity, you need to consider the relevant circumstances as a whole before coming to a decision on whether the activity amounts to a trade or not. Generally, for individuals we take the view that transactions in shares which do not amount to investment are speculative transactions falling short of trading, unless there are particular factors which take the case ‘out of the norm’.
Shares which are dealt with speculatively or as investments are dealt with under the Capital Gains Tax rules.
That’s certainly good to know Jim thank you :)
Thank you so much jim, botbot, Johnny. Since this is my first time I was concerned and overthinking slightly haha.
But better be safe than sorry. And I feel once I get used to this process it’ll be seamless in coming years.
The main point I got concerned was about frequency of trades I did that is buy and sells over the span of last year.
I was worried HMRC might use these complex rules “badges of trade” to say I’m doing it regularly so I’m not investor anymore but a trader.
But my takeaways going forward :
- Get good ISA account and invest long term
- EToro / LSE Trade only upto 12300
- Keep frequency of trades to say 10-20 a month
Get rich!
http://cgtcalculator.com/algorithm.htm#sameday -> Talks about HMRC share matching rules.
Hi botbot,
Unfortunately I spoke to EToro and they leave it upto clients to file their CGT and keep track of records. So I am on my own here.
I am spending about 100-200 Quid to do the calculations with an accountant to make sure my number is below the allowance.
I ended up with that figure by just adding all profits for net gain and adding all losses for net loss.
However when we factor in these rules ( See below ) total gain can actually be higher possibly.
I will spend next few days to calculate and update you guys to let you know how I arrived at this. I am about to try this :
http://cgtcalculator.com/ -> It apparently does a good job by factoring in all the rules. So I'll see what number I land into. But it needs input in certain format so bit of manual work involved.
Accountant just confirmed to me that I don't need to report every single transaction with HMRC, just net gain is enough apparently.
Same day rule, 30 Day rule ( Bed and breakfast ) , all other shares average cost basis ( Section 104 ).
Hi Smalltrader,
Losses from trading cannot be included to reduce income tax I paid as part of my full time employment.
Because I am not self employed / doing trading full time. So as a retail investor losses/profits are all chargeable under CGT which has no bearing towards personal tax allowance or income tax you pay as part of employment ( if you are full time employed that is ).
Hi Johnny, you are correct. Spread betting is exempt from CGT. CFD Trading still incurs CGT.
For Tax year 2020 - 2021 :
My total accrued profit ~GBP32000
My total accrued losses - ~GBP20600
Total gain 32000 - Total loss 20600 = Net gain GBP11400
Since this is under GBP12300 I am assuming I don't incur any CGT.
But I am planning on getting accountant to work out correct values. Because there are all these complex rules : Same day rule, 30 Day rule ( Bed and breakfast ) , all other shares average cost basis ( Section 104 ).
Assuming some of you report gains as CGT here, do you report every single trade you performed in that year? or just report overall CGT if its over the threshold?
Botbot,
you said : "Two levels of tax, one is paying under 40% tax through your employment, and the higher rate is paying even £1's worth above the 40% in your employment."
In this case it will be 20% for higher rate tax payer for CGT and this has nothing to do with employer and income I earn from my full time job as that is taxed separately via PAYE and comes off of personal tax allowance.
Thanks for the replies guys, just finished the call with HMRC after 1 hour on-line.
Summary :
- CFD are taxable under CGT as chargeable assets
- I am not self employed and this would count as investment not trading
- He mentioned that if I am doing this as full time job and my employer is also into stocks etc. Then it would be counted as trading.
Links he shared :
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg56100 - For capital gains using CFD
https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim20060 - Business manual to determine if I am trading or investing
https://www.gov.uk/government/publications/statement-of-practice-3-2002/statement-of-practice-3-2002 - Guideline for CFD and how it is taxable as CGT not Income tax.
Calling HMRC now and speaking to tax accountant later. Will report my findings here..
RR101, Spread betting is capital gains free from what I read online.
smalltrader, I don't have ISA I used eToro to buy RR shares as CFD with leverage.
Going forward based on how tax turns out I will certainly switch to ISA to reduce these headaches
All the profits and loss figures I shared are for closed trades. Not open ones.
Hi Guys,
It's that time of the year where I need to sort out my taxes to report gains/losses.
- I have a full time 9-5 day job job employed to an employer
- Outside work hours in the evenings / mornings I used to look at stocks and invest to grow my capital
- Frequency of buying and selling varied. I.e. during certain volatile times I used to buy and sell multiple times in a day. But otherwise been holding onto main stocks like RR.
Between 6th April 2020 - 5th April 2021
My total accrued profit ~GBP32000
My total accrued losses - ~GBP20600
Now comes my main questions :
- Is this seen as investing or trading?
- Does this count under capital gains tax?
- If yes is my math correct, which is right A or B :
Case A : 32000 ( gain ) - 20600 ( loss ) - 12300 ( CGT allowance ) = 900 net gain ( 20% tax )
Case B : 32000 ( gain ) - 12300 ( CGT allowance ) = 19700 = 3940 ( 20% tax ). 20600 ( loss ) can be claimed in following year under allowable loss?
- Is this seen as self employed if counted as trading?
I have setup Self assessment and obtained UTR number. And before I do all the complex calculations / get tax accountant I want to know if
I am breaking any rules :D
Thanks you lot! :)
Strangely enough I got so used to paper loss its actually made me a better trader. How? well I feel less emotional when things turn red. And I barely panic anymore. I just chill knowing it'll be back up soon.
Infact on friday I readied up $10000 so I can start entering Rolls as it goes lower! :D
US <-> Canada Travel restrictions extended till July 21st.
Hi Guys, Hope you all are holding up well. I wanted to get some thoughts before US markets close.
How low do you guys think RR can go?. Any particular catalyst in your opinion that triggered this severe selloff?
Things I spotted on my radar :
- Rising covid cases and also hospitalizations ( according to CNBC )
-Increased short interest : https://fintel.io/ss/us/rycey
- FTSE going bearish due to retail figures and inflation?
- Anything else?
Have a great weekend all!
Apparently it’s due to triple witching