How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Sam Your Own Question

Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13657
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
16196420
Type Your Tax Question Here...
Sam is online now

I had a Ftse linked shares investment which matured in Sept

Customer Question

I had a Ftse linked shares investment which matured in Sept 2012. It made approx £5600 in profit I was advised by the bank that it was not subject to Capital gains tax Please advise if this is correct
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your question


There are so many different investment schemes- some subject to just income tax and others capital gains,


If your bank is telling you that this particular investment is not liable to capital gains tax, then there is just the income tax position to consider.

 

Basic rate tax would already have been deducted prior to the paying out of the investment and along with this you should have been paid an interest certificate (tax deduction certificate) detailing the gross payment and tax suffered.

 

You need take no further action unless this amount along with your normal annual income is more than £42475 a year, in which case there will there further tax to consider.

 

If this applies to you, and you do not already complete a self assessment or short tax return, then get in touch with HMRC, so they can arrange to issue you with appropriate annual returns after 05/04/2014.


Thanks


Sam

 

 

Customer: replied 3 years ago.

Sam


Many thanks for your help


I had some problems with my computer trying to crash so I was a little tardy in my reply here Sorry I have never received a tax cert with tax deducted as such but was told twice that my gain was under £8000 and not subject to any other tax I am nowhere near the income that you indicate and I am on pension income

Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your response

 

Then it was an investment that would have been subject to capital gains but as the return was less than £10,600 it is exempt as under the annual threshold, and as long as you have no other capital gains arising between now and 05/04/2014, then you have no further liability to consider.

 

If you have any further concerns ask the bank to issue you with written confirmation of which tax regime it would have been subjected to, so you can satisfy yourself that it is indeed free of any further liability.

The fact you have not been issued with a tax deduction certificate further clarifies this but instead you should have been issued with a chargeable event certificate, detailing the total gain position (which would also show a NIL tax due)

 

Your information provided with the payment (letter detailing the payment due) will clarify this position.

 

Thanks

 

Sam

 

 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    6894
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Last | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    6894
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    1772
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    464
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2596
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    268
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions