Thanks for your question, I am Sam and I am one of the UK tax experts
1.On shares ,is there any distinction in the UK between short term gains ( less than a year ) and longer ? I'm sure there used to be , but I've been abroad for 35 years . Only the 30 day rule, which changed to stop the same day purchase and sell to realise a gain - which use to be more commonly known as bed and breakfast!
2. If I sell a watch (inherited abroad 25 years ago - no value attributed ) for £50,000 , is there any tax due ? Yes, but the first £6000 is exempt, as this is deemed to be a personal chattel. Then capital gains are due on the balance.
2a) If so, can I offset this by realising shares at a loss ? Yes - the loss would be applied first, then the annual exemption allowance (currently £10,900 and to increase to £11,100 after 06/04/2014) then any remaining gain would be liable to capital gains tax.
However, if you sell, and are still resident abroad, (and would have been for at least 5 years, during which the sale takes place) then as long as you sell before the tax year that you return to the UK, then you avoid UK capital gains - but then would have to consider the capital gain position in your country of current residence.
I qualified as an ACA in 1970, and became a finanial controller , rather than tax expert . But didn't short term gains get added to income at some stage ?
I am reresident in Uk now , having retired a few years back
OK then .
As will Rogers said - it's not what you don't know that gets you , it's what you know that ain't so !
How about if I gave shares in the watch to my wife & 3 children - two of whom are resident abroad .
the watch is being auctioned , and I don't know how much it will fetch .
Thanks Sam .
I suppose I need to maintain that I gifted the watch to my children when I was non resident , and am only now selling it on their behalf .
We'll forget foreign tax aspects.
To me it was just an old watch ...
Already booked in to auction this tax year .
How many questions have i got left ?? thanks
Sam , I think you've sorted me .
I'll have to make my decisions depending on what it realises .
Good night !
Thanks a lot
Thanks , but Im done on this question now !
I think I saw this article too in the internet .
Hope i'm not getting charged for your ontribution , since i have signed off !
Certainly not, just chipping in some probably useless information. I can remember the furore in the back end of the 60s.
thanks - not useless .
I signed articles in 65 , but of course didn't get around to studying CGT til
1968 I think .
bloody callaghan !