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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have some investments in stocks and shares which I am looking

Resolved Question:

I have some investments in stocks and shares which I am looking at cashing in. I have been advised that I may have to pay capital tax on them. Could you please advise me on this issue.
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

Capital gains tax is chargeable on any gain you make from sale of stocks and shares.
Your gain is the difference between your cost (including stamp duty and broker's commission) and the net sale proceeds.

You are entitled to a gains annual allowance of £11,000 (this tax year) and any access over this amount wouldattract CGT at 18%, 28% or a combination of both depending on your total income (including the gain) in the tax year.

More information on this can be found here

http://www.hmrc.gov.uk/cgt/shares/basics.htm

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 3 years ago.

Thanks for your quick reply, so in essence if the profit I have made on the account is less than £11000 I will not have to pay CGT.

Expert:  taxadvisor.uk replied 3 years ago.
Alaister, thank you for your reply.

Provided your net gains are below £11,000 there will be no CGT payable.

I hope this is helpful and answers your question.
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 3 years ago.
I thank you for accepting my answer.

Best wishes.