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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Good morning, I'm looking on how much tax I would

Resolved Question:

Good morning, I'm looking on how much tax I would pay if I sold £15.000 worth of my BT shares to pay off my mortgage. I have already sold £11.000 worth this tax year and transfered 3500 shares to my husband. Last March I recieved a redundancy payment of £25,500 tax free. I was unemployed and claimed JSA April to Mid September then started a new job on 1st October earning £18.000 per year. This job is not working out so I'm due to give a weeks notice.
The share price when I took out the sharesave was 61p and at present are around £4.40.
Many thanks
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
and welcome to the site. Thank you question.

JSA is taxable although you receive it gross.

It appears you have already covered your gains allowance tax year.

£15,000 worth of shares at current value would equate to approx 3,409 shares.
The profit on these shares would be (4.40-0.61) £3.79 per share making an overall gain of £12,920.

Let's assume the gain made on shares already sold is also £3.79 per share and that you sold 2,500 shares and tthat overall gain was £9,475.

As your total gain plus your salary and JSA in the tax year are unlikely to exceed the basic rate band, your CGT rate would be 18% .

Taxable gain (12,920+9,475)-11,000 = £11,395
CGT 11,395 x18% = £2,051

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.

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Customer: replied 2 years ago.

Thank you, ***** *****

Expert:  taxadvisor.uk replied 2 years ago.
Mandy, thank you good words.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited .

Expert:  taxadvisor.uk replied 2 years ago.
I thank you my answer.

Best wishes.

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