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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 15084
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am married and have a capital gain this year that I need

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Hi
JA: Hello. How can I help?
Customer: I am married and have a capital gain this year that I need to mitigate the tax due.
JA: What are the assets or property for this capital gain?
Customer: I made 300k on the financial options market
JA: Anything else you want the Accountant to know before I connect you?
Customer: My income this year is £29k

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Hi

 

What options would like advise on to mitigate this tax as sadly if the sale has taken place then unless you make a subsequent loss on a sale of assets/shares on this same tax year can you mitigate any aspect of the gain

 

Thanks

 

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 15084
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and 2 other Tax Specialists are ready to help you
Customer: replied 3 days ago.
What about contributing to a Sipp pension.
Making a cash gift to my wife.
Customer: replied 3 days ago.
I do not want a telephone call service. This was done in error
Customer: replied 3 days ago.
Can you refund the £44 charged please

Hi

 

None of these affect the capital gain position (they are income tax solutions)

Thanks


Sam

Customer: replied 3 days ago.
Contributing to a Sipp moves more of the gain into the 10% CGT from the 20% CGT?

Hi

 

No it does not -

 

Thanks

 

Sam

Customer: replied 1 day ago.
Your advice is incorrect.

Subsequent to your advice I have spoken with a Capital Gains Tax technician at HMRC


Capital gains tax is dependent on the income tax threshold. 10% or 20% for higher income taxpayers.
You can raise the threshold by contributing to a pension in the year of the gain.
Thus getting more of the capital gain taxed at 10% rather than the higher 20%.
I should have spoken directly with HMRC in hindsight

HI

 

Yes it is but you asked how to mitigate it and you cannot by putting money into a SIPP- if paid post tax then that advise is incorrect is post tax then it does change the basic rate band but you still pay capital gains tax not income tax as already advised

I shall opt out as clearly you are not willing to take on board the different tax regimes and have just wasted our time

 

 

 

Thanks

 

Sam

 

Customer: replied 1 day ago.
You gave incorrect advice on capital gains tax
No ifs no buts.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

 

You have eventually reached a correct position. Do you require any more assistance?

Customer: replied 1 day ago.
No thank you!
Sam could have cost me thousands in Capital Gains Tax had I not spoken to HMRC in addition to wasting my time.

Sam was a Higher Tax Officer with HMRC in an earlier life.

Customer: replied 24 hours ago.
Then he should have known better... If he didn't have enough information he should be asked for clarification.
Look at the thread..
Learning from mistakes is an asset..

She, actually!

Customer: replied 24 hours ago.
�� Apologies... I'm willing to recognise my mistake.
��

No problem.