Capital Gearing Share Discussion Threads

[fireplace22] 06/4/2014 15:11

Cheers karateboy.

[karateboy] 06/4/2014 15:07

What I normally do, being on a safe side, to include all my transactions , up to and including 5th of may in the tax return...then the CGT calculator will check if I have bought any shares that I have sold, within 30 days and treats it accordingly. I get a bit of extra calculations for next year that I ignore...

[fireplace22] 06/4/2014 12:48

Shares bought back (post 7th April) after being sold in the last 30 days will have to appear in 2013-2014 CGT calcs. Right?

[karateboy] 06/4/2014 11:59

Thanks Miata.

[miata] 06/4/2014 11:07

On past form about three days after the year-end.

Edit - HMRC Self assessment for 2013-14 is now live.

[karateboy] 06/4/2014 08:37

When the SA forms for 2014/15 will be available. I can not see them in HMRC web site...I am keen to start filling my tax return...as I have paid more tax than I should have, due to contribution to SIPP..

[miata] 04/4/2014 10:17

Tax take
...................2012-13.........2018-19
Stamp duty..........£6.9bn.........£18.1bn
Capital gains tax...£3.9bn..........£9.0bn
Inheritance tax.....£3.1bn..........£5.8bn

Source: Office for Budget Responsibility, March 2014

[miata] 02/4/2014 17:27

To a small extent (bed & ISA), but most will take a couple of days to get new cash as cleared funds into their ISAs.

There have been no significant moves on the first day of the new UK tax year recently. Effects arising from US (& French) tax years have been more noticeable.

[my5harebox] 02/4/2014 16:46

Thanks Miata

I guess 4pm on friday is likely to be quite busy.

Does this also mean that 8am Monday is also likely to be busy with people loading their new ISA's or is the effect less pronounced ?

[miata] 02/4/2014 14:42

Trade date. Last day Friday, though as that is a US Non Farm Payrolls day it will probably be volatile.

[my5harebox] 02/4/2014 14:22

hello everyone

Does anyone know what is the last day shares can be sold and counted for 2013/14 tax year?
For CGT is it the "trade date" or the broker "settlement date"?

If its the latter then is today is the last day to sell this FY.

Thanks.

MSB

[sarahbudd] 28/3/2014 14:27

yes ok thanks.. as I thought! Swiss impossible to reclaim

[miata] 28/3/2014 13:51

Sarah, that's not a CGT question it's a Swiss Witholding Tax question. The answer lies in the UK-Swiss double tax treaty (which I am not up-to-date with).

"The Withholding Tax must be withheld by the Company from the gross distribution and paid directly to the Swiss Federal Tax Administration. A full or partial refund of Withholding Tax may be available in certain circumstances, depending on your place of residence, ownership, related refund applications and evidence. Further information is available on the Company's website at www.ferrexpo.com or an information leaflet may be requested from the Company Secretary at the Company's registered office address."

Had it been a US share the UK-US double tax treaty would have enabled the payment to be paid gross into an approved pension fund account (SIPP).


See also form 86 from this link (though probably not for SIPPs)

[sarahbudd] 28/3/2014 13:41

question.. just received FXPO divi of £202 tax withheld £109! AJBell say that tax cannot be reclaimed as held in a SIPP pool.. Is there any other way I can reclaim?

[miata] 25/3/2014 13:19

You'll need to complete the tax return Capital Gains Tax page if either of the following apply:
your chargeable gains - before deducting any losses - are more than the Annual Exempt Amount - £11,000 in 2014-15
the total amount you received from selling or disposing of assets is more than £44,000 in 2014-15

For other years see TAX thread

[red nutter] 25/3/2014 11:45

Hi,

Hope someone can help.

I own 2 houses - 1 is marital and the other is letted out.

On the letted out one I previously lived there and am now planning on selling. I have worked out using all the allowances that I will have no tax to pay on the Capital Gains.

Do I still need to declare all my numbers on tax returns for Mr & Mrs as jointly held.

I fill in a self assessment already for both of us.

Thanks

red nutter

[smurfy2001] 20/3/2014 18:08

2011/12 £10,600
2012/13 £10,600
2013/14 £10,900
2014/15 £11,000
2015/16 £11,100

[hyper al] 20/3/2014 17:25

Is the CGT allowance for 2014-2015 still £11,000 ?

[twix386] 20/3/2014 17:09

david77,

as just posted. I have used the info from Gengulphus and that after a bit of thought led me to resolution of my spreadsheet problem.

Thanks very much for your offer. It is most kind, but I am pleased to say I need nothing further.

[david77] 20/3/2014 17:05

twix "so how do I begin?"

I presume that you are only trying to do the current year's deals. If you send me a list of deals for one company including your pool qty and price at the start of the current tax year to [e-mail] I'll have a go.

Both of the calculators have been around for several years and I have provided translation routines so that you can check the results on both.

I don't have Excel.

[twix386] 20/3/2014 15:37

got it all working and average price now down in line with expectations, so many thanks to you all, especially Gengulphus who nailed it. Many thanks