Share Name Share Symbol Market Type Share ISIN Share Description
Capital Gearing LSE:CGT London Ordinary Share GB0001738615 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 4,130.00p 4,110.00p 4,150.00p - - - 0 05:30:33
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 2.9 2.0 37.0 111.5 256.66

Capital Gearing Share Discussion Threads

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DateSubjectAuthorDiscuss
07/5/2018
15:03
Gengulphus Many thanks for clarifying the situation regarding brokers fees, you have saved me from falling foul of the Inland revenue. I cannot thank you enough.
rhcm
07/5/2018
13:27
rhcm, No, sorry, a fee has to be wholly and exclusively for the specific asset to be an allowable cost for CGT. A broker's quarterly fee is (unless I'm misunderstanding what you're talking about) for providing the account, which you could use for any number of shareholdings, and so it's not wholly and exclusively for any specific shareholding, and not an allowable cost for any of your shareholdings. That might be a debateable point if you opened the broker account only for the purpose of holding one specific shareholding, and only ever actually used it that way. But I wouldn't bet on it! Edit: By the way, I don't really know what you mean by "Can I still use ..." - broker's quarterly fees have never been allowable costs within my experience of CGT (roughly the last 20 years)... Gengulphus
gengulphus
07/5/2018
11:19
Gengulphus, many thanks for the detailed reply, you really have been a great help. I would not want to make a claim immediately as i plan to use the loss in the future. Can i still use the brokers quarterly fee as an expense and add it to the loss in a similar way to brokers trading fees? Thanks
rhcm
05/5/2018
11:25
rhcm, How to claim this as a loss? I am in the process of moving broker and I have one company IFL which is currently suspended and the company have said shares are unlikely to be of any worth to shareholders. The new broker will not accept the transfer and the current broker cannot obtain a paper certificate. They have advised that the shares could be gifted to a charity via sharegift but how can i claim the capital loss? Many thanks for your help. First, do NOT try to use your broker as your tax adviser, unless you have a specific agreement with them that they will act as such. The terms and conditions for an execution-only broker account specifically exclude them giving you financial advice of any type, which includes tax advice (that's basically why it's called 'execution-only'), and even other, more expensive types of broker account such as advisory or discretionary accounts might well have limitations on the types of financial advice the broker will supply. The reason I emphasise that so much is that giving the shares to a charity is one of the most certain ways to ensure that you cannot claim the capital loss! As the ShareGift website says (with my bold), "donating shares charitably gives rise to neither a gain nor a loss for Capital Gains Tax (CGT) purposes". I.e. giving the shares to ShareGift is of no value to you, nor to the charity (assuming that they really are worthless - it certainly sounds as though they are!). The broker is IMHO being rather irresponsible by even suggesting the course of action as a possibility - it is one, and they're not giving any financial advice by merely saying it's something they can do, but clients who aren't fully aware of what 'execution-only' means could easily read it as implying that donating the shares to ShareGift is a good idea... It generally isn't when you've made a loss on a share, especially a total loss! The answer about what you need to do to claim the loss is: make a negligible value claim. Not "wait for HMRC to declare the shares to be of negligible value, then make a negligible value claim", just make one once you're reasonably certain that they are indeed worthless (*). Usually, the point when you become reasonably certain of that for a company is when you get a statement that there is no realistic prospect of any return to shareholders from someone in a position to state that authoritatively - e.g. the administrator of a company in administration. I would generally be happy to base a negligible value claim on such a statement - indeed, I believe the reason such statements are made to shareholders is (besides informing them of the bad news about their investment) that it enables them to support a negligible value claim. Why shouldn't you wait for HMRC to declare the shares to be of negligible value? Quite simply, the reason is that HMRC generally (a) only decide whether shares are of negligible value when they're asked to make a decision by a taxpayer making a negligible value claim; (b) even when they have made such a decision, generally don't make a public declaration of the decision. They do make such a declaration in some cases, by adding it to a 'Negligible Value agreements' list https://www.gov.uk/guidance/negligible-value-agreements. But that list is limited to (in its own words) "shares formerly quoted on the London Stock Exchange", and "quoted" is a somewhat-slippery term with regard to tax... It certainly doesn't have the obvious 'everyday' meaning that "the London Stock Exchange quotes prices for it", as shares traded on AIM are clearly "quoted" in the 'everyday' sense but I have never seen a collapsed company on AIM make it on to the list... Just what the exact requirements are to get on to the list, I haven't managed to work out, but in general, I would take the presence of a share on the list to mean "yes, HMRC will accept a negligible value claim for this share, provided the claim's dates fit the entry", but its absence to merely mean "you'll need other support for a negligible value claim about the share you're interested in". Note incidentally that presence on the list is not a substitute for a negligible value claim - you need to make one to establish the loss whether or not the share is on the list, it's just that if it is on the list and your claim fits the dates, you have the assurance that HMRC will accept the claim. One other thing I'll mention is that you can accompany a negligible value claim with a "post transaction valuation check" request - see https://www.gov.uk/government/publications/sav-post-transaction-valuation-checks-for-capital-gains-cg34 and the form it links to (the latter contains most of the information). That's another way to get assurance about whether HMRC will accept the claim - and especially around this time of year, you can send in the negligible value claim and "post transaction valuation check" request and leave HMRC plenty of time to tell you their answer before you have to submit the tax return. (*) And that you actually want the loss. You're not obliged to make a negligible value claim for any specific date - it's just got to be a date: * When the shares are of negligible value (and have become so since you acquired them). * That is in the tax year that you make the claim or one of the previous two tax years. (The previous tax year is probably the most common case - e.g. a claim submitted with a tax return now is for the 2017/2018 tax year that that tax return is about, but made in the 2018/2019 tax year.) * You still own the shares, and you must still own them on the likely-to-be-later date that you actually make the claim. (Basically, once you no longer own the shares, you have actually disposed of them for CGT purposes and so have actually realised the loss. Negligible value claims are there to allow people to deal with assets that have become worthless but they have difficulty actually disposing of, and so the rules don't allow you to waste the taxman's time with them once you have actually disposed of an asset.) It may be that claiming the loss now is not something you want to do - e.g. it might be that dates in the 2016/2017 tax year are before you can establish that the company is of negligible value (note I haven't researched IFL more than very superficially for this post!), that your net gains in the 2017/2018 tax year are below the CGT allowance and so the loss would simply end up being wasted offsetting gains that weren't going to attract any CGT anyway, and that it's too early in the 2018/2019 tax year to be certain whether the loss would end up saving CGT or not. In that case, it's perfectly OK for you to defer making the negligible value claim until a time when you can get some CGT savings from the loss - though note that if you keep deferring making it in that way, eventually you will probably find that you have actually disposed of the shares and so actually have realised the loss, on a date not of your choosing. (The common case for that is that a company in administration or liquidation eventually gets dissolved, i.e. ceases to exist. Its shares cease to exist at the same time, and an asset ceasing to exist counts as actually disposing of it for CGT purposes. I don't know exactly what is happening to IFL, though, and given its international aspects, very possibly wouldn't understand exactly what the CGT treatment would be even if I did know...) Gengulphus
gengulphus
03/5/2018
15:34
How to claim this as a loss? I am in the process of moving broker and I have one company IFL which is currently suspended and the company have said shares are unlikely to be of any worth to shareholders. The new broker will not accept the transfer and the current broker cannot obtain a paper certificate. They have advised that the shares could be gifted to a charity via sharegift but how can i claim the capital loss? Many thanks for your help. From the broker: Please accept this message as confirmation that unfortunately, International Ferro Metals is unavailable for certificated withdrawal. We would either be able to offer to donate this holding to charity on your behalf via Sharegift, or you would need to find another broker who is willing to accept the transfer of a zero value stock. From the sharegift site: If you are a UK taxpayer, you can claim income tax relief on the value of most stocks and securities when you donate them to a charity. In addition, donating shares charitably gives rise to neither a gain nor a loss for Capital Gains Tax (CGT) purposes. This means that you will not be liable for any Capital Gains Tax (CGT) which you might have had to pay had you decided to sell the shares instead. However, you should be aware that you cannot offset a loss against other gains if the shares you donate have gone down in value. Perhaps i will have to wait for HMRC to declare negligible value but that can take years and I will have to pay the brokers quarterly fee until the shares that time but that can be added to the CG loss. Is that correct? Many thanks for your time
rhcm
13/4/2018
15:59
Gengulphus Thanks.
sux_2bu
11/4/2018
14:58
Thanks for such a detailed response. I guess you are right in duty-free shop analogy, it costs a lot more to set these structures up. So, unless someone has more than 30m it does not make sense to do it.
attrader
11/4/2018
13:18
attrader, ... is there a way to roll over capitals gains to next year or pay them down few years down the line? The only methods I know about are: * The Enterprise Investment Scheme (EIS). If you reinvest capital gains in new shares of a company that qualifies for EIS on that issue of new shares, you get to defer CGT on the capital gains concerned. The CGT becomes due again if and when you sell the shares and in a number of other circumstances. * The Seed Enterprise Investment Scheme (SEIS). I don't know much about this, but I've read that investments under it qualify for "reinvestment relief", which is actual relief from CGT, not just deferral. Note there are various conditions on these schemes that I haven't described. I don't know them in detail, and so won't attempt to answer questions about them. Don't let that stop you asking such questions here, but please ask people in general, not me in particular - if you address such a question to me, you're likely to find that I don't answer because I don't know, and other people are less likely to answer than they might otherwise be because they weren't asked! And to be clear, I'm not saying there are no other schemes besides EIS and SEIS. There might or might not be: EIS and SEIS are the two I know about, but I'm not very knowledgeable about such schemes and could easily have totally missed the existence of others! There are incubator fund structures in BVI allowing CGT free gains. You only pay when bringing money onshore. I wonder if you have come across them and how to work with HMRC to avoid potential issues? Sorry, I have only basic knowledge about the taxation of foreign income and capital gains - enough to know of the existence of rules that depend of the differences between unremittable, unremitted and remitted money, but not much more. And that knowledge translates into a simple rule of thumb that I use in practice, which is just "Don't go there!"... Not saying that it cannot be financially worthwhile to go there - it probably can - just that it's an excellent way to add headaches to one's tax affairs, and I'm personally quite happy to (and can afford to) pay the possible price of missing out on some extra returns to avoid those headaches! The same applies to schemes involving tax havens such as the BVI, Channel Islands, Isle of Man and Bermuda - I know of their existence, but little more, and I avoid them and the tax headaches they can produce. I have looked at some in the past, and the conclusion I came to was that at best, the "duty-free shop principle" applies (a lot of the tax savings become profits for the product providers rather than for me). At worst, one locks oneself into some sort of structure to avoid tax, the government/HMRC introduces some 'anti-avoidance rules' that mean one doesn't actually get the tax benefits one was hoping for - but one is still locked in! None of that is meant as advice - as far as I'm concerned, I can't make decisions for others about such things as offshore investments and tax havens, and what I consider a tax headache may be no real problem for others. Just as an explanation of where I'm coming from, so that people have some idea what sort of questions I will and won't be able to answer. In this case, I'm afraid I won't... Gengulphus
gengulphus
11/4/2018
08:24
Gengulphus, is there a way to roll over capitals gains to next year or pay them down few years down the line? There are incubator fund structures in BVI allowing CGT free gains. You only pay when bringing money onshore. I wonder if you have come across them and how to work with HMRC to avoid potential issues?
attrader
09/4/2018
11:32
Recently introduced dividend tax... There's no such thing! Yes, I know that it's easy to think that way, and lots of people do, but the so-called "dividend tax" is just plain old Income Tax as it applies to dividend income - there have been special rates and other rules that apply to it for a very long time now. The "recent introduction" of it was a change to those rates and other rules for the 2016/2017 tax year, one of whose consequences is that it became possible for basic-rate taxpayers to end up having to pay some tax on their dividend income. That's something new for the basic-rate taxpayers concerned, but having to pay Income Tax on dividend income is not a novelty - higher-rate taxpayers and above have been doing it for many years now! I don't mean any of that as a defence of those changes to Income Tax as it applies to dividends - in particular, I thought the old rules were unnecessarily complex, and I think the same about the new rules... But a major purpose of this board is to help people understand taxation (and CGT in particular) correctly, and that purpose is not assisted by the use of incorrect descriptions! Gengulphus
gengulphus
07/4/2018
18:35
HL's charges can vary and lower tiers apply if >10 / >20 trades in prior month. In order to reduce the burden of CGT calculations in future I've been making full use of our 2 ISA allowances each year and am approaching a point where frequent trades can be conducted within ISA's and stocks still outside ISA's traded infrequently thus minimising task of CGT reporting. Recently introduced dividend tax...and substantial cut in dividend allowance which came into force this week all point to holding stocks which pay sizeable dividends within ISA's. Another factor in my case is Scottish residence given that many of us holding investments will now be subject to higher income tax rates than in rest of UK. Fortunately, at present, dividend tax and CGT are reserved to Westminster thus we receive 'rest of UK' allowance for investments but there's always the concern that they could subsequently be devolved and it's not hard to predict that, should that happen, investment income and gains would be hit harder than elsewhere in the UK. All adds to case for ISA's....provided, of course,they too are not devolved at same point!
m_k_hubbert
07/4/2018
18:06
If you leave a space blank for stamp duty,the calculator works it out for each purchase. If it was an AIM company just put a zero in for stamp duty, otherwise the programme works it out for you.The broker I use charges same price for each trade, so easy to put in.
handykart
07/4/2018
17:52
axotyl, having switched brokers to HL a few years ago downloadable data is a great improvement vs previous brokers (Stocktrade, now taken over by Alliance Trust). Having said that HL's data does not supply all the fields needed to complete CGT returns. The solution which works for me was to write formulae for Excel Spreadsheets which effectively 'back calculate' the missing fields, namely allowable costs of acquisition and disposals. Fortunately HL's downloadable date includes the contract note reference which starts with 'B' for purchases and 'S' for sales which enables conditional formulae to handle stamp duty; in absence of these references more manual effort would have been needed on my part. As things now stand, and using CGTCalculator or Stonebanks I'm able to compile an entire years's CGT return in approximately 1 hour.
m_k_hubbert
07/4/2018
08:52
Gengulphus I really appreciate your comprehensive reply. I need to digest slowly, over the next week. What interests me is the way that brokers (well, at least two of them) record our transactions. In theory, they can present all the information required (including charges, tax etc.) in one downloadable spreadsheet. Instead, as I mentioned above, the net sale/purchase details/dates/EPIC are the default record, and one has drill down through each transaction to extract the additional information. As I said, it would take hours to present in the required format. My time is valuable, my accountant's is expensive. So, I'll digest your reply, and out of interest, ask my accountant how they intend to present my tax records to HMRC.
axotyl
03/4/2018
11:26
axotyl, If it's the only solution, I'll go ahead, but I'm really curious to know why tax/charges are needed at all - surely only the net figures are relevant? They are actually at least technically wanted to make your tax return complete and correct. The reason is that you're expected to report your total "disposal proceeds" and your total "allowable costs" for each of the four classes of asset (listed shares, unlisted shares, residential property and other property/assets). "Disposal proceeds" are not the same thing as "Net disposal proceeds", and "allowable costs" are not the same thing as "allowable acquisition costs" - in particular, the incidental costs (charges/tax for a share transaction) of the sale should be taken into account in the allowable costs, not the disposal proceeds. (See page CGN 2 of https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/675146/SA108_notes_2017.pdf - it's not all completely clear there, but the "Allowable costs" section does say explicitly that they include (with my bold) "incidental costs of acquiring or disposing of the asset, such as Stamp Duty or Stamp Duty Land Tax".) In other words, for a simple buy and sell of some shares, what is asked for is: disposal proceeds = (number of shares) * (sale price) allowable costs = (number of shares) * (buy price) + (buy charges/taxes) + (sale charges/taxes) What you're saying is that instead using: net disposal proceeds = (number of shares) * (sale price) - (sale charges/taxes) allowable acquisition costs = (number of shares) * (buy price) + (buy charges/taxes) will result in the same gain/loss being calculated, which it will (up to some small rounding effects - they might differ by £1 or 1p, depending on whether one rounds intermediate results to the nearest pound or penny, which is selectable in CGTcalculator according to http://www.cgtcalculator.com/instructions.htm). So with a similar proviso about rounding, using the net figures will result in the disposal proceeds and allowable costs each being too small by the total incidental costs of the sales, and so the gains/losses being correct. That should have no effect on the tax calculated, but it does affect the correctness of some of the figures one is required to give in the capital gains/losses section of the tax return, and can in rare cases affect whether one has to complete the capital gains/losses section at all (one of the reasons why one might have to is that one's disposal proceeds are over 4 times the CGT allowance, and in borderline cases use of the net disposal proceeds rather than the disposal proceeds might mislead one into thinking one didn't have to). It would be pretty hard for HMRC to make a good case against someone for getting that technicality wrong, especially if they did so unknowingly (so I'm afraid you might regret asking the question and getting this answer!). In particular, I doubt that HMRC would make much of an issue of it, with no tax at stake and (if done unknowingly) a true declaration at the end of the tax return that it is "correct and complete to the best of my knowledge and belief". At the very most, I can't see their reaction if they investigated your return and discovered the issue being more than a slap on the wrist and maybe a somewhat harder look for other bits of carelessness in the information you'd supplied than normal, and I'd be rather surprised if it was even that. As to why CGTcalculator asks for the detailed breakdowns, I suspect it's one or more of (a) using the working sheet on page CGN 9 of https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/675146/SA108_notes_2017.pdf as guidance as to what sort of level of detail HMRC want in CGT computations; (b) wanting to get the "disposal proceeds" and "allowable costs" figures for the capital gains/losses section of the tax return itself fully correct; (c) the likelihood that HMRC will treat encouraging lots of taxpayers to submit technically-incorrect figures somewhat more seriously than an individual taxpayer doing so. Gengulphus
gengulphus
29/3/2018
16:00
I'm about to use CGTCalculator.com for the first time; it looks useful. I had a basic query before I start, with apologies if this has already been asked before (I did try and make contact with CGTCalculator, but haven't received a reply). The majority of my trades are with one broker, and the transactions are listed simply in the format: Date / Code / Name / B/S / Quantity / Net Value / Reference I realise CGTCalculator has to receive data in its required format, though the Conversion advice doesn't cover my broker's format. Question: Surely for both Buys/Sells the net value is all a system needs to calculate the final figures? Why should it need tax / charges details analysed as well? I can dig out the tax / charges for each of my trades, by drilling through my records manually, but for several hundred trades, the prospect is daunting. I double-checked with my broker who confirmed that if I need the tax/charges for each transaction then they do need to be extracted manually by drilling through each of the records. They did ask why, for CGT purposes, I needed that information. If it's the only solution, I'll go ahead, but I'm really curious to know why tax/charges are needed at all - surely only the net figures are relevant?
axotyl
28/3/2018
11:21
bev.shields, However, should it show the losses brought /carried forward, i have a list of results as follows, even with the box ticked to carry forward losses. Am I missing something?:- Yes, I think you probably are missing something. The heading of the "UsePrevLosses" column indicates that it tells you about the brought-forward previous losses used in the year, not the ones that remain unused and being carried forward another year, nor about new losses that get added to the losses being carried forward because there are insufficient same-year gains to offset them. So that column can only indicate a nonzero amount of losses being used for years in which the net capital gains exceed the CGT allowance - and your example doesn't include any such years... If you want to check that out, try adding a fake buy and sell that produce a big gain of say 100,000 in one of the years from 01-02 onwards. You should find that it results in the "CapitalGain" column indicating what it currently does plus 100000, and the "UsePrevLosses" column indicating that the sum of all previous years' losses is used. (That's because the fake gain of £100,000 I'm suggesting is big enough to absorb every loss you've got and any one year's CGT allowance. If you try out smaller fake gains, you should find that only enough previous losses are used to bring the "CapitalGain" figure down to the CGT allowance - assuming there is that amount of previous losses.) What's going on would probably be clearer if the output had a "PrevLosses" column for the amount of previous losses available as well as the "UsePrevLosses" column it does have - but that's basically an enhancement request to be made to the calculator's author. I should probably add that if you do experiment with fake gains, make certain you either do it with a copy of your real data that you throw away afterwards! (Or that you remove the data about the fake trades that produce the fake gains afterwards - but that's a bit more error-prone, specifically to failures to remove data about all of those fake trades...) Gengulphus
gengulphus
27/3/2018
03:18
Hi All, What a great program CGTCalculator. I wish i had found it years ago. However, should it show the losses brought /carried forward, i have a list of results as follows, even with the box ticked to carry forward losses. Am I missing something?:- Results generated from www.cgtcalculator.com SUMMARY INFORMATION Year CapitalGain Exemption UsePrevLosses TaperRelief ChargeableGain Tax* ------------------------------------------------------------------------------------------- 99-00 6253 7100 0 0 0 0 00-01 -8364 7200 0 0 0 0 01-02 -12219 7500 0 0 0 0 02-03 -1545 7700 0 0 0 0 03-04 -2425 7900 0 0 0 0 04-05 -5889 8200 0 0 0 0 05-06 -11108 8500 0 0 0 0 06-07 1793 8800 0 0 0 0
bev.shields
14/3/2018
09:50
Gengulphus - thank you so much for taking the time to provide such a comprehensive post to my original question. Really helpful. I now see that the "trick" (if that is the correct terminology!)is to have my wife's 30 day clock ticking away while I hold the transferred shares and thus reducing the market risk (in terms of being out of the market) to a few days until my sale proceeds are transferred back into her account, ready for a replacement purchase by her. I understand your comments about the fine tuning/timing of utilising my current year and b/fwd losses. Thanks again.
fbrj
12/3/2018
18:44
fbrj, Some years ago I transferred some shares to my wife. These now have quite a considerable unrealised CGT charge attached to them. She has no prior unused losses to offset and in previous tax years has utilised her annual exemption and will do again this tax year (2017-18)on other share transactions. I, on the other hand, have some cgt losses b/fwd and it seems sensible to utilise those by transferring the above shares from my wife to me and for me then to realise the gain (partly using what will be left of my annual exemption and also the balance of b/fwd losses). As I understand it, the transfer from my wife will be done at her S104 "cost" - thereby not triggering a taxable gain for her, as there is none. That "cost" would be used in determining my cgt gain on disposal (to be offset as described above). Basically correct, but not quite right in one important respect. That is that it's not necessarily done at her S104 cost; instead, the transfer is treated as her disposing of the shares and you acquiring them. That disposal by her is treated like any other disposal for CGT purposes, except in one very specific respect: she is treated as disposing of the shares for the total of her allowable costs, whatever that total is. So in particular, her disposal by transferring the shares to you is matched to her acquisitions by the normal rules for CGT - basically, same-day rules, then the 30-day rule, then to the S104 pool - and her allowable costs are determined by what acquisitions that matches it to, and then the disposal is treated as having occurred at the total of those allowable costs. So it will only be her S104 allowable costs if she doesn't acquire the same type of share on the day of the transfer or any of the 30 following days. Whatever it turns out to be, the result is of course that her disposal proceeds are treated as being precisely the same as the total of her allowable costs, and so the disposal is calculated as producing neither a gain nor a loss. So nothing wrong with your conclusion that no taxable gain arises for her - only potentially something wrong with what you say about the transfer being done at her S104 allowable costs. And similarly, your acquisition by the transfer is treated entirely normally by CGT in all respects, except that your allowable costs on the acquisition are treated as the same total of your wife's allowable costs for her disposal by the transfer. In particular, the way you match your disposals to that acquisition is determined by the date you acquired them by transfer, not by the date(s) of your wife's acquisitions. From the taxation of future dividends point of view it makes sense for her to hold these shares again (rather than me). My main question is: if I were to transfer the cash proceeds back to her (ie a couple of days after I have sold them) - would she fall foul of the 30 day rule? In other words, if she were to repurchase within 30 days would her new cost be deemed to be the original transfer value to me or the market price at time of purchase? The timings of you selling, of you transferring cash back to her, and of her repurchasing relative to each other don't matter for the purpose of the 30-day rule, since it is about acquisitions and disposals by the same taxpayer of the same type of non-exempt-from-CGT asset. Sterling cash is an asset that is exempt from CGT, so of those three transactions, only her repurchase is an acquisition of a non-exempt-from-CGT asset, only your sale is a disposal of such an asset, and those two are by different taxpayers. But bring in the transfer from your wife to you as well, and that changes: there is now your acquisition by transfer and disposal by sale to take into account, but the 30-day rule is not a problem for that because the acquisition is before the disposal). And there is also your wife's disposal by transfer and acquisition by repurchase to take into account, and there the 30-day rule is relevant because the acquisition is after the disposal. So you want to ensure that your wife's repurchase happens no earlier than the 31st day after her transfer of the shares to you. There is no longer time this tax year to transfer her shares to you, wait 31 days, then quickly sell, transfer the cash to her and her to repurchase. So if you want to use your remaining CGT allowance for this tax year, the best you can do is transfer the shares asap, sell on April 5th, transfer the money to her and she can then repurchase about a week later. For using your brought-forward losses, you can just as well do that with a sale next tax year as this, so the best solution may well be to transfer the shares asap, do a partial sale on April 5th, sell the rest about a week into the new tax year, then transfer the cash and she repurchases. Gengulphus
gengulphus
08/3/2018
10:30
Some years ago I transferred some shares to my wife. These now have quite a considerable unrealised CGT charge attached to them. She has no prior unused losses to offset and in previous tax years has utilised her annual exemption and will do again this tax year (2017-18)on other share transactions. I, on the other hand, have some cgt losses b/fwd and it seems sensible to utilise those by transferring the above shares from my wife to me and for me then to realise the gain (partly using what will be left of my annual exemption and also the balance of b/fwd losses). As I understand it, the transfer from my wife will be done at her S104 "cost" - thereby not triggering a taxable gain for her, as there is none. That "cost" would be used in determining my cgt gain on disposal (to be offset as described above). From the taxation of future dividends point of view it makes sense for her to hold these shares again (rather than me). My main question is: if I were to transfer the cash proceeds back to her (ie a couple of days after I have sold them) - would she fall foul of the 30 day rule? In other words, if she were to repurchase within 30 days would her new cost be deemed to be the original transfer value to me or the market price at time of purchase? If it is the "transfer value" - apart from the risk of being out of the market for 30 days - is there any other way round this?
fbrj
15/2/2018
08:45
For any other unfortunate holders of Carillion (CLLN) shares HMRC have confirmed to me by phone that they accept these shares have negligible value and will at some time in the future be adding them onto their Negligible Value Shares List. In the meantime they can included on self assessment tax returns so as to offset any CGT gains made above the CGT allowance, or for carrying forward into future tax years. Thanks once again to Gengulphus (and others) for devoting so much of his (their) valuable time in helping others understand the complexities of CGT. IE
investoree
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