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Share Name Share Symbol Market Type Share ISIN Share Description
Capital Gearing Trust Plc 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
  10.00 0.22% 4,640.00 4,600.00 4,640.00 4,610.00 4,610.00 4,610.00 14,589 16:35:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 7.8 6.4 59.1 78.5 565

Capital Gearing Share Discussion Threads

Showing 7651 to 7675 of 8325 messages
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DateSubjectAuthorDiscuss
27/12/2013
14:34
The first £9,440 you earn in 2013-14 is not taxed. So if you are paid monthly the first £786.66 you earn each month is not taxed. (£8,015 for last tax year 2012-13).
miata
27/12/2013
13:59
Hi Miata, Thanks for info. I am not so sure about this "personal allowance", do they mean, I have to remove the 8,105 allowance from my basic income? a bit confused with these terms. Thanks in advance.
qipincha
27/12/2013
12:21
Yes. You take your Gross Pay and deduct your personal allowance to get your taxable pay. Amounts of basic personal allowances here: http://uk.advfn.com/cmn/fbb/thread.php3?id=14977168
miata
27/12/2013
12:09
one question to ask, when reading HM examples, they said "total income, after deducting allowances and reliefs," I have income from my job. Is the "total income, after deducting allowances and reliefs" the basic pay before anything deducted? (I have pension, nursery fee, tax, NI deducted from the basic pay. So the net pay is actually a lot less than the basic pay.) cheers
qipincha
27/12/2013
12:05
hi guys, time to work it out cgt for 12/13 again...
qipincha
16/12/2013
10:31
Thanks Gengulphus, appreciate your explanation of the matter. I think the answer for my trading is a definite no with regards to reliefs, was worth looking in to though.
dr contrarian
16/12/2013
01:06
I have decided for the fist time that it could be wise to look into ways to reduce my CGT bill. Tax efficiency not tax avoidance I believe its called. Tax efficiency and tax avoidance are the same thing... It's tax evasion that is illegal. Like most traders I use my home as an office but don't make any relief claims - is this worth looking in to ? Are there any sites folks would recommend that advise on the tax issues for traders. If you mean that you trade shares and other securities, you're almost certainly in the realms of CGT, which means that the only costs you can claim are what you pay for them, trading costs associated specifically with a particular buy or sell (e.g. broker commissions and stamp duty), and some other costs specifically associated with a particular holding (e.g. to enhance it or establish your title to it). General costs associated with doing the trading cannot be taken into account, such as account fees or office expenses - sorry! It is theoretically possible if you treat the trading sufficiently much as a business to get it dealt with by Income Tax instead of CGT, in which case office expenses become allowable. But the standard to do that is a very high one: you basically need to become a serious business whose trade is buying and selling shares, in the same sort of way as say a greengrocer is a serious business whose trade is buying and selling fruit and vegetables. If you do that seriously enough, for instance by effectively becoming a market maker who has buying and selling prices available throughout market hours, then it can be done. But HMRC's presumption is that individuals buying and selling shares are investing or speculating rather than engaging in such a trade... See the pages linked to from http://www.hmrc.gov.uk/manuals/bimmanual/BIM56800.htm for more details if you're interested. So for practical purposes, you should almost certainly treat the answer as "No, your share trading is dealt with by CGT and you cannot claim office expenses". And if you think you might be one of the few exceptions to that rule, get some serious tax advice about it before acting as though you actually are one of those exceptions. Gengulphus
gengulphus
14/12/2013
10:19
No. No. (This is a considered, non-flippant answer).
miata
14/12/2013
10:09
I have decided for the fist time that it could be wise to look into ways to reduce my CGT bill. Tax efficiency not tax avoidance I believe its called. Like most traders I use my home as an office but don't make any relief claims - is this worth looking in to ? Are there any sites folks would recommend that advise on the tax issues for traders.
dr contrarian
05/12/2013
13:45
CGT for foreign owners won't arrive until April 2015 - and only for FUTURE gains, so not quite an equalisation. It could also mean there is something of a sell-off of expensive properties ahead of this date as wealthy non-residents crystallise gains and seek to remain outside the tax net.
miata
05/12/2013
13:29
So indeed increases of CGT in real terms for years. And also now CGT for foreign non-residents on residential property, which is at least a fair equalisation as far as this tax position is concerned.
zastas
05/12/2013
12:49
Private Residence Relief – Final period rule From 6 April 2014 the final period exemption will be reduced from 36 months to 18 months. CGT Annual Exempt Amount £11,000 for the year 2014/15 and £11,100 for 2015/16 and subsequent years. Annual Individual Savings Account (ISA) subscription limit for 2014/15 will be £11,880, of which £5,940 can be invested in cash.
miata
05/12/2013
09:19
Yes. (Further detail in EGLBAGL Regulations - The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002 (SI 2002/1970)).
miata
05/12/2013
09:11
I am thinking of having a dabble at Forex ... on the assumption that I will loose it, does anyone know whether we can offset Forex losses against CGT. Thanks loads in advance PETER
pedr01
03/12/2013
03:56
Thanks to everyone for helping. I still find it a bit hard to understand but I will have tax to pay (18%) so because I had sales this year so far of over 84k making 23k profits I must notify them and try to claim for the two years of losses then fill my tax return for this year disclosing this years gains. Just one more question , if say I was to have a disastrous run and fall back below the 10900 what happens then? If HMRC send you a tax return for the current 2013/2014 tax year: You do not need to notify the taxman separately that you have CGT to pay. You do have to fill in and return the tax return according to its instructions. One of those instructions will be that you have to fill in the Capital Gains Summary supplementary pages and include them and your CGT computations in a variety of circumstances, two of which are total disposal proceeds over £43,600 and total gains before offsetting losses over £10,900. You have gone over both of those limits already and nothing is going to bring you below them again - any sale will increase your disposal proceeds, and either increase your gains before offsetting losses (if you realise a gain on the sale) or leave them unchanged (if you realise a loss on the sale). So you are definitely going to have to include the Capital Gains Summary supplementary pages and CGT computations with your tax return, whatever happens for the rest of this tax year. If HMRC do not send you a tax return for the current 2013/2014 tax year and you do not have the "disastrous run" you mention: You have to notify the taxman that you have CGT to pay, by October 5th 2014. He will probably respond by sending you a tax return to fill in, in which case everything I say above about being sent a tax return will then start to apply. It is however conceivable he will choose some other way of dealing with the situation. If HMRC do not send you a tax return for the current 2013/2014 tax year and you do have the "disastrous run" you mention: You are in the 'grey area' I described in my previous reply (post 615 above), and as I said there, I'm not certain whether you have to notify the taxman about the situation by October 5th 2014 or not, but I would do so anyway in order to play it safe. You will also definitely want to claim your losses for the 2013/2014 tax year by the deadline for claiming them (April 5th 2018), since they're needed to offset against the gains for the 2013/2014 tax year and you cannot offset losses you haven't claimed. I.e. one way or another, you're going to need to tell the taxman about your 2013/2014 CGT situation: the grey area I don't fully understand is only about just how you need to tell him and by when, not whether you need to. In all cases: You want to claim your year one and year two losses by their deadlines - as I said previously, that will involve sending the taxman a letter detailing all your gains and losses for those years, so as to establish what losses are left to carry forward after offsetting them as far as possible against same-year gains. Assuming those years are the 2010/2011 and 2011/2012 tax years respectively (you haven't quite said they are!), those deadlines are April 5th 2015 and April 5th 2016 respectively (but of course, if you are sent a tax return to fill in for the 2013/2014 tax year, you will want to get those losses claimed in time for that tax return's earlier deadline of January 31st 2015). You might also want to get losses claimed for year three - it depends on how the net gains of £2,410 that you mentioned are made up. If you only realised gains in that year, or you realised gains below its CGT allowance (£10,600 assuming "year three" is 2012/2013) that were then pulled down to £2,410 by losses realised in the same year (for instance, £5,410 gains and £3,000 losses in the year), then there is no need to do so: whether you claim and offset the losses or not makes no difference to the fact that your gains are below the CGT allowance and you owe no CGT for the year. If however you realised gains above the allowance that were then pulled down to £2,410 by losses realised in the year (for instance £32,410 gains and £30,000 losses in the year), then you do want to claim them: technically, until you do so, you cannot offset them and so you owe CGT for the year. As further notes on that possibility, still assuming that "year three" is 2012/2013: * If you've already submitted a tax return for that year without the Capital Gains Summary supplementary pages and CGT computations, that tax return is incorrect because it should include them (since the gains before offsetting losses are over the CGT allowance), so you will want to amend it to include them. * If you've been sent a tax return for that year and haven't yet submitted it, make certain you include the Capital Gains Summary supplementary pages and CGT computations when you submit it. * If you've not been sent a tax return for that year, you want to claim the losses using a separate letter, to get yourself into the position of not owing CGT for the tax year. Make certain the letter describes all your gains and losses for the tax year and makes it clear that with net gains below the CGT allowance, no CGT is owing: that's in order to minimise the chances that the taxman then decides he wants you to fill in a tax return for the year (but no guarantees he won't!). Just to make certain I don't panic you into doing something unnecessary: those last three bullet points only apply if your net gains of £2,410 for year three are made up of large gains over the CGT allowance for the year, offset by large losses. If the gains for year three before offsetting losses are below the CGT allowance, nothing needs doing. Gengulphus
gengulphus
30/11/2013
15:07
Thanks to everyone for helping. I still find it a bit hard to understand but I will have tax to pay (18%) so because I had sales this year so far of over 84k making 23k profits I must notify them and try to claim for the two years of losses then fill my tax return for this year disclosing this years gains. Just one more question , if say I was to have a disastrous run and fall back below the 10900 what happens then? Ali.
investali
26/11/2013
17:16
The taxman will be glad to hear and full of Christmas sprit for you G and glad to have been the occasion of your CGT mitigation!!!
chairman20
26/11/2013
15:04
If this continues to April what tax will I pay and should I start putting away some money each week so as I don't get a bill from the tax man or if he doesn't contact me do I just forget about it until he does. Two slightly different answers, depending on your general tax situation, but both of them involve you doing something and are not "forget about it until he does". If the taxman sends you a tax return next April for the current 2013/2014 tax year, you have to fill it in according to its instructions. Those instructions say you have to complete its Capital Gains Summary supplementary pages and include them and your CGT computations with your tax return if your disposal proceeds are over 4 times the CGT allowance (i.e. £43,600), or your gains before deducting losses are over the CGT allowance (i.e. £10,900), or you want to make a CGT claim or election, or two other conditions that relate to overseas domicile. Your gains before deducting losses for the current tax year are at least £27,000 - they can be increased by realising further gains, but not reduced by taking losses. So you are certain to have to include the Capital Gains Summary supplementary pages and your CGT computations with your tax return for that reason alone - still assuming you're asked to fill a tax return in. If on the other hand you're not asked to fill in a tax return, the rules in http://www.hmrc.gov.uk/manuals/salfmanual/SALF210.htm apply. They basically say that in that case, you have to notify HMRC by the October 5th six months after the end of a tax year if you owe CGT or Income Tax for that tax year, and indicate that the likely response to such a notification is to send the taxpayer a tax return - at which point everything changes to what I've said above about being sent a tax return. There is a bit of a grey area in those rules. The general description says that you have to notify if you're chargeable to Income Tax or to CGT, while the detailed description indicates that you don't have to notify if you have no gains or only have gains within the CGT allowance (and additionally you have no Income Tax to pay or it's all covered by Income Tax deducted at source). The grey area is what happens if you have gains above the CGT allowance, but also have losses that will take them down below the CGT allowance. In that case, the general description doesn't say you have to notify, but equally the detailed description doesn't say you don't have to... I don't know exactly what the correct answer is in that situation; I would probably deal with it if I faced it by sending a notification setting out the situation and saying that I find it unclear whether I have to notify them but am playing it safe... So on to the details of your situation: * First, you cannot use losses against gains unless you have claimed them - which basically just means telling the taxman about them, either in your tax return or by giving similar details in a separate letter. You have four complete tax years after the end of the tax year in which the losses were realised to claim them - so assuming this is year four in your numbering, the year one losses were realised in the 2010/2011 tax year and can be claimed up until 5 April 2015, and the year two losses can similarly be claimed up until 5 April 2016. Edit: But as you want to use the losses in your 2013/2014 tax return, you'll need to claim them by 31 January 2015 anyway... Not that there's anything to be gained by delaying claiming losses, anyway - it doesn't change when they have to be used, it just risks forgetting to do it until it's too late and so not getting to use them at all. * Provided losses have been claimed, there is no limit to how long they can be kept before they're used against gains - but there are two rules that oblige you to use them (so you cannot decide you want to keep them because you think you'll get better value out of them later). * The first of those rules is that losses have to be used against gains realised in the same tax year as them if at all possible. This normally means that losses must be used to reduce the gains to zero, and only any net losses after that has been done can be carried forward into the next tax year. So in your year one, when you lost £2,378 overall, you get to carry losses of £2,378 forward into year two - it doesn't matter if (for instance) you made gains of £1,235 on some share sales during the year and losses of £3,613 on others, it's only the net loss of £2,378 that gets carried forward. Note that in practice, this generally means that claiming losses in a past tax year generally involves detailing all your gains and losses in that tax year, not just the losses. * Similarly, in year two, £7,650 of new net losses get carried forward into year 3, plus the £2,378 losses brought forward from year one and not yet used. So a total of £10,028 losses get carried forward from year two to year three. * In year three, you made net gains of £2,410 after offsetting same-year losses against the gains. Since you also have brought-forward losses from year two, the second rule about using losses comes into play: it says that brought-forward losses must be used to offset gains above the CGT allowance, but only up to the point of taking them down to the CGT allowance. Since £2,410 is already below 2012/2013's CGT allowance of £10,600, the brought-forward losses do not need to be used at all, and so all £10,028 of them get carried forward again into year four. * As things stand in year four you have £27,000 net gains after offsetting any losses in the same year. All £10,028 of brought-forward losses can be offset against them without taking them below the £10,900 CGT allowance, so must be offset, taking them down to £16,972. Then the excess over the CGT allowance, i.e. £6,072 is taxed by CGT. If you're a higher-rate taxpayer (or above), it will be taxed at 28%, for £1,700.16 CGT due; if you're a basic-rate taxpayer (or below) and your taxable income falls short of the higher-rate threshold by at least £6,072, it will be taxed at 18%, for £1,092.96 CGT due; if you're a basic-rate taxpayer and your taxable income falls short of the higher-rate threshold by an amount less than £6,072, then that amount of the gains will be taxed at 18% and the rest at 28%, for a CGT bill somewhere between those two figures. * If you realise further gains this tax year, they will obviously increase that CGT bill; similarly, if you realise further losses this tax year, they will reduce it. If you realise further losses that are exactly £6,072 in excess of any further gains you realise, the net result will be to take your net gains down to the CGT allowance, so that no CGT will be due. (And if you replace "exactly £6,072" with "more than £6,072", the CGT bill will still be reduced to zero and additionally not all the brought-forward losses will be needed to get the net gains down to the CGT allowance, so that some of them will be carried forward again into year five.) * If you end up in one of those situations where the CGT bill has been reduced to zero and the taxman hasn't sent you a tax return, then you're in the grey area I mentioned above, where I'm not certain whether you need to notify the taxman of the situation but I would do it anyway to play it safe. * One thing worth noting about realising further losses to reduce the CGT bill is that it can make it a very good idea to ditch any major losers you have in your portfolio. As a rather extreme example, I've recently realised some large gains in Delcam, large enough to produce a pretty big CGT bill. To offset that, I finally sold off my old holdings of RBS, which had shrunk to only about 5% of what I paid for them. That means that I realised a loss of about 95% of what I paid for them; offset against the Delcam gain, it's going to save me about 28% * 95% = 26.6% of what I paid for the RBS shares in CGT. I.e. the CGT-reducing effect of the RBS sale is over five times bigger than the cash produced by the sale, and is the major reason for the sale - the cash is just a small bonus on top of it... I would still much have preferred to have made a gain on the RBS shares, of course, but effectively getting back nearly a third of what I paid for them in CGT savings plus cash does lighten the blow inflicted by one of my worst share selections ever... Gengulphus
gengulphus
25/11/2013
20:44
There are two free CGT calculators on line - see links at the the top of the page.
david77
25/11/2013
20:04
Answer, making some assumptions: 27,000 -10,900 -2,378 -7,650 = 6072 *.18 = £1,092.96 to pay. You need to write to HMRC to claim your losses. With a gain of 27,000 you are likely to have total proceeds of sales in excess of £43,600 which means you are required to submit your CGT calculations to HMRC even if you make offsettable losses in the remainder of this tax year which bring your net taxable gains below your annual exempt amount. (Basically by submitting a tax return which can be done online). I have assumed that you will pay CGT at the basic rate of 18% rather than the higher rate of 28%, however: You need to work out your total taxable income before working out which Capital Gains Tax rate to use. First work out your taxable income by deducting any tax-free allowances and reliefs that you are entitled to. Next see how much of your basic rate band is already being used against your taxable income. The basic rate band for 2013-14 is £32,010. Next allocate any remaining basic rate band against your other gains, these are charged at 18 per cent. Any remaining gains above the basic rate band are charged at 28 per cent.
miata
25/11/2013
19:40
Hi all, i'm a total novice to CGT and would appreciate some helpful advice from some kind peeps. I have been investing in the stock market for four years year one I lost 2378 year two i lost 7650 year three I made 2410 and this year i've taken profits of 27,000 If this continues to April what tax will I pay and should I start putting away some money each week so as I don't get a bill from the tax man or if he doesn't contact me do I just forget about it until he does. Thank you in advance Ali.
investali
25/11/2013
12:39
Gengulphus - Thank you for your kind offer to possibly check my PVCS Capital loss calculations should the demands on your available time and circumstances permit at the time I make any such request. I am most definitely not asking you for any form of financial advice. The sole reason for asking for your help is because I suffer from a form of number blindness a kind of arithmetical dyslexia which is why it takes me so much time and effort each year checking and rechecking the CGT computations prior to submitting my tax return. Although you generously give your time and knowledge freely on this BB it is a real shame that because of the way current legislation is framed those of us that benefit from your considerable experience cannot reward you in some small way. Investoree
investoree
25/11/2013
11:10
My broker insisted that I included the words "gifting" or "making a gift of". In case anyone is wondering why brokers do that, it's because one of the exemptions from stamp duty is for a gift from one individual to another. Being able to claim that exemption makes the transfer cheaper and simplifies the associated administration. Gengulphus
gengulphus
25/11/2013
10:58
Investoree, Assuming that I am able to get the Capital option registered during the day tomorrow before the market closes would it be taking too much of a liberty to ask if you would be prepared to check my PVCS calculations before I submit them to HMRC with next years tax return? I need to be a bit careful about that request, I'm afraid. As a general rule, I'm happy to comment on stuff I read on these boards, on the usual bulletin-board basis - i.e. it's voluntary stuff that you've paid nothing for and might not be worth anything more than what you've paid for, and there is no come-back if my comments are wrong. I do my best to make sure my comments are correct, of course, but I cannot guarantee they are. There are also regulatory issues about giving personal financial advice, and I am not authorised to do so by any of the regulatory authorities - nor am I planning to become authorised. Those issues are generally with paid-for advice - people are generally free to help out relatives and friends with their finances, as long as they don't charge anything for the help. But both to remain clearly on the right side of that line and to keep control of how much time I put into such things, I strongly prefer to do such things purely via bulletin boards, not by more personal contact via email, etc. Also, there are enough other demands on my time that I cannot really promise to be able to deal with such a request. So what that all comes down to is: if you're willing to post your calculations here in due course, yes, I'm willing to check them - time and other circumstances permitting, and on the usual bulletin-board basis. And if I'm not able to do so for some reason, there are other regular posters here who might well be willing to do the same. But if you want anything more than that, and in particular if you want any come-back if a mistake is made, you need to employ a professional, authorised tax advisor. Gengulphus
gengulphus
25/11/2013
09:25
david thanks for the response. Both accounts with the same broker so will give them a call later. Was just wondering on timescales etc but I suppose they will let me know once I contact them.
ryan83
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