Capital Gearing Share Discussion Threads

[igoe104] 22/4/2022 07:07

I think I'd rather fill in self assessment than spend hours trying to get through to them on a phone...

[zangdook] 22/4/2022 01:33

it also says

Pay tax on up to £10,000 in dividends
Tell HMRC by:

-contacting the helpline
-asking HMRC to change your tax code - the tax will be taken from your wages or pension
-putting it in your Self Assessment tax return, if you already fill one in

So if you're between 2k and 10k you can just ring them up and confess

[igoe104] 21/4/2022 15:54

Definitely a strange one, its says dividend allowance 2k but further down the link its says you need to fill a self assessment out in you earn more than 10k in dividends. 🤷 so anything below 10k in dividends no self assessment required...

[ammons] 21/4/2022 15:14

This is what I recalled seeing, probably the same as you.



The dividend allowance is £2000 a year so how do you pay the required amount of dividend tax when your dividend income is over that if you do not fill out a form or make some sort of declaration in order to pay the correct amount of tax?

I am confused.

Shame Gengulphus is no longer with us.

I, like you, am recently retired and am moving all my investments into safer, boring divi payers. I expect to face this same question from April next year onward.

[igoe104] 21/4/2022 14:31

I've just gone on the tax website and it says you need to earn 10k or over in dividends to fill in a self assessment form ?

[igoe104] 21/4/2022 14:17

Thats strange as I filled out a self assessment because my dividends out of a isa was £2600. So I don't know why they have said in future i don't need to fill out a self assessment form ...

[ammons] 21/4/2022 13:57

I think the dividend allowance outside an ISA is £2000?

[igoe104] 21/4/2022 13:53

Hi, whats the amount of dividends I receive in a tax year for me to fill out a tax self assessment form ? I'm recently retired.

Just got a letter from the tax office saying I don't need to fill out a form, but I can't find out the amount when I do need to fill a form in ?

I'll appreciate any help in this matter?

[apollocreed1] 24/2/2022 18:51

Does anyone know why PNL and RICA were down today, while CGT was up? I think they have similar downside protection of bonds and a little gold. RICA also has options to insure against crashes. So how come CGT did better?

[panshanger1] 24/2/2022 13:03

Still feel the same

[brancho] 17/2/2022 16:16

Used to post years ago and remember G. Timely that my return has coinsided with this. Great guy. Incredible mine of info. RIP G.

[brancho] 17/2/2022 16:15

Hi new to board has anyone got a spreadsheet templaate to report share sales where this is required for example when you go over your allowance in your tax return? Thanks in advance. Nick

[steve73] 30/1/2022 04:51

Very sad news..

The some of the comments on "muchloved" link refer to gengulphus on the motley & lemon fool platforms.

[che7win] 29/1/2022 21:29

Sorry to hear the news.He was very patience and helpful to others, I had no idea his ARM career sucess

[zangdook] 29/1/2022 19:46

Reading the arm.com page linked above, I have absolutely no idea what they're talking about, but the kind, exquisitely thorough and helpful Gengulphus we knew on here is clearly recognisable in the description of David Seal.

[brwo349] 29/1/2022 17:25

Terrible news. Just reading back at some of this fellow's posts on this thread he was in a league of his own and will be sadly missed.

[pvb] 22/1/2022 17:47

ammons 21 Jan '22 - 18:20 - 1212 of 1214

It seems, according to Lemonfool, that the great Gengulphus has passed away. This post above seems to have been his last one on ADVFN though I am aware that the search facility here is not 100% accurate.

AFAICS, this looks to be G's last post on ADVFN, on 27 Nov 2021



He died quite suddenly and unexpectedly in December.

[zangdook] 22/1/2022 00:19

Oh no! Gengulphus was unfailingly polite, helpful, intelligent, extremely well-informed, frankly I don't know where to turn with tax questions if this news is true. I would say he was the only poster on advfn for whom I had 100% respect. Without fail, he wrote long, thoughtful, extraordinarily detailed posts in response to any query from any random person. He certainly helped me several times when HMRC were being obtuse and vexatious.

At least we have an archive of his wisdom.

RIP Great G

[srtu] 21/1/2022 19:32

Terrible news and very sad to hear such news. I wish and pray that this news might not be true. If the news is correct, RIP Gengulphus and Deepest condolences to his family.
Gengulphus is so detailed and offered a great help in explaining each and every point regarding latest tax return and I must greatly appreciate his inputs. I have seen his other posts helping the wider community, and you will be missed.

[ammons] 21/1/2022 18:20

It seems, according to Lemonfool, that the great Gengulphus has passed away. This post above seems to have been his last one on ADVFN though I am aware that the search facility here is not 100% accurate.



He helped me greatly with my tax returns over the years on Motley Fool, Lemonfool and on here.

RIP Gengulphus. You will be missed.

[panshanger1] 17/12/2021 16:17

Personal Assets has been very steady too Always pleased to have a sizeable holding in both of these

[lozzer69] 17/12/2021 15:26

CGT doing a good job at wealth preservation . I intend to add soon.

[gengulphus] 16/10/2021 12:27

Srtu,

... the following info came from CGT calculator. I suspect something is going wrong in CGT calculator.

I'm practically certain that something is going wrong in CGTcalculator, because of two obviously wrong bits of information in the extra output you've provided. The first that struck me was:

Total number of trades = 7
Total number of buys = 4
Total number of sells = 3

There are 7 trades in your input, but they comprise 4 buys, 2 sells and a rights issue. So it looks as if CGTcalculator is counting the rights issue as a sell, not a buy. It's actually neither a sell nor a buy - but it's a lot closer to being a buy than a sell! It differs from a buy only in that unlike a buy, it cannot be matched to a sell under the same-day or 30-day rules (something that only rarely makes a difference, and doesn't for your example), but from a sell in that it absorbs cash and adds shares rather than the other way around (something which will always make a difference).

This led me to check the rest of the information more carefully, and in the "INFORMATION FOR TAX RETURN" section, I saw "Disposals = 2". Those are clearly the two sells, so CGTcalculator seems to be treating the rights issue as a sell that is not a disposal...

But the first sell has disposal proceeds of 2842*£3.90729 = £11,104.52 and the second 60333*£1.06330 = £64,152.08 (note that their commissions of £6.95 each don't enter into their "Disposal Proceeds" calculations, but instead into the "Allowable Costs" calculations). Rounding those down to whole numbers of pounds, that produces total disposal proceeds for the two sells of £11,104+£64,152 = £75,256, which is £14,851 short of the £90,107 disposal proceeds reported by CGTcalculator. And £14,851 is exactly the result of the disposal proceeds calculation to the rights issue data (46410*£0.32000 = £14,851.20) and rounding down to a whole number of pounds.

So it appears that CGTcalculator is treating the rights issue as a sell that is not a disposal but does have disposal proceeds, when it clearly doesn't have any such proceeds... I'm afraid I cannot help beyond identifying that inconsistency - that requires me to be able to see the full details of CGTcalculator's internal calculations, which I am not. Sorry incidentally that my last post suggested that you might be able to provide them. I was working from a memory that those were available from CGTcalculator that turns out to have been false - I think it's actually something provided by the Stonebanks calculator rather than by CGTcalculator (but I'm afraid I don't think the Stonebanks calculator would solve your problem, because I cannot see that it has any facility to input rights issues).

So that's basically as far as I can go - CGTcalculator's author is presumably the only person who can provide more details of how CGTcalculator is doing the calculations and/or correct any problems with them.

If you want a work-around for the problem, though, I'd suggest you search your CGTcalculator input data for rights issues, and then check each rights issue for sales of the same type of share on the same day or in the preceding 30 days. If there isn't any such sale, change the "Rights" line to a "Buy" line (and append a note to the CGTcalculator output saying something like "The 09/11/2020 buy is actually shares obtained from a rights issue, but treating it as a buy does not alter how it is matched to share sales"). If there is such a sale, extract all the data for that company and do the calculation by hand - but given that rights issues are quite rare and it still requires some bad luck to have sold the same type of share on the same day or in the preceding 30 days, that case shouldn't happen at all often (hopefully not at all).

Gengulphus

[srtu] 14/10/2021 14:05

Gengulphus,

Thanks. Even I am quite convinced with your calculations, but the following info came from CGT calculator. I suspect something is going wrong in CGT calculator.


TRADE MATCHING INFORMATION

TAX_YEAR 20-21

1. SELL: 2842 ABC.L on 08/06/2020 at £3.90729 gives GAIN of £2,621.52
Matches with:
BUY: 25/06/2020 2842 ABC.L shares of 5029 bought at £2.96621
CALCULATION: Gain = £2,621.52 = ( 2842 * 3.90729 - 6.95 )
- ( 5029 * 2.96621 + 6.95 + 74.59 ) * ( 2842 / 5029 )

2. SELL: 60333 ABC.L on 23/11/2020 at £1.0633 gives GAIN of £10,120.18
Matches with:
BUY: SECTION 104 HOLDING. 60333 ABC.L shares of 60333 bought at average price of £0.89545
CALCULATION: Gain = £10,120.18 = ( 60333 * 1.0633 - 6.95 )
- ( 60333 * 0.89545 )



CURRENT PORTFOLIO

Your portfolio is currently empty

STATISTICS

Total amount paid in stamp duty = £235.85
Total amount paid in broker's fees = £40.70

Total number of trades = 7
Total number of buys = 4
Total number of sells = 3

INFO FOR TAX RETURN

20-21: Disposal Proceeds = £90,107.00 , Allowable Costs = £77,366.00 , Disposals = 2
20-21: Year Gains = £12,741.00 Year Losses = £0.00