Sold shares...need pay captial gains tax?

12helensp

I sold some of my shares and made £5000, is this eligible for captial gains tax and would I have to declare this to the tax man??

So far it looks like I have made£5000 but I also made a loss of £400 from selling some of my other shares so if I were to declare would I put in the net profit?? ie (£4600)

Thanks

isofa

This tax year your CGT allowance is £9600 so as long as you've not made more than that in total, you are fine.

The_Fiddler_2

isofa wrote: »

This tax year your CGT allowance is £9600 so as long as you've not made more than that in total, you are fine.

That doesn't really answer the OP's question though. I would be interested in the answer as well

noh

From SA150 How to fill in your tax return

"You must fill in the

Capital Gains Summary pages and attach your computations if

in the tax year:
• you disposed of chargeable assets which were worth more than £36,800, or
• losses are deducted from your chargeable gains, and your chargeable gains
before losses and taper relief are more than £9,200, or
• no losses are deducted and your taxable gains after taper relief are more than
£9,200, or
• you want to claim an allowable capital loss or make any other capital gains claim or election for the year"

Capital Gains Forms and guidance here SA108 - Capital Gains Summary

Nigel

pumpndump

12helensp wrote: »

I sold some of my shares and made £5000, is this eligible for captial gains tax and would I have to declare this to the tax man??

So far it looks like I have made£5000 but I also made a loss of £400 from selling some of my other shares so if I were to declare would I put in the net profit?? ie (£4600)

Thanks

You are under your allowance, so you need not pay CGT.

And you are quite right: so long as the gain and the loss occur in the same fiscal year, you can offset a loss against a gain, a useful trick to remember if ever your profit exceeds your allowance, and you also have some dross you want to get rid of.