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capital gains tax
iggypop37
Posts: 43 Forumite
what is the situation with stoozing and possible capital gains tax - anyone know ?
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Comments
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I don't see how CGT would apply. However, you do have to pay tax on the interest that you earn on the borrowed sum.
ClarimanAuthor of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk0 -
the way it was put to me that by (fast) stoozing I am increasing my capital - so may be liable for CGT - I said I had never seen asny mention of CGT on the boards, but thought I would ask here
Iggy0 -
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By whom?iggypop37 wrote:the way it was put to me that by (fast) stoozing I am increasing my capital
All you're doing by fast stoozing is moving capital from one place to another - you're creating a debt on the card and a credit elsewhere.
The only thing you're potentially liable for is (more) income tax if you're a (borderline) higher rate tax payer.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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