CGT Share Dealing

Audiman7

Hi,

For the last 6 months I've been buying and selling shares. I realised I'd need to fill in a self assessment so input all my trades into the CGT Calculator site. (sorry can't post links yet)

It came back showing I'd made a loss of £1076 to date.

The thing I don't understand though is I've actually withdrawn £18,500 from my share dealing account and re-invested a separate £5,000.

My PF is showing I've invested £5k more than when I started, I've banked £18.5k. But my CGT is showing I've made a loss.

I've double checked all my trades on my spreadsheet, and I know I have realised some losses. But just unsure if this sounds feasible as I've never filled in a Self Assessment before.

Here are the statistics from the CGT Calculator site.

STATISTICS

Total amount paid in stamp duty = £2,543.48
Total amount paid in broker's fees = £3,860.00

Total number of trades = 386
Total number of buys = 219
Total number of sells = 167

INFO FOR TAX RETURN

10-11: Disposal Proceeds = £550,709.00 , Allowable Costs = £551,785.00 , Disposals = 150
Gain till 23/06/2010 = 0. Gain from 23/06/2010 to 05/04/2011 = 28581. Losses for 2010-2011 = 29657


Thanks

:beer:

middlepuss

Can't make head nor tail of your numbers.

The tax year doesn't end till April 5th 2011 so why are you doing the calculations now?

Come April, find a large piece of paper, write down each disposal you made in the tax year. Write down disposal proceeds and allowable cost for each. Work out gain/loss for each disposal. Add up.

Have a look at the Self Assessment CGT pages and Notes. You will see that the forms require details such as the gains you made (excluding losses) as well as the total net gain/loss you made in the year. You also have to attach details of how you arrived at your total figures.

Audiman7

Ok my mistake, I realise my error.

I saw that you had to file your tax return online by the 31st January 2011, but this is obviously for the 2009-2010 tax year.

Thanks for the help.

KPR11

Audiman7 wrote: »

STATISTICS

Total amount paid in stamp duty = £2,543.48
Total amount paid in broker's fees = £3,860.00

Total number of trades = 386
Total number of buys = 219
Total number of sells = 167

Based on the number of trades it is not inconceivable for HMRC to argue that the gain/loss should be deemed to be trading profit/loss thus subject to income tax as opposed to capital gains tax