Minimizing Capital Gains Tax on shares

Lokolo

switch76 wrote: »

Anyone got any tips or strategies for reducing the amount of capital gains tax you pay?

Don't get as much profit....

cheerfulcat

switch76 wrote: »

Anyone got any tips or strategies for reducing the amount of capital gains tax you pay?

Use your ISA allowance.

JonnyBravo

There are no real tricks other than sensible planning.

Use your ISA allowance.
Use your wife/husbands allowance if possible.
If you're over the limit approaching year end then consider realising any losses to offset.

switch76

Lokolo wrote: »

Don't get as much profit....

I'd rather get huge profits and keep 82% of it.

switch76

JonnyBravo wrote: »

If you're over the limit approaching year end then consider realising any losses to offset.

What are the rules for carrying them forward to other years?

Lokolo

switch76 wrote: »

What are the rules for carrying them forward to other years?

Every year you should fill in a self assessment to record losses. You can then use these losses to offset in future years (up to 4)

HMRC wrote:

If you completed a Self Assessment tax return for the year in which you made the loss, the time limit for claiming a loss is four years from the end of that tax year. So if you made a loss in 2006-07 you must make the claim by 5 April 2011.

switch76

How do you pay CGT? Are you sent a form automatically?

What costs can you deduct?

Lokolo

http://www.hmrc.gov.uk/cgt/

Everything's here

Biggles

Lokolo wrote: »

Every year you should fill in a self assessment to record losses. You can then use these losses to offset in future years (up to 4)

They remain usable indefinitely, as long as you notify them within four years of the tax year finishing.

Thrugelmir

switch76 wrote: »

I'd rather get huge profits and keep 82% of it.

Sell your loss making shares if you have any. As losses are deductible from profits.