Capital gains tax on shares

Mik77

Hi would it be possible for someone with a bit knowledge in this area to pm me do I can get a bit advise.

I'm aware of the 10k limit on shares profit before paying capital gains.

I have some shares which hopefully may reach a point of profit.

The shares were recently purchased within 2012 however after reading hmrc website I am also aware that I could transfer shares to my spouse.

I purchased these shares after selling others which were sitting in a shares Ida account however these were sold at approx 3k loss.

I'm wondering if there is any offset of the 3 k loss before the ten k profit capital gains comes into play.

Thanks in advance.

Mik77

Mods. I seem to have put this in the wrong place. Can it be moved to the Cutting Tax thread, as it seems more relevant there.

thank.s

alanq

Gains on shares in an ISA are not liable for Capital Gains Tax but neither can losses be used to offset gains outside an ISA.

The Capital Gains Tax allowance for 2011-2012 is £10,600. This is the gain realised in a tax year. If you wanted to sell, you could sell some of your shares now for up to £10,600 of gains and another £10,600 from April 6th onwards and so on in future tax years.

I suspect that Stamp Duty may have to be paid when transferring to a spouse. (The HMRC website mentions exceptions at the time of marriage and divorce so by implication I assume no exception during a marriage).

Mik77

alanq wrote: »

Gains on shares in an ISA are not liable for Capital Gains Tax but neither can losses be used to offset gains outside an ISA.

The Capital Gains Tax allowance for 2011-2012 is £10,600. This is the gain realised in a tax year. If you wanted to sell, you could sell some of your shares now for up to £10,600 of gains and another £10,600 from April 6th onwards and so on in future tax years.

I suspect that Stamp Duty may have to be paid when transferring to a spouse. (The HMRC website mentions exceptions at the time of marriage and divorce so by implication I assume no exception during a marriage).

Thanks I suspected that would be the case, it makes sense really, but worth asking.

IanManc wrote: »

However, there's no Stamp Duty on shares which pass as a gift, so you can give the shares to your spouse and there's no Stamp Duty liability.

Cheers, I'll look into this bit.

There's a few weeks of the current tax year to go yet, so there may be scope to release some profit before the next one starts