Capital Gains Tax due on Shares?

phil-007_3

Hi all,

My wife has recently received about 23k in a bonus from work, (based on the value of the company shares 3 years ago).
she was offered to take the bonus in shares or cash, she took it in cash.
We are now wondering if capital gains is due on this? She is a higher rate tax payer on about 43kpa, the money was just transfered into her account rather than paid through a payslip with the deductions made.

The initial value of the shares was around 8k ( they have trebled in 3 years )
Looking on the 'Which' site it says we owe about 1k, does anybody know if this is correct?

Whilst we are expecting to pay tax on the amount we are unsure how we calculate it and how we go about actually paying it!

Sorry for sounding very dense, we're not used to being in this position

Thanks

antrobus

Did she actually pay £8k for the shares, or was it the case that she paid tax on being given £8ks worth of shares?

John_Pierpoint

This sounds like an option to me.
Probably a silly mistake to have taken all the capital gain (if that is what it is) in one go when there is a fiscal year end on 5th April and a spouse able to be given half the shares.

What sort of shares are they.? On which market are they quoted.

Mikeyorks

phil-007 wrote: »

Looking on the 'Which' site it says we owe about 1k, does anybody know if this is correct?

you need to say what type of scheme this was - as there are several. Some have CGT liability - most don't.

if CGT is chargeable then she would have needed to pay around £9k for the shares in order to get the CGT (at 28%) as low as £1k (after the £10.6k allowance)

phil-007_3

They are Rolls-Royce shares. They are from a deferred bonus - given an amount of shares in 2009 & because targets were met the bonus was realised at treble the value because of the increase in share value 2009 - 2012.

We have roughly calculated that the original value "cost" of the shares was circa £8k.

Any help would be great - I recognise that I may have !!!!!!ed up with spouse / tax year but as the shares have already been cashed in there is nothing I can do about it apart from learn from it in the future.

Just really need to know how to pay the CGT??

Mikeyorks

phil-007 wrote: »

Just really need to know how to pay the CGT??

If she files an SA Return then she needs to complete the CGT pages for 11-12. Return due by 31st Jan 2013 - tax due by same date.

if she doesn't have to file an SA Return currently - then she needs to register by 6th Oct 2012. File and pay by 31.1.13