Paying tax on shares profit ?

surfin

I am in full time employment and pay tax with PAYE. Recently I received a modest inheritance some of which I invested in a portfolio of shares, I think I’m right in my assumption that I can take profit to the tune of £8000 or there abouts without incurring any tax penalties, but do I have to declare all dealings to the tax man, and if so do I need to do it with a self assessment form?
Any good advice to this forum newbie would be appreciated

Lakeuk

only if you make more profit than your capital gains allowance in one year

Chrismaths

Or if you sell more than 4x the annual allowance in any tax year. That means you have to fill in the CGT pages of the tax return. This is unlikely to apply to you any time soon unless you are a) an investment genius, or b) take huge amounts of risk and get lucky!

You will need to declare any income from the shares if you are a higher rate taxpayer - otherwise your tax liability is already covered by the tax credit attached to the payment.