Paying tax on shares

wishyboy

Hi
I recieved some shares from my parents and now want to sell some. I have been told I can sell so many (up to a certain value) before I have to pay any taxes.

Is this true and if so, what is the amount as I cannot find anywhere that mentions this?

Thanks in advance.

:beer:

gadgetmind

You need to establish the value of the shares at the time they were gifted to you. At this point, your parents would have been deemed to have made a disposal of the shares for capital gains tax purposes, so they will have had to establish this value themselves.

Once you know this per share value, you can work out the gain you have in each share. You then then sell enough shares to make a gain of £10,900 this tax year without paying a penny in tax or even having to declare it.

If you'd after last week, you could have used your allowance of £10,600 last year and still have had £10,900 left for this year. That £10,600 allowance is now lost forever.