CGT when selling Standard Life shares

puk999

I have some shares in Standard Life from when they were demutualised. They are currently worth about £3400 and I'm thinking of selling them. They are I'm a basic rate taxpayer and don't currently fill out a self-assessment tax return. The shares account is accessed via standardlifeshareportal.com.

Do I need to do anything tax-related when disposing of these shares?

dunstonh

if you have no other chargeable gains in this tax year then you do nothing other than keep a record of the sale and costs of sale for 6 tax years.

gt94sss2

puk999 wrote: »

Do I need to do anything tax-related when disposing of these shares?

Everyone has an annual CGT allowance - its currently £10,900.

As such if the total Capital Gains you have in a year are less than this, then you don't need to declare it and no tax is payable.

Regards
Sunil

puk999

So nice and simple then. Fantastic news. Thanks both :beer:

jamesd

While it won't affect you in this case, you'd also have to report it if the total value of all sales in the year was more than four times the annual CGT allowance, not counting sales inside ISAs and pensions or other CGT-eliminating tax wrappers.