Capital Gains Tax on selling shares

quyeno

Hi

I've cashed in a stocks and shares investment fund, i'm going to be liable for capital gains tax. I'm new to all this tax stuff and have only ever had to pay PAYE income tax.

So regarding selling of the fund, does the investment company notify the inland revenue of the sales transaction and the taxman will contact me in due course? or do I have calculate my capital gains tax and contact the inland revenue myself?

Thanks

purdyoaten

quyeno wrote: »

Hi

I've cashed in a stocks and shares investment fund, i'm going to be liable for capital gains tax. I'm new to all this tax stuff and have only ever had to pay PAYE income tax.

So regarding selling of the fund, does the investment company notify the inland revenue of the sales transaction and the taxman will contact me in due course?

No they don't

or do I have calculate my capital gains tax and contact the inland revenue myself?

Thanks

Yes you do - and there are strict time limits! Was your GAIN more than £11000?

http://www.hmrc.gov.uk/cgt/intro/report-gain.htm

(see Key deadline section)

Brightspark87

hi! Did you purchase these shares directly? or were they through a provider?

They should provide you with details of your share purchase price and sale therefore you should be able to work out the gain. If its under £11,000 (if you sold them after 6th april 2014) you will not have to pay additional tax.

Also, are these employer given shares as part of a share scheme? if so they may be liable to income tax rather than capital gains tax.

quyeno

Hi

These shares were bought via a provider (Architas). I used to have a direct debit every month and they would invest that money into a stocks and shares fund.

The company will calculate how much I invested. So I guess I'll calculate the gain my self and contact the tax man directly.