Tax Advisor....Stock Market Investor

dunker1

Hi all,
My brother is invested and currently investing heavily in the markets, luckily he has a lot via PEP/ISA, but still leaves fairly substantial amount that will be taxable on gains, he is currently only a lower rate tax payer through his job.
Although he does invest for the long term should he be getting tax advice now? How do people go about reducing any possible large cgt bills further down the line?
Any advice is gratefully received or any contacts etc

Xbigman

If he has been investing in the stock market long enough to have decent sums in an ISA, let alone long enough to have a PEP worth mentioning, then he almost certainly has a good idea about how to maximise his CGT allowance and how the CGT system works. I wouldn't worry about it if I was you.
Regards



X

dunstonh

He has an annual CGT allowance and if he has unwrapped investments he should aim to sell/buy/switch each year to use his personal allowance up.

He should keep a record of purchases, disposals and switches.

As Xbigman says, if he is experienced and doing this himself since the days of PEPs, he should be aware of this already and could well be doing it. That said, he could have been stumbling along without knowing the consequences or how best to do it.

vnice

hi everyone,

is paying cgt on shares sole responsibility of the shareholder ,or does the broker reports it to hmrc so you have to pay?