Share Dealing Discussion Area

grey_gym_sock

if you're not obliged to fill in the CGT pages (as explained very well by nick), but you have an overall loss for the tax year, then you might choose to fill them in, so that you can carry the loss forward to set against gains in future years. you have to claim losses within some time limit, or you won't be able to carry them forward - though you don't have to do this on your tax return.

once you are filling in a tax return, i don't think it makes any difference why you're doing so.

englisho

I few years ago I owned shares in some companies, they were purchased via iii. 3-4 years ago I sold all my holdings and closed my account with iii.

Since then about every six months, I get a call from someone wanting to purchase shares in the same specific company. Each time I tell them that I sold all my holdings and no longer have any shares in said company.

Like clockwork, I recently had another call.. the lady that called was adamant that I did indeed still have shares in the company and suggested they were probably issued via some share swap scheme that I qualified for. She further suggested that I probably wasnt aware of them due to me closing my dealing account. Is this possible? She wanted to fax or email me a purchase proposal. I declined and hung up, but it got me wondering..

I checked with the company concerned and their registrar who said that as I bought them via iii they may not be shown in my name.

Is this some sort of con? has anyone else encountered this and if so, whats going on? I'm intreagued..

Just_landed

Biggles wrote: »

It's four times the annual CGT exempt amount, so this tax year it's £43,600.

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Thanks Biggles It's been years since I had to notify HMRC in fact it was during the crash in the markets. I swore then I would never get in that situation again, luckily I'm just under so will be OK.

Biggles

Just_landed wrote: »

Thanks Biggles It's been years since I had to notify HMRC in fact it was during the crash in the markets. I swore then I would never get in that situation again, luckily I'm just under so will be OK.

But you referred to having made as loss so, as pointed out above, you ought to notify HMRC of the details of the disposals in order that they will take the loss into account if you exceed the CGT annual exempt amount in a future year. They will take it in letter form as long as you include all the details of each acquisition/disposal.

Nick_C

Does anyone have any thoughts on the questions I raised above? (post 2375)

All my shareholdings are in my name. I had to stop trading in mid January to avoid breaching the CGT threshold.

If I open a new (Halifax) Share Dealing Account in joint names with my Civil Partner and transfer all my (non ISA) shares across, does this mean that we will effectively have a £22K CGT threshold in the new tax year? i.e. When we sell shares, any capital gain is split evenly between us?

Halifax tell me there is no charge for this. Are there any drawbacks that I have not thought about? Is it ok to fund my share account from - and still have dividends paid into - my current account, or should I set up a joint account for them as well?

We are both BR tax payers, and the additional income that my OH will get through dividends will not take him into the higher rate.

(I realise this won't help me in the current tax year, as I've already maxed out on shares sold that were solely in my name.)

We currently don't have any joint accounts, and I'm only mid 50s so I don't expect to die soon, but I like the idea of putting assets into joint accounts anyway, as it will make things easier for him if/when I die.

Apologies for the bump, but I'd just like to be sure I've not overlooked anything before I go ahead and do this.

EdGasket

englisho wrote: »

I few years ago I owned shares in some companies, they were purchased via iii. 3-4 years ago I sold all my holdings and closed my account with iii.

Since then about every six months, I get a call from someone wanting to purchase shares in the same specific company. Each time I tell them that I sold all my holdings and no longer have any shares in said company.

Like clockwork, I recently had another call.. the lady that called was adamant that I did indeed still have shares in the company and suggested they were probably issued via some share swap scheme that I qualified for. She further suggested that I probably wasnt aware of them due to me closing my dealing account. Is this possible? She wanted to fax or email me a purchase proposal. I declined and hung up, but it got me wondering..

I checked with the company concerned and their registrar who said that as I bought them via iii they may not be shown in my name.

Is this some sort of con? has anyone else encountered this and if so, whats going on? I'm intreagued..

Why not ask who is calling, what their company name and address is and then check them out. It certainly does sound like a scam.

Biggles

Nick_C wrote: »

Don't know why I didn't think of this before. All my shareholdings are in my name. If I open a new (Halifax) Share Dealing Account in joint names with my Civil Partner and transfer all my (non ISA) shares across, does this mean that we will effectively have a £22K CGT threshold in the new tax year? i.e. When we sell shares, any capital gain is split evenly between us?

That's how it works with a spouse, we used to do that for that very reason; very convenient. We had a S&S ISA each and a joint dealing account for non-ISAable shares.

I wasn't sure that a CGT-free transfer of assets was possible with civil partners but this link would suggest it works just the same way http://www.hmrc.gov.uk/helpsheets/hs281.pdf

Biggles

englisho wrote: »

I checked with the company concerned and their registrar who said that as I bought them via iii they may not be shown in my name.

Is this some sort of con? has anyone else encountered this and if so, whats going on? I'm intreagued..

Of course it's a con. But the point is, they have got your name as still holding shares. Have you asked III why that is? Any dividends in specie since you sold, if that was after the xd date, would have still gone to them, you may have a holding of half a dozen shares sitting there as a result.

sweet_charriot

I have 2528 BT Shares BT are offering to purchase them at £.3845 Should I be taking this up.?

Biggles

sweet_charriot wrote: »

I have 2528 BT Shares BT are offering to purchase them at £.3845 Should I be taking this up.?

What, when you could sell them at 399p in the market? Certainly not.

Are you sure it's BT? I can't see why they would approach a small shareholder direct, it sounds more like a boiler room scam.