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Share Dealing Discussion Area

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  • dobs
    dobs Posts: 517 Forumite
    Part of the Furniture Combo Breaker
    wow thats great thanks! So basically he could put some in my name then we could sell £9,200up til april then after april another 9,200 then we can pay off the mortgage so£38,000 cashed intax free! Do you happen to know where ineed to go to find out how much tax i'd pay if we sold all the shares under my name?Don't worry if you don't you've been a big help already.Cheers
    grocery challenge jan 17 £ / 350.00
  • gt94sss2
    gt94sss2 Posts: 6,078 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    dobs wrote: »
    wow thats great thanks! So basically he could put some in my name then we could sell £9,200up til april then after april another 9,200 then we can pay off the mortgage so£38,000 cashed intax free! Do you happen to know where ineed to go to find out how much tax i'd pay if we sold all the shares under my name?

    Its £9,200 'profit' per year - so you can actually sell more per year (depending on the buying/selling price and other factors)

    How much CGT you pay depends on your overall income. Your total taxable gains are added to your taxable income for the year and treated as the top part of that total. The gains are then charged to CGT at the following rates (2007-2008 tax year):
    • 10 per cent where they fall below the starting rate limit for Income Tax (£2,230)
    • 20 per cent where they fall between the starting rate and basic rate limits for Income Tax (£2,231 to £34,600)
    • 40 per cent where they fall above the basic rate limit for Income Tax (£34,601 and above)
    from here

    Regards
    Sunil
  • dobs
    dobs Posts: 517 Forumite
    Part of the Furniture Combo Breaker
    thats brilliant thanks so much for your help!
    grocery challenge jan 17 £ / 350.00
  • on self trade once you sign up it says

    ' Who can certify my documentation?
    For UK residents, the certified copies must be officially stamped and signed together with the following statement ‘certified as a true copy of the original’ by a UK Lawyer, Bank Manager or Accountant.'

    Who do I take this to? and what are they actually? Do i just photocopy my prefered ID and then get one of the three to certify it?

    The most precious possession that ever comes to a man in this world is a woman's heart.
    -- Josiah G. Holland
  • gt94sss2
    gt94sss2 Posts: 6,078 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Do i just photocopy my prefered ID and then get one of the three to certify it?

    You take the original ID - they photocopy it and stamp/sign the copies.

    Regards
    Sunil
  • does it have to be someone I know or can i just take it to my local bank?

    Thanks :D

    The most precious possession that ever comes to a man in this world is a woman's heart.
    -- Josiah G. Holland
  • gt94sss2
    gt94sss2 Posts: 6,078 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    does it have to be someone I know or can i just take it to my local bank?

    Could be anyone as long as they qualify and are not related to you..

    Regards
    Sunil
  • thank you very much :)

    The most precious possession that ever comes to a man in this world is a woman's heart.
    -- Josiah G. Holland
  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    AndyGrayUK wrote: »
    If any one would like to introduce me to shares - why not? I'll use your ref. link if you have one.
    I've got about £100-£200 to spend.
    You need £500 minimum to work with the Selftrade referral scheme. It's also a good idea to have at least that much because the cost of dealing will otherwise erode your capital gains very quickly. For example, standard trading costs totalling £25 mean that you need gains of 25% on a £100 investment to just break even...
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • cheerfulcat
    cheerfulcat Posts: 3,402 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I got charged £20 for buying a a share...What is the point in this? As I can't make any money unless my share doubles in value

    I'm afraid that it's up to you to calculate the costs before you deal.
    So could someone please explain?

    Any broker will charge for dealing; there is also a 0.5% tax charge on the value of the shares bought. Some brokers charge a flat fee, others a percentage ( usually with a minimum charge ). Watch out for inactivity fees as well.
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