Share Dealing Discussion Area

uk_steve

i just opened account with Hoodless Brennan , it was quick and easy for me to open also added funds all in 35mins.. i was all excited to see the rest of the site with a newly account being opened , 1st thing i notice its very basic layout.. i hope i get used to it quickly so i can buy very soon...i admit i am no expert in this but i did have an account with selftrade and their site looked more easyer to use then Hoodless Brennan.. anybody else use Hoodless Brennan,whats your experience with them?

BillytheFish_2

How did you get set up and logged in within 35mins?

I just tried and they want me to send in 2 identity confirming docs

Wookey

I'm the same as in needing to send in documents, think its to do with a credit check. If whatever you told them on the application isn't readily checkable they ask for prrof of address etc.

uk_steve

@ Billythefish
seems like my credit check history, home address history ticked all their boxes for on the spot decision

i was shocked to be honest , because when i opened my selftrade account 18mths back they wanted everything posted to them ..

Judderman_2

Yeah, I've recently opened an account with both iii.co.uk and Hoodless Brennan. Hoodless was straightforward and I was activated in no time at all, however with Interactive Investor, I've had to send the two documents off and still waiting for it to be processed. I'm not too bothered as I don't have any sort of credit history as of yet, but it's just weird how one company is fine, and the other isn't.

Also agree on the very basic look of hoodless brennan. As well as for the sharebuilder facility, part of the reason I have signed up to iii, is because of the ease of finding information on their site.

bockster

hope someone can answer this quickly,
am i correct in saying i can make up to £9600 profit on selling shares in one tax year without having to pay capital gains tax?
i am a basic rate tax payer, paye.
also, if this is so, is there any advantage to dealing shares under an isa umbrella apart from maybe the 0.5%stamp duty?
sorry if these are simpleton questions, does anyone know a good resource for beginners guide to share dealing that will stop me asking stupid questions?
or do you need more info?
thanks in advance.

note;- tried posting this in the 'cutting tax' forum but no joy, before stumbling on this thread, looks like i've found a starting point for learning.

Biggles

bockster wrote: »

hope someone can answer this quickly,
am i correct in saying i can make up to £9600 profit on selling shares in one tax year without having to pay capital gains tax?

£9,600 is the threshold for 2008/09, yes. Your income tax band isn't relevant.

The advantage of an ISA is for when you exceed the threshold, which is what you hope you would do if you built up your portfolio over the years.

Toby_Tyler

Hi There,

I can't see myself having £9600 profit from shares any time soon. So is it worth paying the extra for an ISA?

How does the government know how much profit is made from share dealing and when to start taking CGT!

adambro

Toby_Tyler wrote: »

Hi There,

I can't see myself having £9600 profit from shares any time soon. So is it worth paying the extra for an ISA?

How does the government know how much profit is made from share dealing and when to start taking CGT!

They don't take CGT, you inform them that you owe it and arrange to pay them by 5 October following the tax year. If you don't complete a self-assessment tax return then you just contact your local tax office.

However, this doesn't mean that you can get away with not paying it. My understanding is that share trades get reported to HMRC who will consider whether they need to make you complete a self-assessment tax return.

bockster

adambro wrote: »

They don't take CGT, you inform them that you owe it and arrange to pay them by 5 October following the tax year. If you don't complete a self-assessment tax return then you just contact your local tax office.

However, this doesn't mean that you can get away with not paying it. My understanding is that share trades get reported to HMRC who will consider whether they need to make you complete a self-assessment tax return.

so, are we able to deduct all charges relating to sharedealing in that tax year from the profits made and then see if we are above or below 9.6k?

and, if above 9.6k, are we charged cgt on the whole lot or just anything above?