shares, time to sell ???

bebop

Thank you all, yes I am just a silly 63year old WASPI , with no financial knowledge, so yes sell I shall. Another silly question Capital gains tax ?? Is this £12,500 profit each financial year before I am taxed ?

bowlhead99

bebop wrote: »

Capital gains tax ?? Is this £12,500 profit each financial year before I am taxed ?

The annual exemption is £12,000 not £12,500.

If you sell shares for more than you paid for them you make a gain and if you sell them for less than you paid for them you make a loss. If the gains you make in a tax year are less than the losses in that tax year, you will have some net gains which might be taxed. But the first £12,000 of those net gains in any one tax year will be exempted.

Shedman

bebop wrote: »

Thank you all, yes I am just a silly 63year old WASPI , with no financial knowledge, so yes sell I shall. Another silly question Capital gains tax ?? Is this £12,500 profit each financial year before I am taxed ?

The amount of profit you can make each by selling shares before paying CGT is currently £12,000 in a single tax year (the £12,500 you mention is your personal tax allowance for income tax purposes. CGT is a separate allowance and profit on sale of shares is not income).

Don't forget that the profit on sale of shares will be the net proceeds (ie the actual money you receive after the transaction costs/selling commission has been deducted) less the cost paid for the shares (which includes any costs you paid to acquire them).

I also note you didn't actual say you bought them but just that you 'have' these shares. Maybe some are being a bit harsh about the wisdom of buying individual shares as I guess it's possible you may actually have inherited these or received them in a divorce settlement or such like. In any event, if these were originally bought some years ago, then they were probably quite a sensible selection of individual shares at the time (and should at least provided some reasonable dividends over the years).

And if you do sell soon (which I also think is the sensible option) but don't need the money for more than 12 months then put it in a 1 year fixed rate savings account which would pay around 2% interest (or up to 2.2% if you're willing to go with a Sharia bank )

bebop

Thankyou, yes most of the shares were from when I worked for British Gas ( a bonus and buy one get one type incentive as I remember ) so, I hope tax is not automatically deducted . The Santander were purchased when it was Alliance and Leicester. Once again thanks all, wish me luck tomorrow morning !!

bebop

Last question! My share voucher statement say provider Equiniti Financial Services and a shareholder reference number , must or should I use them to sell ? I have researched a This is Money sharedealing that say £12.50 per transaction charge ? Help , please .

LobsterMemory

bebop wrote: »

Last question! .

It may not be...

Do you have physical share certificates for your holdings
OR
did you get an account statement when you received shares?

You can sell either through Equiniti but it's a minimum charge of £45 via their Shareview service which is a lot

I could now write a whole load of stuff on what you need to do instead but it would look a bit daunting.

I think it would be easier if you answered the question above and let us know which company has the £12.50 deal and we can talk you through it from there.

bebop

This is money website , sharedealing service , I set up an account, my shares are held with Equiniti CSN , I set up that account too but couldn't see a cost to sell on the site , thanks for helping me it must be tedious for those"in the know" , cheers

LobsterMemory

OK - found it. It's actually a badge for The Share Centre and if you'd had actual certificates it would be £20 per £25k to sell.

But you have a CSN account.

What you want to do is transfer that account to your new account

This is the instruction page from The Share Centre

https://www.share.com/help-support/transfers/general-transfer/how-do-i-transfer-investments

You want to find a similar set of instructions in your ThisisMoney account FAQs

I'd expect the transfer to take a least a week if not a month

After that you'd sell them online at £12,50 a trade

capital0ne

Don't sell - hang on, re-invest the divis - only sell when you need to.

Voyager2002

capital0ne wrote: »

Don't sell - hang on, re-invest the divis - only sell when you need to.

The funds are needed in about a year, and there is a chance of price falls between now and then that would be far more significant than any dividend.