Capital gains tax

jdot1969

Hi guys just a quick on is capital gains tax include your annual salary or is it only paid when we sell assets such as shares over £12,300? 

Aretnap

It's only paid off you seek assets such as shares leading to a gain of of over £12300. As opposed to seeing shares worth over £12300 (which your wording send to imply).

Your salary is not subject to CGT - you pay income tax and National Insurance on it instead. It's not entirely irrelevant to CGT though as if you're a higher rate taxpayer you pay a higher rate of CGT on any gains over the £12300 allowance than you do if you're a basic rate taxpayer.

https://www.gov.uk/capital-gains-tax/rates

eskbanker

Aretnap said:

It's only paid off you seek assets such as shares leading to a gain of of over £12300. As opposed to seeing shares worth over £12300 (which your wording send to imply).

Some heavy autocorrecting going on here perhaps, presumably these should be 'if', 'sell', 'selling' and 'seemed' respectively?

jdot1969

Thanks guys 

Aretnap

eskbanker said:

Aretnap said:

It's only paid off you seek assets such as shares leading to a gain of of over £12300. As opposed to seeing shares worth over £12300 (which your wording send to imply).

Some heavy autocorrecting going on here perhaps, presumably these should be 'if', 'sell', 'selling' and 'seemed' respectively?

Ugh, new phone and lack of proof reading not a good combination. Thanks for the corrections.