Calculating when an asset is both a gain and a loss in the same year

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Hey, quick question about calculating CGT tax due...
I have been involved in buying shares in the last few years. My question concerns the following scenario (all amounts for demo purposes only!):
With an initial investment of £10k I bought 100 shares. These increased to £60k in value, when I sold half of them, gaining £20k. I decided to buy back in the same number of shares (50) at the same price (£30k). Then I sold all 100 shares for £40k. So those 50 shares were briefly a pure gain, which then became a loss, but still a gain from the initial investment. The other 50 shares are a pure gain. This is all within the same tax year.
So here I am still net positive from the initial investment so CGT is due. How do I factor in that £10k loss on those shares when they're also a gain? Is it simply that the £30k gain is what is taxable (assuming personal allowance is already used)? Or does the calculation have to be chronological? So that first £20k gain is considered taxable, then the second £20k gain, then I deduct the loss of £10k from the tax deductable total?
Sorry for the complex question! It's all new to me!
Thanks a lot in advance!
I have been involved in buying shares in the last few years. My question concerns the following scenario (all amounts for demo purposes only!):
With an initial investment of £10k I bought 100 shares. These increased to £60k in value, when I sold half of them, gaining £20k. I decided to buy back in the same number of shares (50) at the same price (£30k). Then I sold all 100 shares for £40k. So those 50 shares were briefly a pure gain, which then became a loss, but still a gain from the initial investment. The other 50 shares are a pure gain. This is all within the same tax year.
So here I am still net positive from the initial investment so CGT is due. How do I factor in that £10k loss on those shares when they're also a gain? Is it simply that the £30k gain is what is taxable (assuming personal allowance is already used)? Or does the calculation have to be chronological? So that first £20k gain is considered taxable, then the second £20k gain, then I deduct the loss of £10k from the tax deductable total?
Sorry for the complex question! It's all new to me!
Thanks a lot in advance!
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You bought:
100 @ £100
50 @ £600
You sold:
50 @ £600
100 @ £400
The 50s therefore cancel out.
Your gain:
100 X (£400 - £100)
= £30,000
(You might be able to deduct brokerage fees from this btw to effectively reduce the gain a bit - not sure. Definitely check.)
If you bought these back within 30 days of the sale, that effectively cancelled out the sale by matching up with it, so you'd be back to having 100 shares with an acquisition cost of £10K, and no CGT impact thus far.
However, if there was more than 30 days between sale and purchase, you'd have the original 50 shares bought for £5K and another 50 at £30K, so the acquisition cost for your holding of 100 shares would now have been reset to £35K (but you'd also have crystallised a CGT gain of £25K) - this is why many people take advantage of the opportunity to use their annual CGT allowance to minimise future liabilities.
However, for simplicity's sake I stated the re-purchase price as the same as the disposal, when in fact there was a difference of 10 cents or so. I suppose that would mean it really is a 'new asset'?
Over all, the tax due should be the same, I think, as I keep arriving at the same sum no matter the route.
Cheers!
It seems with the 'matching' it removes the need to calculate the initial higher gain, then the loss against the final gains.