Shares and capital gains tax

MG2112

Hi all , is there an amount of shares I can sale before paying CGTax and is there a time line between each transaction? 

Thanks :-) 

masonic

Since you are asking in the ISAs & tax-free savings section, then the good news is that ISAs are exempt from CGT, so you can sell as many shares as you like within a S&S ISA.

Vortigern

MG2112 said:

Hi all , is there an amount of shares I can sale before paying CGTax and is there a time line between each transaction? 

If your shares are not in an ISA, you can make capital gains of up to £12300 during the current tax year, without having to pay tax. Next tax year, from 5th April that allowance reduces to £6000 and the following year it is halved again.

If you've made significant gains you might need to take profits before 5th April.

How much of a gain are you sitting on?

MG2112

thank  you for replying….. yes I have shares in a ISA account that are making steady growth. In for the long hall . So if I had £20,000 in a financial year invested and the growth kept on growing ( say it doubled to £40,000 ) I could sale and not pay CG tax on the £20,000 profit? ( just a simple example) 

jimjames

MG2112 said:

thank  you for replying….. yes I have shares in a ISA account that are making steady growth. In for the long hall . So if I had £20,000 in a financial year invested and the growth kept on growing ( say it doubled to £40,000 ) I could sale and not pay CG tax on the £20,000 profit? ( just a simple example) 

Yes. The whole point of an ISA is that no tax is payable on any income or gains inside it

masonic

MG2112 said:

thank  you for replying….. yes I have shares in a ISA account that are making steady growth. In for the long hall . So if I had £20,000 in a financial year invested and the growth kept on growing ( say it doubled to £40,000 ) I could sale and not pay CG tax on the £20,000 profit? ( just a simple example) 

Correct, if you got really lucky and your £20,000 grew to £1 million, you could sell the lot and have zero tax liability.

eskbanker

masonic said:
if you got really lucky and your £20,000 grew to £1 million, you could sell the lot and have zero tax liability.

Especially valuable if you happen to be Chancellor of the Exchequer at the time....