Bed and breakfast rules ISA Capital Gains

needhelp1_2

Hi,

I am trying to work out if I owe Capital Gains Tax on some shares I sold last year. On the same day I sold some shares from my investment account and then acquired the same shares plus a few extra split between my own and my wife's ISA's. 

Can anyone advise if I can offset the shares in my wife's ISA as well as my own under Bed and Breakfasting rules?

Thanks a million for any help.

eskbanker

Repurchasing shares within ISAs doesn't form part of any CGT calculation, so you'd need to calculate the CGT liability solely on the sale.

Hoenir

@eskbanker has covered your question.

On a more general note. Which bed and breakfast rules are you alluding too? 

The practice was effectively stopped in the late 1990's. As many people were utilising their annual CGT allowance at the end of the tax year to their advantage. Now the asset has to be rebought at least 30 days later. Thereby exposing the investor to the whims of the market. 

needhelp1_2

My mistake! Thanks very much.