CGT

Can you offset your monthly fees against your CGT gains 

Comments

  • ColdIron
    ColdIron Posts: 9,741 Forumite
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    You can offset trading costs (transaction fees, stamp duty etc) against gains but not recurring fees unassociated with the trade
  • joebob
    joebob Posts: 486 Forumite
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    We have a joint ii trading account.  Am I correct in thinking that CGT allowance will be 6k  ?
  • eskbanker
    eskbanker Posts: 36,763 Forumite
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    joebob said:
    We have a joint ii trading account.  Am I correct in thinking that CGT allowance will be 6k  ?
    It'll be £3K each, rather than being aggregated as such.
  • joebob
    joebob Posts: 486 Forumite
    Part of the Furniture 100 Posts Photogenic
    eskbanker said:
    joebob said:
    We have a joint ii trading account.  Am I correct in thinking that CGT allowance will be 6k  ?
    It'll be £3K each, rather than being aggregated as such.
    So come the end of tax year and we have made 4k profit which will be 2k each we do not have to declare to HMRC
  • eskbanker
    eskbanker Posts: 36,763 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    joebob said:
    eskbanker said:
    joebob said:
    We have a joint ii trading account.  Am I correct in thinking that CGT allowance will be 6k  ?
    It'll be £3K each, rather than being aggregated as such.
    So come the end of tax year and we have made 4k profit which will be 2k each we do not have to declare to HMRC
    Yes, that's right.
  • joebob
    joebob Posts: 486 Forumite
    Part of the Furniture 100 Posts Photogenic
    Thanks for your comments 
  • Beddie
    Beddie Posts: 992 Forumite
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    edited 16 December 2024 at 7:49PM
    joebob said:
    eskbanker said:
    joebob said:
    We have a joint ii trading account.  Am I correct in thinking that CGT allowance will be 6k  ?
    It'll be £3K each, rather than being aggregated as such.
    So come the end of tax year and we have made 4k profit which will be 2k each we do not have to declare to HMRC
    Just to be clear, you only have potential CGT if you sell and make a gain.

    If your investments go up by £4k that's great, but it only counts the year you sell. Therefore some people sell each year up to the CGT limit and put it in an ISA or buy something similar.

    I guess you probably already knew that, but I mentioned it just in case!
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