Selling a HL Fund and Share account

CricketLady

Hi all,

Please can someone confirm (or otherwise) if my thinking is correct? (Please be kind!)

I have a fund and share account with Hargreaves Lansdown that I put £2000 in a few years back. It currently stands at £4400. If I sell it, and put the funds into a new S&S ISA (I'm thinking Trading212) I don't think I will need to pay capitals gains tax as I have made less than £3000 on it (although I DO think I will have to declare it on my tax return even so.)

Further information - I am self employed (very small time!) and earn less than £1000 each year. I earn approximately £4000 per year in interest (mainly from regular savers) but don't pay tax on this because I make less than the starter rate for tax (£6000 - I think I actually get a tax free allowance of £18570).

My only other "income" is approximately £1200 per year on my premium bonds.

Am I right (or not!) in my thinking - I WON'T pay CGT on the £4400 and I WILL have to declare it on my tax return (btw, is it easy to find where to fill this information in on my tax return?!)

Any thoughts gratefully received, especially if I am missing something!

Thanks so much!

x

eskbanker

Yes, a gain of £2.4K doesn't generate a CGT liability and therefore doesn't need to be declared.

DRS1

You only need to declare the gain on a tax return if your gain is over the £3k allowance or you dispose of more than £50k worth of assets. Neither will apply to you so no CGT to pay and no need to declare the disposal on your tax return.