capital gains advice

Tiago

need to complete a capital gains paper by friday, is it too late?
i've just been told i might be paying 2o percent on the first 9000k earnings from buying selling shares, and i can claim it back.anyone know anything about this subject or recommend an accountant in the cardiff area?
i have a discretionary dealing account, which means a firm buys/sells shares on my behalf,i'm not sure if the CGT IS PAID and i then have to claim tax on the first 9000k i'm not sure if i owe them or they owe me. i used to use the 'claim for repayment' option usually recouping about 1 grand a year until GB removed it.ever since i've not heard from the inland revenue.they used to send claim for repayment forms but no longer

do you think an accountant would take this on to be completed by friday? if so how much on average do thay charge ?

[Deleted User]

Hi,

for tax year 2007/08, you are allowed a Capital Gain of £9200, anything above this is added to your other income and taxed at the appropriate rate, look, wouldn't think that you will have already paid the cgt, as you don't know your gain until end of tax year.

This 'claim for repayment', are you (me?) getting mixed up with claiming back tax deducted from from building society interest?

Edit:

Woa, I'm getting mixed up with tax years, 2007/08 isn't finished yet, so are you talking about last tax year?

Elaine_Wilson

I don't quite understand the question. I have never come across anyone having tax deducted at source on account of capital gains tax.

Are you sure aboutthe deadline? If you are talking about deals completed in 2006/07 then your return should have been submitted by 31st January.

If you mean income tax repayment claims then these can be made within six years of the end of the tax year. So, on Saturday, the window closes on claims for 2001/02.

You might be lucky with an accountant but you are pushing it if you need it all done this week. The charge will probably be loaded acording to the other work he has on at the moment.

Can you give some more specific information?

Tiago

Hello thanks for the reply ,sorry i'm confusing dividends tax with CGT.if my dividend income averages 9000k and its my only income,would i owe anything.my shares are dealt with by a manager so i dont know if the dividends are taxed before i reciece them as with bank savings or i have to pay it or maybe i can claim a rebate on dividends as with the old claim for repayment. as for CGT i'm not sure but i dont think it exceeds 9000k but i'm not sure

Elaine_Wilson

Most UK dividends are treated as being received net of tax at 10%. So if you received exactly £9,000 this would equate to a gross income of £10,000.

Whether you have to pay any further tax will depend on your other income in the year. The dividends are treated as the top slice of your income. This means that they are added on to all other sources of income. If this does not push you into the higher rate tax bracket then you have no further liability.

If the dividends do take you over the limit then you will have more to pay on the part within the higher tax band. The rate is 32.5% but, of course, 10% is treated as already having been paid.

The 10% treated as paid on the dividends is a notional tax credit only and will never be repaid, even if you have spare personal allowances to set against them.