capital gains tax advice needed

secondary

Hi all,

I need some tax advice.

I am a full time uni student and from my part time job, I was able to save some and I invested them in the stock market.

I bought some in Feb and in April 08.

1) I have not filed anything with the authorities regarding my share holdings at the end of the financial year (which i think is April) - i didnt sell anything. I am guessing as my capital gaines were not realised I do not need to declare it.

2) i have gaine around 40% capital gaines up to now and i sold half of it recently. But its obviously much less than the threshold level for the capital gains tax, £9500 i think.

even if it is less than the threshold level, in the next April do i need to file something and declare my capital gaines ? And how do i do this ?

Please help ! really dont want to get in trouble with tax !

Thanks

CLAPTON

gains only count if they are realised... i.e. you sell the shares.

your CGT allowance this year is 9,600

if your gain is less that 9,600 AND your total sales are less than 19,200 (ish... you need to check the actual figure as I can't off hand remember it) then you don't have to declare it.

if you do have to declare the gains then you need to fill in a self assessmnet form after the year end... so for gains made during tax year 6th april 2007 to 5th april 2008 you need to send back the form before september 2008 or fill it the online form before Jan 2009 and pay before Jan 2009.
you can get the form from the tax office.