Jobs & Education4 mins ago
Capital Gains Tax
6 Answers
Can anybody please advise me whether indexation is still available when calculating CGT on the sale of shares? I have tried to read so many different HMRC pages that I am lost. I have read that it was abolished in 2017 - if this is the case can you use it up to that date? I'm dealing with shares held since 1986.
Answers
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I'm confident about the following three points . . .
1. Indexation was "frozen" for private individuals in 1998.
2. Indexation was replaced by taper relief but that was then abolished in 2008.
3. Since that date, CGT has simply been charged at the relevant rate upon qualifying gains less the annual allowance.
However I'll leave it for someone who knows more about the subject to tie up all the loose ends here!
1. Indexation was "frozen" for private individuals in 1998.
2. Indexation was replaced by taper relief but that was then abolished in 2008.
3. Since that date, CGT has simply been charged at the relevant rate upon qualifying gains less the annual allowance.
However I'll leave it for someone who knows more about the subject to tie up all the loose ends here!
This seems straightforward enough:
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I have not toggled calculate capital gains tax
because..... I did that for sale of land, it remembered, and wondered why the amounts and dates had changed. oo-er Mrs !
so DON'T have a little practise
https:/
I have not toggled calculate capital gains tax
because..... I did that for sale of land, it remembered, and wondered why the amounts and dates had changed. oo-er Mrs !
so DON'T have a little practise
1.Date of sale is te''ble important as the tax free allowance had just halved.
2.Some bits of CGT have to be paid within four weeks. ( from date of sale) - ( date for sale in land is completion, shares I imagine the date on which the sale is struck NOT the date you get the moolah )
3. I mean what is difficult about - buy £100 1985, sell £10000 2023, gain 9,900.
knock off tax free bit: - let us say you are left with £5000,
4. it depends on what your income is in the year that you sell
4b let us say it is £34000 - then £1000 is taxed at 18% and £4000 at 28%
- because you have filled up your lower tax portion, and then you are taxed at the higher rate for the difference
5.but hold it - you dont know your current years income
6 so you use last years as an estimate
7 and do a correction at the years end
simples....
yes I pay CGT
2.Some bits of CGT have to be paid within four weeks. ( from date of sale) - ( date for sale in land is completion, shares I imagine the date on which the sale is struck NOT the date you get the moolah )
3. I mean what is difficult about - buy £100 1985, sell £10000 2023, gain 9,900.
knock off tax free bit: - let us say you are left with £5000,
4. it depends on what your income is in the year that you sell
4b let us say it is £34000 - then £1000 is taxed at 18% and £4000 at 28%
- because you have filled up your lower tax portion, and then you are taxed at the higher rate for the difference
5.but hold it - you dont know your current years income
6 so you use last years as an estimate
7 and do a correction at the years end
simples....
yes I pay CGT
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