CGT on shares

[Leftie]

This is a numpty question I should know the answer to, but as a 'term deposit' kind of guy I have never had this before:

I have just sold all the shares sitting in a shares account into which I have been paying £100 a month for the past 4 yerars or so. I have made about £3500 profit over that period.

Does anybody know what tax liability I may have on that profit?

[Eric Mc]

No tax liability at all.

If your total Capital Gains in a given tax year fall below the Capital Gains Tax Annual Allowance, then you pay no tax on the gain.


The Annual Allowance for the current tax year is £8,800.

So, if you make no further gains between now and 5 April 2007, you have nothing to worry about.

Edited by Eric Mc on Monday 5th February 22:30

[Leftie]

Eric Mc said:

No tax liability at all.

If your total Capital Gains in a given tax year fall below the Capital Gains Tax Annual Allowance, then you pay no tax on the gain.


The Annual Allowance for the current tax year is £8,800.

So, if you make no further gains between now and 5 April 2007, you have nothing to worry about.

Edited by Eric Mc on Monday 5th February 22:30

Super. I can't believe that GB doesn't want his bit!

[apeebles]

Doesn't CGT scale on shares depending on how long you have owned them? Only applicable if you are over CGT limit.

[Eric Mc]

ALL CGT disposals on assets owned for longer than three years are dependent to some extent on how long the asset has been owned