CGT , Share sales
Discussion
Dear all
Seeing that the current yearly allowance for CGT purposes is £10600 . Can anyone advise me if brokers are obliged to notify HMRC when share sale transactions in excess of this amount take place?
You know, a similar scenario as to when someone has a non ISA savings account interest, paid gross.
Cheers.
Seeing that the current yearly allowance for CGT purposes is £10600 . Can anyone advise me if brokers are obliged to notify HMRC when share sale transactions in excess of this amount take place?
You know, a similar scenario as to when someone has a non ISA savings account interest, paid gross.
Cheers.
Eric Mc said:
Not sure if the brokers are obliged to notify. However, the person who has made the gain is legally obliged to.
Maybe so, (the seller) but what of the broker? Banks, Bldg Soc, etc are obliged to notify of gross interest being paid into non isa accounts. If the obligation is there for banks etc, where is the legislation? I'm assuming any that relating to share transactions may be in a similar place? If thats the right terminology.
Edited by Cheese Mechanic on Wednesday 13th July 19:34
HMRC need money, RBS and Lloyds are effectively state owned, does anyone really imagine that information doesn't cross over.
Re Your CGT, all HMRC need to cause you a problem is knowledge, they know and ask, the Taxpayer lies, HMRC know they're lied to, ask again but this time with threat of prosecution and you confess. Now you pay the Tax, a fine of 200% or whatever this weeks going rate is and btw they start looking into all your affairs as you made a false declaration, those trips to Spearmint Rhino claimed as business trips to see clients ( no one would stupid enough to do that!), legal/accountants fee's and you're CGT bill is a distant memory.
I say above as a cautionary tale but really the onus is on the particular taxpayer and although often tempting to "forget" a particular transaction, it isn't worth it.
Re Your CGT, all HMRC need to cause you a problem is knowledge, they know and ask, the Taxpayer lies, HMRC know they're lied to, ask again but this time with threat of prosecution and you confess. Now you pay the Tax, a fine of 200% or whatever this weeks going rate is and btw they start looking into all your affairs as you made a false declaration, those trips to Spearmint Rhino claimed as business trips to see clients ( no one would stupid enough to do that!), legal/accountants fee's and you're CGT bill is a distant memory.
I say above as a cautionary tale but really the onus is on the particular taxpayer and although often tempting to "forget" a particular transaction, it isn't worth it.
Don't know. Ask a broker.
I dtill want to know why you need to know this. HMRC requires that the TAXPAYER has the main legal responsibility for reporting Capital Gains. If a broker was supposed to report something and didn't, that will not affect the taxpayer if the taxpayer has done what THEY were supposed to do.
I dtill want to know why you need to know this. HMRC requires that the TAXPAYER has the main legal responsibility for reporting Capital Gains. If a broker was supposed to report something and didn't, that will not affect the taxpayer if the taxpayer has done what THEY were supposed to do.
Eric Mc said:
Don't know. Ask a broker.
I dtill want to know why you need to know this. HMRC requires that the TAXPAYER has the main legal responsibility for reporting Capital Gains. If a broker was supposed to report something and didn't, that will not affect the taxpayer if the taxpayer has done what THEY were supposed to do.
Who are you that needs to know? Who are you that I need to explain myself too? I dtill want to know why you need to know this. HMRC requires that the TAXPAYER has the main legal responsibility for reporting Capital Gains. If a broker was supposed to report something and didn't, that will not affect the taxpayer if the taxpayer has done what THEY were supposed to do.
I've asked a simple question, if you cannot answer it then fine...but if you wish to lecture, go find someone else..ok?
Cheese Mechanic said:
Eric Mc said:
Don't know. Ask a broker.
I dtill want to know why you need to know this. HMRC requires that the TAXPAYER has the main legal responsibility for reporting Capital Gains. If a broker was supposed to report something and didn't, that will not affect the taxpayer if the taxpayer has done what THEY were supposed to do.
Who are you that needs to know? Who are you that I need to explain myself too? I dtill want to know why you need to know this. HMRC requires that the TAXPAYER has the main legal responsibility for reporting Capital Gains. If a broker was supposed to report something and didn't, that will not affect the taxpayer if the taxpayer has done what THEY were supposed to do.
I've asked a simple question, if you cannot answer it then fine...but if you wish to lecture, go find someone else..ok?
Nothing else.
If you get this uptight about being asked a genuine enquiring question,you'll be a wreck if you ever have CIF or SCI enquiry. The OP was I'm certain just trying to understand your query and to try and help.
I've asked a simple question, if you cannot answer it then fine...but if you wish to lecture, go find someone else..ok?Just curious.
Nothing else.
Eric Mc said:
Cheese Mechanic said:
Eric Mc said:
Don't know. Ask a broker.
I dtill want to know why you need to know this. HMRC requires that the TAXPAYER has the main legal responsibility for reporting Capital Gains. If a broker was supposed to report something and didn't, that will not affect the taxpayer if the taxpayer has done what THEY were supposed to do.
Who are you that needs to know? Who are you that I need to explain myself too? I dtill want to know why you need to know this. HMRC requires that the TAXPAYER has the main legal responsibility for reporting Capital Gains. If a broker was supposed to report something and didn't, that will not affect the taxpayer if the taxpayer has done what THEY were supposed to do.
I've asked a simple question, if you cannot answer it then fine...but if you wish to lecture, go find someone else..ok?
Nothing else.
Thats no problem
As if its anyone's business , it's not even directly to do with me.
Simple fact is, if someone cannot answer a query, or even if they do not want to, that's fine, its a free world.
To start lecturing and interrogating people, trying to demand they explain themselves just on a whim? No, f
k off.
As if its anyone's business , it's not even directly to do with me.
Simple fact is, if someone cannot answer a query, or even if they do not want to, that's fine, its a free world.
To start lecturing and interrogating people, trying to demand they explain themselves just on a whim? No, f
k off. Edited by Cheese Mechanic on Thursday 14th July 18:04
Cheese Mechanic said:
Thats no problem
As if its anyone's business , it's not even directly to do with me.
Simple fact is, if someone cannot answer a query, or even if they do not want to, that's fine, its a free world.
To start lecturing and interrogating people, trying to demand they explain themselves just on a whim? No, fk off.
Oh well.As if its anyone's business , it's not even directly to do with me.
Simple fact is, if someone cannot answer a query, or even if they do not want to, that's fine, its a free world.
To start lecturing and interrogating people, trying to demand they explain themselves just on a whim? No, f
k off. Edited by Cheese Mechanic on Thursday 14th July 18:04
It's not often I'm told to do that - especially by a PHer.
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