Buying / selling shares ........... and the Taxman??

[Ribol]

Looking for some advice from those in the know on the tax implications of buying/selling shares.

Taking the following examples, assuming all bought and sold in the same 2012/2013 tax year:

I buy some shares in company A for £10k, sell them for £25k, making a £15k profit.
I also buy some shares in company B for £10k, sell them for £8k, making a £2k loss.

Would I be right in thinking that any profit comes under the 2012/2013 CG exemption (£10.6k?) - leaving the £4.4 profit from shares A to be taxed?

Shares B have made a loss, so (probably wishful thinking) can the £2k loss be offset against the £4.4k to be taxed from shares A? In other words only leaving the £2.4k to be taxed?

Many thanks in advance for any pointers on how this works

[GTRStage1]

Yes, correct.

[Ribol]

What about buying / selling fees, can they be allowed for in any way for within the same tax year?

Eg bought and sold shares many times, might not have made much money but might still have paid out lots in fees?

[Newc]

You net off your gains and losses within the year, deduct your allowance, and pay tax on the remainder if it's still positive.

It's all net amounts after all brokerage fees.

So in your example 15k profit - 2k loss = 13k net, less 10k allowance, less any brokerage costs = tax due on 3k or so.

[Ribol]

thanks for the replies ........................ a bit late I know but I thought I had already done this