Stupid CGT question
Discussion
many years ago I purchased bank shares as part of the companies 'share/save' scheme - had things gone according to plan when the time came to sell I'd imagine I'd be liable for CGT. Obviously in 2007 things went 'slightly' awry with bank shares and they've never recovered (never will?). What's the situation WRT to CGT tax now?
On the face of it because they're actually valued at less than purchase price at the time I'd imagine nothing to pay, however as they were purchased at a favourable/employee rate would you still be due to pay tax (even though there has been no gain)?
On the face of it because they're actually valued at less than purchase price at the time I'd imagine nothing to pay, however as they were purchased at a favourable/employee rate would you still be due to pay tax (even though there has been no gain)?
You pay CGT on the difference between what you paid for the shares and what you sold the shares for.
If there is a profit on the sale, there is a gain. If your total gains for the year exceed £6,000, you pay CGT on the profit exceeding £6,000.
If there is a loss on the sale, there is no gain (obviously) so no Capital Gains Tax.
If there is a profit on the sale, there is a gain. If your total gains for the year exceed £6,000, you pay CGT on the profit exceeding £6,000.
If there is a loss on the sale, there is no gain (obviously) so no Capital Gains Tax.
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