I want to buy some shares. I have some idea of how the process works which is as follows, can someone say whether this is correct please.
I buy 10k worth of shares in a particular company and sell them for 20k. I have 10k profit, theres 20% cgt owed on any profit (over my allowance of 1270) due that year which I have to pay by the end of october which I declare as extra income to revenue.
If I also buy another 10k of another type of share but make a loss in the same year I can write that off against the other shares profit.
If I dont sell the shares I havent made a profit or loss. Current value doesnt mean anything for tax purposes.
If I sold 10k the shares for 20k but then decided to buy more shares with that 20k, I still owe CGT on the profit I made that year.
Can I write trading expenses off against profit?
thanks. Ive looked at the key posts and continue to do so.
I buy 10k worth of shares in a particular company and sell them for 20k. I have 10k profit, theres 20% cgt owed on any profit (over my allowance of 1270) due that year which I have to pay by the end of october which I declare as extra income to revenue.
If I also buy another 10k of another type of share but make a loss in the same year I can write that off against the other shares profit.
If I dont sell the shares I havent made a profit or loss. Current value doesnt mean anything for tax purposes.
If I sold 10k the shares for 20k but then decided to buy more shares with that 20k, I still owe CGT on the profit I made that year.
Can I write trading expenses off against profit?
thanks. Ive looked at the key posts and continue to do so.