TomOC, that's quite a collection of queries, and not many refer to purchase of shares.
Unless the purchase of shares is related to shares allocated by the company employing you, it would not change your status to self-assessed. If you have been allocated options etc from your company, you would have to make a return in that year. It should not need the services of an accountant, as the company usually provides all the information you would need.
DIRT fulfils the tax liability on interest. There is no higher rate of tax, but there is a health levy on interest.
The basic tax rate cut off point is raised to include your interest income, no matter how high. There is no income levy on deposit income.
Yes, you can claim broker fees and stamp duty as expenses in CGT computation, and carry forward losses indefinitely.
There is a CGT restriction when shares are bought and sold within 4 weeks, that over-rides the FIFO rule. Also, if you sell at a loss, and buy back within 4 weeks, that loss may only be used when those particular shares are disposed of.
I do not know of any Stamp duty peculiarities in quick sales.
The CGT calculation looks correct. The rate applying at 01/01/08 was 20%. It increased to 22% on 15/10/08.
Hi,
A question i cannot seem to find an answer to:
If you pay CGT on profit from shares in 2007 and then make a loss in 2009, can you off set the loss and get some of the CGT paid back?
Thanks, Mark.
Simple answer is no.
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