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mark spurrier
Posted: 10 November 2021 19:27:59(UTC)
#1

Joined: 17/01/2018(UTC)
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is there any legal way of defraying tax on gains in this current tax year?

I think not. I have no loses to crystallize. before I consider wasting $$$ on tax advice......any ideas?
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Big boy
Posted: 10 November 2021 19:39:55(UTC)
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mark spurrier;194218 wrote:

is there any legal way of defraying tax on gains in this current tax year?

I think not. I have no loses to crystallize. before I consider wasting $$$ on tax advice......any ideas?


Sometimes if I had a large gain with tax payable I would arrange a punt of say 5 x £50/- .then on the last day of the tax year I would take any loses and carry forward those showing a profit.
This action sometimes reduced my tax bill.
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Tim D on 10/11/2021(UTC)
jeffian
Posted: 10 November 2021 19:45:55(UTC)
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mark, it sounds as if you have already made the gain. For those intending to realise gains -
1) Any past losses to bring forward?
2) Consider selling part now and deferring second sale into next tax year (risk of market fall, of course)
3) If married, transfer half to spouse prior to sale to take advantage of 2 annual allowances.
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Tim D on 10/11/2021(UTC)
mark spurrier
Posted: 10 November 2021 21:01:04(UTC)
#3

Joined: 17/01/2018(UTC)
Posts: 1,696
Big boy;194221 wrote:
mark spurrier;194218 wrote:

is there any legal way of defraying tax on gains in this current tax year?

I think not. I have no loses to crystallize. before I consider wasting $$$ on tax advice......any ideas?


Sometimes if I had a large gain with tax payable I would arrange a punt of say 5 x £50/- .then on the last day of the tax year I would take any loses and carry forward those showing a profit.
This action sometimes reduced my tax bill.



OK, that sounds like a plan

It is the CFDs that have been the issue.
If nothing disastrous happens the bill is going to make me wince :(

i have tried using spread bets but I am nowhere near as good at those for stocks but I am using them for index trades



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Big boy
Posted: 10 November 2021 21:11:19(UTC)
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mark spurrier;194239 wrote:
Big boy;194221 wrote:
mark spurrier;194218 wrote:

is there any legal way of defraying tax on gains in this current tax year?

I think not. I have no loses to crystallize. before I consider wasting $$$ on tax advice......any ideas?


Sometimes if I had a large gain with tax payable I would arrange a punt of say 5 x £50/- .then on the last day of the tax year I would take any loses and carry forward those showing a profit.
This action sometimes reduced my tax bill.



OK, that sounds like a plan

It is the CFDs that have been the issue.
If nothing disastrous happens the bill is going to make me wince :(

i have tried using spread bets but I am nowhere near as good at those for stocks but I am using them for index trades





I would tend to go for something like FTSE 100 stocks.... say something like VOD plus....?? which is out of favour or whack the whole lot into PSH...Costs are low to trade in them.
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Julianw
Posted: 10 November 2021 21:36:13(UTC)
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I believe you can defer the capital gains tax if you invest the gains in an EIS. Never invested in an EIS, so no feel of risk/return.

You already mentioned spread bet. No capital gains but also no allowable capital loss. The financing cost likely wipe out much of potential tax saving.

My investments outside tax sheltered accounts are all long term in a joint margin account; so I can just borrow against my equity holdings. Half of gain will be wiped on either one's demise. 😩
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Tim D on 10/11/2021(UTC), Ad B on 10/11/2021(UTC)
Dexi
Posted: 11 November 2021 11:37:21(UTC)
#7

Joined: 03/04/2018(UTC)
Posts: 1,752
There`s been lots of speculation that the CGT basic rate might increase soon , so maybe now might be a good time to realise some gains , if it really has to be done .
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philip gosling
Posted: 11 November 2021 18:40:13(UTC)
#8

Joined: 06/01/2013(UTC)
Posts: 1,191



You can defer cpaital gains tax by using EIS - but they are higher risk than ordinary stocks and the fees are higher to. Just be careful the tax is not the driving factor.
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Frank Spencer
Posted: 17 March 2024 15:50:39(UTC)
#9

Joined: 13/07/2019(UTC)
Posts: 220
Its that time of year when I am getting together my Self Assessment information and this year I have a question on carrying forward a loss on CGT.

On the SA form CGT section I would appreciate some clarity on carrying forward losses?

For example (and lets assume I an required to declare CGT)

If in year 1 I have a declared a loss of £2,000 and in year 2 I have a loss off £1,000 do I simply declare a total loss of £3,000?

A follow on to that is...

If in year 3 I have a gain of £2,000 do I simply subtract the carried forward loss (£3,000) and declare a loss of £1,000.

thanks in advance
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mgk
Posted: 17 March 2024 18:43:08(UTC)
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In year 3 you would not use any of the "banked" loss since your gain is under the tax-free amount.
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Frank Spencer on 17/03/2024(UTC)
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