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Old 29 Dec 20, 04:55 PM  
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Disney Bear
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Accountant Tax help...

Sorry if this is in the wrong section...

I'm trying to do my tax return - I know always leaving it to the last minute!

But this one is not as easy and I really could do with some help...

I worked for a company and was part of a share save scheme - you know the ones you give them money every month and at the end of 3 to 5 years you get shares at a set price.

I left the company but kept the shares. Then the company was sold - so I received a cheque for shared which were a compulsory purchase as part of the company sale.

I now need to pay capital gains tax and am desperately trying to complete the tax form. Do I need to know what I paid for the shares each time they were purchased by the scheme? I know the amount i got in the cheque and therefore the amount sold for?

I am also stuck on the question regarding: "Cost or market value" is that not the same as "Disposal proceeds or market value"?

Please help - panicking as i worded for this company some time ago whn I was younger and really didn't have much info but thought the share save cheme was a good idea to help me save at the time.
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Old 29 Dec 20, 05:06 PM  
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munmun
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I cant answer your question specifically but for the majority of capital gains the taxable gain is the difference between purchase price and selling price.

Each person has a CGT allowance each year and this can be deducted from your profit to work out your taxable gain.

I am sure if you google around you will find your answer.
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Old 29 Dec 20, 05:48 PM  
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Disney Bear
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Originally Posted by munmun View Post
I cant answer your question specifically but for the majority of capital gains the taxable gain is the difference between purchase price and selling price.

Each person has a CGT allowance each year and this can be deducted from your profit to work out your taxable gain.

I am sure if you google around you will find your answer.
Thanks munmun, trying to google but it can be confusing - I think I have worked out the purchase price as I have statements will umber of shares ad option costs, but do I add or remove the allowance or does the tax department do this for me as part of my self asessment?
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Old 29 Dec 20, 05:52 PM  
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munmun
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You should get a special self assessment sheet on line which does the calculation for you. In truth I hand all this to my accountant!
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Old 29 Dec 20, 05:54 PM  
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munmun
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Look up SA108 on government website
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Old 29 Dec 20, 06:00 PM  
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Claudette
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Yes you need to look up how many shares you bought and for what price for each batch of shares you bought at the end of the different savings periods.

All the shares, no matter what batch they were originally purchased in, were sold for the same amount. So you should be easily able to deduce sales price per share.

If you put the shares into an ISA or pension there are CGT exemptions.

I don’t know what the question is as you have just said “cost or market value” and “disposal proceeds or market value”. What is the full question? But “cost” and “disposal proceeds” are not the same thing, one being what you bought something for and the other being what you sold something for.

What were the approximate timings on these transactions e.g. when was the forced sale, how long did you have the shares? A recent forced sale possibly reduced the sale price anyway and if you only had the shares a short while, I would suspect you are not above CGT threshold anyway.
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Old 29 Dec 20, 06:03 PM  
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Claudette
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Originally Posted by Disney Bear View Post
Thanks munmun, trying to google but it can be confusing - I think I have worked out the purchase price as I have statements will umber of shares ad option costs, but do I add or remove the allowance or does the tax department do this for me as part of my self asessment?
Don’t adjust your inputs for the allowances, this will be worked out for you.
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Old 29 Dec 20, 06:05 PM  
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munmun
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Originally Posted by Claudette View Post
Don’t adjust your inputs for the allowances, this will be worked out for you.
Was thinking you might be around Claudette, have been missing you. Hope you are OK, tried to message you but that is not available.x
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Old 29 Dec 20, 06:08 PM  
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Claudette
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Originally Posted by munmun View Post
Was thinking you might be around Claudette, have been missing you. Hope you are OK, tried to message you but that is not available.x
I just couldn’t resist the accountancy question.
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Old 29 Dec 20, 06:10 PM  
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munmun
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Originally Posted by Claudette View Post
I just couldn’t resist the accountancy question.
You have great skills, have you heard anything about the vacination programme. SOrry OP for derailing your thread
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