Free ACCA & CIMA online courses from OpenTuition
Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams
December 2023 - June 2024 exams: Get your discount code >>
July 30, 2020 at 12:49 pm
Sir i very well understood the rationale behind no gain/no loss inter-spouse transfer, but i was just thinking an individual could do something similar with his/her son/daughter? As in just sell the asset at profit to a relative, use up his/her own available AEA and subsequently ask the relative to do the same and the chain can just continue as all gains get covered by different individuals’ AEA.
Any response would be much appreciated.
June 6, 2020 at 8:14 pm
Any help with below question would be great.
If I buy 100k into Shares and it’s grows to 124k quickly. Now I want to utilise ALL my 12k capital gains allowance for the year.
Do I sell 60k as half of it has made me 12k?
Or do I just sell 12k of it reducing it down to 112k?
If I did just 12k then this means I’m selling 12/124 just 10% so taking just 10% of the profit so 2.4k?So correct is to sell 60k? If I sell only 12k and then the following year it doesn’t move and stays at 112k. If I now sell it all it during second tax year overall made 24k minus 2.4k so 21.6k so have to pay tax on 21.6-12 so 9.6k?
July 6, 2020 at 11:58 am
@paul copy this question and paste it in the tx-uk ask the tutor forum.
You must be logged in to post a comment.