Non-motoring > Tax Question - Capital Gains Tax / Insurance / Warranties
Thread Author: zippy Replies: 7
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New Fri 29 Mar 24 12:06 
 Tax Question - Capital Gains - zippy
I sold some SIP shares earlier in the year and made an £8k gain. So £2k is taxable as a capital gain.

I should have transferred them to an ISA first but didn't realise that was an option.

Anyway, can I sell some other shares (which will be currently a £2k loss) to offset the gain.

Then can I buy the loss making shares back?

Thanks.
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New Fri 29 Mar 24 12:42 
 Tax Question - Capital Gains - Bromptonaut
Selling and buying back sounds a bit like 'bed and breakfasting' which I thought was outlawed some years ago.

However that's purely from memory and capital taxes are outwith my personal (or professional) experience.
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New Fri 29 Mar 24 12:48 
 Tax Question - Capital Gains - Bromptonaut
Too late to edit:

www.investopedia.com/terms/b/bed-and-breakfast-deal.asp
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New Fri 29 Mar 24 15:26 
 Tax Question - Capital Gains - martin aston
My understanding is that you can’t transfer existing shares into an ISA. You can only put cash (including share sale proceeds) into a stocks and share ISA. That cash can then be used to buy shares.
There are exceptions where employee share schemes are concerned.
So Zippy, assuming these were not in a company share scheme you didn’t miss a trick.
As ever these are my “random bloke on the internet” view, not professional advice.
Last edited by: martin aston on Fri 29 Mar 24 at 15:27
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New Fri 29 Mar 24 15:40 
 Tax Question - Capital Gains - zippy
>>So Zippy, assuming these were not in a company share scheme you didn’t miss a trick.

Unfortunately that's just what they were - 3 years SAYE.

I am in a category at work where I am not allowed to sell without written permission from my employer.

I am also not allowed to sell in prohibited periods - e.g. the month before results are announced (twice a year).

Last year I was caught in such a situation. The SAYE scheme matured. Those that were able to sell right away did and got advice to transfer in to an ISA. I was unable to sell at the time and to avoid risk, didn't transfer to the ISA (the shares were volatile at the time) so would have been at risk of price drops.

By the time my permission came through, I had forgotten about the ISA - and owe the tax man £400, which I would rather keep - legally.
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New Sat 30 Mar 24 18:28 
 Tax Question - Capital Gains - martin aston
That’s a pity. Given the wider tightening tax situation these days the allowances around employee shares and pension contributions are among the best remaining ways to save tax free. I do wonder if they will be curtailed one day. Better luck next time.
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New Sun 31 Mar 24 08:21 
 Tax Question - Capital Gains - sherlock47
Can you not gift to spouse half, so you gain her exemption?

shorturl.at/iBTW2


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New Mon 1 Apr 24 22:43 
 Tax Question - Capital Gains - Kevin
Zippy, I'd write and ask Angela Rayner if she can recommend any good tax advisors.
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