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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am a basic rate taxpayer. I am PAYE. I do not submit a tax

Resolved Question:

I am a basic rate taxpayer.
I am PAYE. I do not submit a tax return.
I am selling some shares.
I have £8000 interest.
Do I have to complete a tax return and declare this interest?
Submitted: 1 year ago.
Category: UK Tax
Expert:  Tony Tax replied 1 year ago.
Hi.

Can you tell me how much you are selling the shares for and what the gain or loss will be please. Is the interest of £8,000 net of tax deducted by the deposit taker or has no tax been deducted? How long have you been receiving interest at that level? What is the level of your earnings or pensions?
Customer: replied 1 year ago.

I think I had £40,000 invested and the balance says £48,000 so I am guessing that's gross interest before any fees are paid (it's SELF TRADE). I haven't made any interest before.

Customer: replied 1 year ago.

Tony, I have had the shares for just under three years.


 

Expert:  Tony Tax replied 1 year ago.
Thanks.

You say interest of £8,000. Is that not the profit on the shares that you are selling?
Customer: replied 1 year ago.

 


Yes. Isn't that the same thing? You can see I don't know anything about shares. My ex was keen. He will help me but I am trying to do this on my own!

Expert:  Tony Tax replied 1 year ago.
The profit you make on selling shares isn't interest. It's a capital gain. Read about Capital Gains Tax here.

If you normally complete an annual tax return and the proceeds of your share sales are more than four times the annual CGT exemption of £10,900 for 2013/14 (4 x = £43,600), then you will need to report the gain of £8,000. If you do not normally complete annual tax returns and you would appear to have no CGT to pay since the gains are less than £10,900 you don't need to report it the gain. However, if by the end of the tax year 2013/14, your gains do exceed £10,900, you will need to report the gains in a tax return. You will be able to register for self-assessment by completing a form SA1. You can read about reporting capital gains here.

I hope this helps but let me know if you have any further questions.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14155
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Tony Tax and other UK Tax Specialists are ready to help you

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