UK Tax
UK tax questions? Ask a UK tax advisor for answers ASAP
Connect one-on-one with {0} who will answer your question
Answered in 4 minutes by:
10/28/2010
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedHi.
You say you sold the shares in your company. Could you elaborate on that please. Was this a business you ran after being given the shares by your father? What was the nature of the business? When you sold the shares did your involvement in the company come to an end? Do you know what the shares were worth when they were given to you in 1994?
You say you sold the shares in your company. Could you elaborate on that please. Was this a business you ran after being given the shares by your father? What was the nature of the business? When you sold the shares did your involvement in the company come to an end? Do you know what the shares were worth when they were given to you in 1994?
That's correct.
If the shares were worth £50,000 when your father gave them to you that becomes your cost for CGT purposes. You would deduct that from £225,000 to leave £175,000, then the annual CGT exemption of £10,100 to leave a taxable gain of £164,900 on which you would pay CGT of £29,682.
If you are entitled to entrepreneurs' relief which you probably are, then you would reduce the £175,000 to £97,222 (£175,000 / 9 x 5), deduct £10,100 and the balance of £87,122 would be taxed at 18% leaving you with CGT to pay of £15,682.
If the shares were worth £50,000 when your father gave them to you that becomes your cost for CGT purposes. You would deduct that from £225,000 to leave £175,000, then the annual CGT exemption of £10,100 to leave a taxable gain of £164,900 on which you would pay CGT of £29,682.
If you are entitled to entrepreneurs' relief which you probably are, then you would reduce the £175,000 to £97,222 (£175,000 / 9 x 5), deduct £10,100 and the balance of £87,122 would be taxed at 18% leaving you with CGT to pay of £15,682.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedTony Tax and 87 other UK Tax Specialists are ready to help you
How JustAnswer works
Describe your issueThe assistant will guide you
Chat 1:1 with an uk tax professionalLicensed Experts are available 24/7
100% satisfaction guaranteeGet all the answers you need
Related UK Tax Questions
Im born in the UK. I went to work overseas for seven years
I'm born in the UK. I went to work overseas for seven years initially in Hong Kong then Singapore where I was deemed a resident. While in Singapore I was allocated share Options and Awards. I relocate… read more
TaxVince
Senior Accountant
Master's Degree
899 satisfied customers
Im on basic rate income tax code with a salary under £34370
I'm on basic rate income tax code with a salary under £34370 per annum. In spring this year I sold my company shares and am now due to file a self assessment for CGT. Is it correct that I will be requ… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
In essence Im seeking to establish how much if any, CGT will
In essence I'm seeking to establish how much if any, CGT will be payable when we sell a property which is currently on the market for £335k but realistically is likely to sell for around £315k July 19… read more
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
2,249 satisfied customers
in nov 1994 my wife and I were gifted my mother in laws house
in nov 1994 my wife and I were gifted my mother in laws house -the value of which was approx 75000 pounds. We allowed her to live in at no rent.she died in jan 2005. we have been unable to sell it til… read more
Sam
Accountant
Higher Officer HMRC
7,004 satisfied customers
Hello wondering if you could help My parents inherited a
Hello wondering if you could help My parents inherited a property (a second home) in 1994 for £80k. In July 2010 my father died passing all his assets over to my mother. Then in February 2011 my mothe… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
Hi, I received shares (RSUs) from my company in 2011. The
Hi, I received shares (RSUs) from my company in 2011. The original award date was 8 feb 2008. The Fair Market Value when they vested (3 years later on 8th feb 2011) was £5.95 and the broker automotica… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
Currently doing online self assessment return.We had joint
Currently doing online self assessment return. We had joint owned property in Canada sold in Jan 2011, giving rise to capital gain. gain in $ terms not that high and tax being paid in Canada. however,… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
I have sold some shares to the value of 35,000, how much capital
I have sold some shares to the value of £35,000, how much capital gains tax will i have to pay? Basic Annual Gross salary is £65,000… read more
mark25551
Audit & Accounts Manager
ACCA
197 satisfied customers
Hi - I was given share options a few years ago by my company. The
Hi - I was given share options a few years ago by my company. The company has now been sold, this meant that I had to pay for my Share options which in turn I sold to the new company as part of the bu… read more
Sam Pathak
Chartered Tax Adviser
Master's Degree
468 satisfied customers
Gained a sum of monney from company shares i worked for when
Gained a sum of monney from company shares i worked for when it was sold, i have calculated that i need to pay about £7K of capital gains Tax, rather than putting this money to one side could i buy £7… read more
berduchwal
Accountant
Licenciatura
669 satisfied customers
I will be selling some shares in the company I work for in
I will be selling some shares in the company I work for in May 2011 as a higher rate tax payer is there any way I can reduce the 28% tax payable my wife doesn't work currently I understand I can use a… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
15 years ago i recieved free shares on the company i worked
15 years ago i recieved free shares on the company i worked for. US stock on NASDAQ. No tax was paid and i left the company 4 years later. If i sell these shares now (through US broker - value circa U… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
I have an offer for the goodwill and stock in my company and
I have an offer for the goodwill and stock in my company and they do not want to buy the shares as the company owns three properties that they cannot afford to purchase, I obviously have the problem o… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
hi we ran a company of which we sold the assets and goodwill
hi we ran a company of which we sold the assets and goodwill in january 2010. We kept some land which was sold to the directors at cost and we changed the name of the company to meet the purchasers re… read more
Anne T
Bachelor's Degree
146 satisfied customers
i was relocated to London, UK by my company in Aug2008. I
i was relocated to London, UK by my company in Aug'2008. I joined the company at Hongkong in Dec'1996 and was based in Hongkong office till 3rd Aug'2008. Company had arranged 5 year work permit. I am … read more
CCTax
Bachelor's Degree
324 satisfied customers
bought 4794 shares in my company as a share save scheme at
bought 4794 shares in my company as a share save scheme at £1.877 a share over 3 years when the schme finished gave my wife 1579 shares and kept 2315 shares for my self. we then sold my shares for £19… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
in may 2007 I purchased preference shares from my employer
in may 2007 I purchased preference shares from my employer in Bahrain when I left the company. the purchase was made from savings held in my UK Bank account. the shares were fully vested in 2008 and w… read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
In 1994 I brought a cottage for 23975.00, it needed full renovation
In 1994 I brought a cottage for 23975.00, it needed full renovation before habitable. I was then in the forces so although this was my main place of residence i never physically lived in the property … read more
Tony Tax
Tax Consultant
High School or GED
16,712 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
JustAnswer in the News:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
What Customers are Saying:
I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...
Matteson, IL
I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.
Chesnee, SC
Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.
Minneapolis, MN
Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.
Hesperia, California
Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.
Freshfield, Liverpool, UK
This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!
Los Angeles, CA
Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.
Hesperia, CA
< Previous | Next >
Meet the Experts:
Sam
Accountant
7,004 satisfied customers
26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
bigduckontax
Accountant
1,480 satisfied customers
FCCA FCMA CGMA ACIS
TEAP007
Tax Preparer
759 satisfied customers
Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years
Andrew Baker(baktax)
Personal Tax Adviser
756 satisfied customers
35+ years experience in income tax, CGT, non-residence
berduchwal
Accountant
669 satisfied customers
Qualified accountant and bookkeeper running my own practice since 2008.
Clare
Solicitor
149 satisfied customers
25 years exeperience as a high street solcitor
Mrs-Tax
Tax Adviser
59 satisfied customers
Law Degree, 19 years in UK Tax.
< Previous | Next >
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
