As well as the usual annual exemption you may also be able to claim ‘Gift Hold-Over Relief’, although this relief does not eliminate the gain it does postpone any CGT you need to pay. To claim Gift hold-over relief the shares must be in a trading company, or the holding company of a trading group, and either of the following must apply:
- The shares are not listed on the stock exchange
- You must hold at least 5% of the voting rights in the company
Sometimes you may hold shares that have no value when this happens you may be able to make a ‘negligible value’ claim to HMRC. If accepted by HMRC then you will be able to use the loss arising against capital gains arising in the current year or you may wish to use them in the previous year. HMRC have a list of shares which have been considered to be of negligible value, you should seek professional advice as the rules on such claims are complicated.
If you need any advice or you would like Tax Advantage to prepare a Tax Return for you please use the contact form and one of our team will be in touch with you.
Use Tax Advantage for Disclosing your Capital Gains
Tax Advantage offers:
• Advice on Capital Gains.
• Ensure you use all available allowances and exemptions
• Fast efficient service
Tax Advantage will calculate exactly how much Capital Gains/Losses you have. Once your Tax Return has been approved by you we will submit the form to HMRC advising you of how much to pay and when to pay it.
Call Now on: 01942 870 775
Or use the Contact From
Tax Advantage offers a friendly professional service where the client comes first.