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    Anyone understand bed & breakfast 30 days rule for share dealing?

    Bought 31.1.2014 , sold 21.2.2014
    bought 50K sold for 53K

    Then I bought same shares on 13.3.2014, sold 20.3.2014
    bought 8K sold for £7,890

    How does capital gains work for this under bed & breakfast rule?

    14 Comments

    Hey mutley havn't dealt in shares for a while now but found this link
    wiki.timetotrade.eu/Sha…les
    hope this helps

    Original Poster

    archer1204

    Hey mutley havn't dealt in shares for a while now but found this link … Hey mutley havn't dealt in shares for a while now but found this link http://wiki.timetotrade.eu/Share_Identification_Ruleshope this helps



    yeah, saw that but it doesn't look simple. was hoping someone could just tell me the answer specific to my transactions.

    mutley1

    yeah, saw that but it doesn't look simple. was hoping someone could just … yeah, saw that but it doesn't look simple. was hoping someone could just tell me the answer specific to my transactions.


    What are your exact questions you want at answering
    Edited by: "archer1204" 30th Nov 2014

    Sorry tired just woke up after my night shift so excuse spelling or making sense just trying to help you

    Original Poster

    archer1204

    Sorry tired just woke up after my night shift so excuse spelling or … Sorry tired just woke up after my night shift so excuse spelling or making sense just trying to help you



    i don't think that the answer is simply

    gain 1 = 53K - 50K = 3K
    loss 2 = £7,890 - £8,000 = £110
    total gain = 3K - £110 = £2,890 ?

    Mutley you are either a fantasist or a very lucky amateur . To be honest (in reply to your earlier posts ) being lucky in the market is more important than any charts or theories . If you are buying and selling in the stock market without understanding really how it works you should take your gains and run - rather like gambling it can take over you after a few gains .
    I like a gamble on the Stock Market , as if you pick a duff one you only lose part of your stake, but when I pick a winner I take the profit and run .

    The main rule with shares is only use money that you can afford to lose if you cant afford to lose the money then dont buy shares

    You can earn about £11k pa before you pay CGT so you have nothing to pay

    Your text here
    Edited by: "tallpete33" 1st Dec 2014

    Original Poster

    tallpete33

    You can earn about £11k pa before you pay CGT so you have nothing to … You can earn about £11k pa before you pay CGT so you have nothing to payYour text here



    i know that. i need to work out how to calculate the capital gains that i have made from my transactions for my tax return. Calling HMRC would mean a long queue.

    Original Poster

    rogparki

    Mutley you are either a fantasist or a very lucky amateur . To be honest … Mutley you are either a fantasist or a very lucky amateur . To be honest (in reply to your earlier posts ) being lucky in the market is more important than any charts or theories . If you are buying and selling in the stock market without understanding really how it works you should take your gains and run - rather like gambling it can take over you after a few gains . I like a gamble on the Stock Market , as if you pick a duff one you only lose part of your stake, but when I pick a winner I take the profit and run .



    i know how it works thank you for your useless contribution. i already got the profit in me hand!
    i need to calculate the gains in accordance with HMRC requirements for bed and breakfast for my tax return. if you don't know anything about share dealing tax, you are no good to me.

    Original Poster

    archer1204

    Realistically i dont want to know exactly how much but do you think you … Realistically i dont want to know exactly how much but do you think you have made over 11k in profit this year dealing in shares if you havn't then you dont have to contact anyone.



    yes you do. even if your gains is less than the allowance you still need to declare it in your tax returns if the sale proceeds exceed £43,600 for the tax year 2013-14.

    If you know everything, why keep asking questions on here . . . ?

    Original Poster

    tallpete33

    If you know everything, why keep asking questions on here . . . ?



    i didn't say i knew everything, i said i knew what some idiots on here pretend to preach.
    anyone who says that they know everything is a fool and a tool.

    Original Poster

    I know what the answer is now.

    In short it matches shares sold with those that are purchased within 30 days of sale first for the cost of the shares rather than using the actual shares bought originally.

    Makes the capital gain bloody complicated if you have been buying and selling all over the place like i have. i am gonna try to avoid being caught by this 30 day rule as it is a nightmare for the tax return.
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