I need some help here please.

A question for one of the accountant bods on here.

Is it correct that you only pay cgt on profits of over 8k in any single transaction. So if you kept all profits under this then is there some other tax to pay.
Thanks in advance.

Ted

No this is not correct.

Your CGT is calculated on total gains made in the tax year to April 5th. So every gain you make counts and is added to the total. Against this you have an annual CGT allowance. For this tax year this is 8200 (last yr 7900) so you dont pay tax on the first 8200 of your total gains - how much you make in each transaction is irrelevant.

Dont forget any losses can be offset against the gains

now that is wishfull,ted1,i wish it was,morning steve very quite.

Many thanks Fundamentalist, yep wishfull thinkin. It all becomes clear.

Morning Dave

If only all tax questions were so straightforward eh

yes,ted1 ,if you go to wh smiths,there are some great books all about these questions,i bought a couple of great,, ones the guardian money guide,its about 15 years old,but it gives you the basics when i started off,but i have since bought a classic book,,,,,financial mail on sunday,complete personal finance guide,,,wrote by jeff prestridge,,,,,,,paper back,580 pages ,12.99 a bargain.go to your local wh smiths,,,,,there`s loads off quality reads.this book covers the whole money game inside out........dave
ps its a questions/answers based.

Dave

Or as its you, you can just email me the question

steve , the book its a o/a based,thats what i was talking about.

No need to buy any books, the Inland Revenue website is reasonably helpful and easy to read these days: http://www.inlandrevenue.gov.uk.