I trade in stocks on a small scale, can somebody please explain if/when I will be liable for capital gains tax. Is the tax related to the total amounts sold or just to the profit made from the sales.

Exotoxin, can you post what the limit is please.

For the current 2006-2007 tax year the total sales limit is 35,200 and the profit limit is 8,800. Last year it was 34,000 & 8,500.

Thanks Frampton and Exotoxin - that is what we feared!

Details on this site. Figure is always 4 times the CGT limit

Low Incomes Tax Reform Group - Tax help - PensionersPersonal belongings where sale proceeds are less than 6000 ... There is no CGT on the sale of your own home provided you have lived there throughout the ...
www.litrg.org.uk/help/pensioners/incomesover/understandingcgt.cfm - 72k -

Stockbunny, I was off line when you posted the second time, do you get it now? If you sell a block of shares for 36,000 pounds you would have to declare it even if you are selling for exactly the same price you bought at ie. you are not making a profit or a loss. It doesn't matter how much you spend on buying shares (that only comes into it for calculating a gain or a loss).

Framption and Exotoxin - many thanks - yes I get it now :>)

Glad to hear that bunny!