Hi,
I have a question, hope someone might be able to help...
I am out of work but not drawing a pension so I have no income (apart from small interest/dividend income from savings/investments). But, I have some shares sitting on a large capital gain. I want to sell these and know I have the CGT tax free allowance of £10,600 to help.
But, my question is: given my income is less than the personal allowance (£8,105) can I combine this personal allowance with the CGT tax free allowance to potentially realise a capital gain on the shares of £18,705 without incurring tax. (I know this assumes I have zero income from other sources - which isn't true for me, but it will help me understand how this works, if I make that assumption!).
I've read lots on the HMRC site, but haven't been able to find an answer to this. Any help, much appreciated!
Pete.
I have a question, hope someone might be able to help...
I am out of work but not drawing a pension so I have no income (apart from small interest/dividend income from savings/investments). But, I have some shares sitting on a large capital gain. I want to sell these and know I have the CGT tax free allowance of £10,600 to help.
But, my question is: given my income is less than the personal allowance (£8,105) can I combine this personal allowance with the CGT tax free allowance to potentially realise a capital gain on the shares of £18,705 without incurring tax. (I know this assumes I have zero income from other sources - which isn't true for me, but it will help me understand how this works, if I make that assumption!).
I've read lots on the HMRC site, but haven't been able to find an answer to this. Any help, much appreciated!
Pete.