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Don't risk a fine from the taxman - Citywire

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The following article abstract was written by Lorna Bourke and published by Citywire on the 1st of October 2009. Thank you Lorna and Citywire!

What you may consider to be a loss could in fact be a gain, according to HMRC’s complicated share identification rules. Be aware, too, that you are now required to supply the taxman with a copy of all underlying calculations used to work out capital gains or losses. You can get help from http://www.timetotrade.eu/cgt_uk.php.

Timetotrade’s Capital Gains Tax calculator helps investors calculate their capital gains on shares, unit trusts and OEIC transactions, in advance of the 31 October 2009 tax return deadline.

To generate the calculation, you simply input acquisition prices of shares or funds, and timetotrade works out the rest. This includes complex calculations for Section 104 holdings, equalisation payments, notional distributions, share reorganisations (such as mergers, rights issues and takeovers) and share identification rules (for those who know what these are). The tool can also be used to calculate indexation allowance and taper relief (see the HMRC’s guide here) that were applicable prior to the changes to CGT legislation in April 2008.

Dary McGovern, managing director of Sensatus, the developers behind timetotrade, says, ‘We have worked closely with private investors during the development of timetotrade. In doing so, it quickly became apparent that a solution was needed that would help investors quickly determine their tax liabilities. Using timetotrade, investors can now do this.’

Investors who submit a paper Capital Gains Tax return (SA108) to HMRC must do so by 31 October 2009. You need to complete the form if overall gains exceed the annual exemption of £9,600 for tax year 2008-2009. You will also need to complete a return if you disposed of more than £38,400 of assets in the tax year 2008-2009, or if you made an overall capital loss for the year and want to make a claim so that it can be carried forward to offset against future gains.

Full information on the timetotrade CGT calculator can be found at www.timetotrade.co.uk. You can register free for a basic timetotrade account. The advanced tax features require subscription to timetotrade’s Pro Package priced at £19.99 a month or £199 a year, plus VAT where applicable. General tax guidance can be found at www.hmrc.gov.uk.

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