Help with share sales re CGT estimation

šŸ’” Feature suggestions & ideas
1

Hello all,

Sometimes I want maximize my annual CGT allowance nearer the start of a tax year, sometimes the latter part.

What would be REALLY helpful knowing how much remains of ones CGT allowance at any given point I time, would be to know what the result of a shares sale would be. In other words what would appear in the RESULT column of a actioned sale and a subsequent csv export. Bit late though!

Letā€™s say one has Ā£2000 left of the Ā£3000 allowance.

If when ā€˜testingā€™ one sets up a sale of X number of Y shares at Z pence, T212, already knowing what the average is for that share, could show on the ā€˜Review Saleā€ screen what the Result (ie. profit) would be so it could be added to the remaining unused allowance to prevent exceeding it by adjusting the sale quantity.

Thanks.

2

What 212 and other brokers donā€™t know is what assets you may have bought or sold elsewhere that could potentially offset.

People usually pay accountants for this purpose for tax advice.

Ideally, everyone in the U.K. anyway would use their NI number (not Digital ID), and brokers would send and receive data from HMRC.

That way if I withdrew from my cash ISA at say ABC, then company DEF would have sight instantly that my ISA deposit allowance hand changed.

It could also help simplify paperwork for EIS relief, and perform the required CGT calculation as you said.

HMRC would have a live linkup to customer accounts and an accurate tax view, with far less paperwork for them.

It would also remove as much need for tax advisors, and could act as a central store of prior year losses to offset against future gains.

3

I think this is a brilliant idea and something Iā€™ve needed before.

Trading 212 have all the numbers so before selling seeing the potential profit or loss would be very handy.

Eg: I have a ton of profit on some shares but I only want to sell with exactly Ā£3k profit - so how many to sell? This is not easy at the moment.

As the other post mentions I wouldnā€™t expect 212 to do some deductions from Ā£3k and work out whatā€™s remaining of your allowance as thatā€™s a bit much and the Ā£3k limit will probably change but a first step of showing profit or loss before selling would be amazing.

4

I made a very easy spreadsheet in Excel which tells me how much allowance I have.

1 Like
5

Yes but the point is even if you know your allowance selling shares to meet that allowance would be a lot easier if you could see profit/loss before you sell.

1 Like