Hello,
I’d like to suggest a tax harvest tool:
Add functionality called: “sell and buyback again”
When you use it, you will sell your assets at current price and will buy them back at the same price.
By using it, you will be able to realise your profit (or loss) to optimise your taxes and you will still have your assets.
Hi. I’m not sure I understand what you’re suggesting.
Firstly are you in the UK and talking about the situation in respect to UK tax?
Obviously in an ISA CGT and income tax is irrelevant because of the ISA wrapper. Thus I assume you are talking about Invest accounts. If so there are the B&B rules so you can’t simply sell and immediately buy back again to crystallise a profit/loss for tax purposes. You would have to wait and by then you can’t guarantee what the price will be. That aside you can use limit orders to place an order at the price you want but even if you were buying back immediately you can’t guarantee the order will execute
It would be very difficult to rebuy the same stocks at the same price, I would say, impossible, if you have numerous stocks, at the most, you may be able to buy some but not all.
I would imagine that there is more probability to buy at the same price if suddenly the markets collapse, and your prices orders are limit orders with higher prices than the ones in markets.
@RLX I assumed that the OP meant buying them back instantly at a small loss equivalent to the bid/offer spread but even that, as you say, isn’t guaranteed. The fundamental issue is that UK tax law wouldn’t allow you to crystallise the current profit/loss on an investment for tax purpose because of the B&B rules.
t212 serves customers from all over Europe, not only UK.
This tool will be useful in most countries. Also t212 is over the counter broker. They could buy the stocks from you and sell them back to you. This could not be possible with IBKR (for example). At the moment many broker compete for customers and this tool will add some advantage against other. Of course I know nobody will select broker only because of this…