Chapter 11 Chargeable gains for individuals Flashcards
1
Q
What is the rule to value gifted shares
Quoted shares
A
Lower QUOTED price + 1/2(higher quoted - lower quoted)
2
Q
Shares going into an ISA are…. For CGT
A
Exempt
3
Q
EXEMPT assets for CGT
A
Cash
Wasting chattels (life less than 50 years)
Non wasting sold / bought less than £6000
National saving certificates/ premium bonds
Investments held in ISA
CARS
4
Q
SOLD at less than £6,000 bought for more
A
PROCEEDS deemed to be £6000
5
Q
PURCHASed for less that £6000, sold for more than 6000
A
Gain is cap at 5/3 x (gross proceeds -£6000)
6
Q
Share matching rules for individuals
A
- Acquisition on the same day
- Acquisitions within the NEXT 30 days
- Any share in the pool
7
Q
Capita losses with connected parties
A
Can only be used with that party…. Not allowable deduction for the others
