When shares are sold on the stock market are the proceeds liable to tax?
Answers:
If you are in the UK, then only if you make a profit and only if the amount of profit made is greater the CGT threshold. If it's less, then there is no CGT to pay, unless you have made other capital gains in the year which together put you over the threshold. (Gains on things like the sale of your house that you live in, do not count as a capital gain.)
If you did make a profit and this was your only capital gain in the tax year, but you made a profit less than threshold amount then there is no tax to pay at all.
Yes, any type of monies that have been transferred from one hand to next is considered reportable income therefore must be taxed.
yes, if they were held under year you need to pay tax on your gains at your marginal tax rate, and if you held the stock for more than a year you need to pay 15% on any gains
Yes but there are 'vehicles' you can use to get some tax free. For example, using an ISA shell.
If you are in the UK, Capital Gains Tax would be payable if you make a profit between the purchase price and the selling price, but there are various reliefs available. See HMRC website for details.
Ignore Hollywood and gmp, we're not a US state...yet.
The proceeds are not liable for tax, but the gain is, subject to numerous reliefs and the £9200 annual exemption.
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