From: igor.gram@gmail.com
Newsgroups: uk.finance
Subject: Re: Question on Capital Gains Tax and SAYE shares
Date: 8 Jul 2006 07:04:53 -0700
   posting-account=DxhuSw0AAAA-aA8Y_LCwhgRg-P0P8NUp

Thanks, Peter!

Peter Saxton wrote:

> On 7 Jul 2006 16:23:31 -0700, igor.gram@gmail.com wrote:
>
> >I was recently awarded shares as part of a company Save-As-You-Earn
> >(SAYE) scheme. Having done some research on the most tax-efficient way
> >to dispose of them, I have found that they can be transferred into a
> >Maxi ISA.
> >
> >However, I am not certain whether this does not affect my CGT
> >allowance. It would make sense that whatever one does under a Maxi ISA,
> >doesn't affect the CGT - but - can anyone with experience on this
> >matter confirm?
> >
> I'm not sure I understand. If there's no CGT to pay when disposing of
> the shares then there will be no tax to pay. You just have to comply
> with the SAYE rules. There's no tax to pay in an ISA as long as you
> comply with their rules.
>
> >I have never had to fill in a tax return form as a Pay-As-You-Earn
> >(PAYE) member, with my company salary being the only source of income.
> >
> >After the share disposal, will I need to fill in a tax return form?
> >
> Not if the disposal is not taxable.
>
> >If I consulted an Independent Financial Adviser, or a Tax Consultant,
> >is their advice binding in any way? For instance, they tell me I can
> >keep my CGT allowance and the ISA allowance, and then come April, the
> >IRS says not so. Can you reference back to the advice of the Tax
> >Consultant or IFA?
> >
> Binding on who? Don't expect HMRC to not ask you to pay tax if someone
> advised you erroneously that there's no tax to pay. The world doesn't
> work like that. You would have recourse to the adviser if you paid for
> their advice.
>
> >Many thanks for your replies!
> >
> >I
> 
> -- 
> Peter Saxton from London
> peter@petersaxton.co.uk