CGT Loss - Vodafone B Shares complication

[landlord1234]

Any advice on the following would be welcome

In 2001, 1700 Vodafone shares were bought at various prices for a total of approx £29,000

On 28/7/06 there was a share consolidation , for every 8 shares held, 7 new shares issued plus one B share worth 15p. subsequently converted to cash.

Therefore 17000 x 15p = £2550 received for B shares , and 14875 new shares issued

In 2010 / 2011 remaining 14875 shares sold for approx £23000

Should this £2550 have been declared as a gain or income or in any other way in 2006/2007 ?

So what is the loss for 2010/2011 ?

29,000 - 23,000 = 6,000

or

29,000 - 2550 - 23,000 = 3450

Thanks

[pawncob]

The sale of derived shares is treated as insignificant and can be deducted from the cost price.
Are you sure about your figures? 1700 became 17000.
Loss would be cost £29000 less sales £2550(?)=£26450 from £23000= £3450

[landlord1234]

SORRY, THAT SHOULD BE 17000 NOT 1700

i think i understand what my loss is now, but I'm having a real nightmare completing the CGT pages on the online Self Assesment.

I only have 2 disposals in the year

- A disposal of £11,500 on a unit trust that I acquired for £10,000 , so a gain of £1,500

- Disposal of 14,875 Vodafone shares as detailed above , a loss of £3450

A few questions , any help appreciated.

When I declare the unit trust gain of £1,500 , it asks 'Deduction, if any, in respect of reliefs and elections:' , do I need to enter anything here ?

When I try to declare the Vodafone loss , it asks 'Date of Acquisition' , but I acquired on 3 different dates, do I just put one of them , or do I need 3 different worksheets ?

Where do I put the proceeds from the derived shares ?

Thanks

[landlord1234]

getting a bit anxious about this as the deadline looms .......

I've got my Self Assesment form complete except for the CGT pages and I'm a bit lost.

I know I owe no CGT but I'm a bit confused about the online forms.

I see now that I need to scan in a computation woorksheet for the Vodafone loss

how should this look

xx/02/2001 bought 5000 vodafone shares for £10,000 (aprox)
xx/05/2001 bought 5000 vodafone sshares for £9,000 (aprox)
xx/07/2001 bought 7000 vodafone shares for £10,000 (aprox)

So total of 17,000 shares for £29,000

On 28/7/06 there was a share consolidation , for every 8 shares held, 7 new shares issued plus one B share worth 15p. subsequently converted to cash.

Therefore 17000 x 15p = £2550 received for B shares , and 14875 new shares issued

In 2010 / 2011 remaining 14875 shares sold for approx £23000

Loss would be cost £29000 less sales (£2550 + £23000) = £3450

How do I present this in a computation , is there a template somewhere ?

Thanks

[landlord1234]

obviously I'd put exact dates and exact figuyres , not the rounded numbers used in example

[landlord1234]

Sorry to bump this up, but I need to get this sorted.

I've been looking around for info and came across this ......

http://www.vodafone.com/content/index/investors/share_debt/faqs/b_share.html

I've done the calculations , and if I come up with

- loss of about £1200 in 2007/2008
- loss of about £2250 in 2010/2011

I didnt declare the loss in 2007/2008 , as I wasn't aware of this complication

I did a CGT declaration in 2007/2008 with net gains inside allowance

If I had have declared the loss, I would still have had net gains inside the allowance, and it would not have changed my tax due.

So, when I declare my loss for 2010/2011 , should I just declare the £2250 loss and not mention the £1200 loss , or declare a loss of £3450.

Any advise welcome, I need to get my return in asap.

[Generix]

In terms of dates of acquisition etc, providing there is no tax relief/impact by putting inaccurate dates I wouldn't worry about that.

Am I right in thinking the acquisition date used to matter due to taper or some other inflation rate based relief, but it no longer applies?

I tend not touch get involved with personal tax issues until they infringe on any VAT issues I'm looking at; so am a lot less well versed in this than others.

If you understand the tax then hopefully my first sentence was of use =p