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Where Taxpayers and Advisers Meet

What tax do I pay when I sell stocks in the UK

tigerepic77
Posts:3
Joined:Sun Feb 28, 2021 10:09 pm
What tax do I pay when I sell stocks in the UK

Postby tigerepic77 » Sun Feb 28, 2021 10:18 pm

Hi, I live in the UK and have invested in a pretty big stock opportunity recently. It's the GME short squeeze and a lot of people like me stand to make a lot of money from this stock pretty soon (if it happens).
I would just like to know what taxes I would have to pay if I do make a lot of money from it. At maximum it could be up to a few million pounds for me so I want to be absolutely sure.
I know about CGT and income tax and everything but i want to know do I have to pay both on the gains? or do I just pay CGT?
I've searched a lot but there is no clear answer about this and I like to be sure about these things.
Thanks

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: What tax do I pay when I sell stocks in the UK

Postby pawncob » Mon Mar 01, 2021 11:42 am

https://www.gov.uk/capital-gains-tax/rates
With a pinch of salt take what I say, but don't exceed your RDA

tigerepic77
Posts:3
Joined:Sun Feb 28, 2021 10:09 pm

Re: What tax do I pay when I sell stocks in the UK

Postby tigerepic77 » Mon Mar 01, 2021 3:51 pm

Hey thanks, I saw this page. So your saying I only pay CGT?

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: What tax do I pay when I sell stocks in the UK

Postby pawncob » Mon Mar 01, 2021 6:06 pm

Yes.
With a pinch of salt take what I say, but don't exceed your RDA

tigerepic77
Posts:3
Joined:Sun Feb 28, 2021 10:09 pm

Re: What tax do I pay when I sell stocks in the UK

Postby tigerepic77 » Tue Mar 02, 2021 9:12 am

Thank you, this helps a lot :)


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