I used to think I had a basic understanding of income and CGT tax but after spending a couple of days of working out my tax position with the changes of the last few years, I'm totally brain-fogged. Doesn't take much to do that now, something to do with drifting towards senility I think.
I've calculated that by 5 April I'lll have received:
£6,359 from the state pension
£7540 in savings interest including some from P2P
£3211 from un-wrapped share dividends.
In addition, due to a take-over of a long-term holding of a stock held in the US, I received £21,100 to make a gain, if my calculations for years of re-invested $ divis are right, of £18,540. So a net £6840 liability after the £11,700 CGT allowance. I've also a couple of shareholdings with a combined loss of £2000 that I could sell to set against the gain and a holding in RBS with a loss of roughly another £2000. (That last one is more of a guestimate as it's going to be a nightmare to work out with various bonus issues, consolidations, and rights.)
I normally complete an on-line self-assessment form but haven't a clue how the personal and various other allowances and rates, and CGT interact with each other or what my tax position will be. Last year I transferred the new marriage allowance to my wife who normally pays basic rate tax. I'm not sure if I can, or should, do the same this year. Can I just opt for it and leave it to HMRC to decide if I'm entitled to do that?
Would much appreciate some guidance.
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