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Taxing thoughts
Q:
I am interested in investing in exchange traded funds (ETFs) and holding them within an ISA wrapper. As the funds that I am considering seem to be based in Dublin, what is my position regarding income tax? Do I need to enter details of these funds on my income tax form if I hold them within an ISA wrapper?
Brian Peters, Carlisle
A:
The funds you are referring to are listed on an EU exchange, so within an ISA you have no further income tax or capital gains tax to pay. Also remember that anything held within an ISA does not need to be mentioned on your tax return form.
However, if you are considering investing in ETFs, you need to satisfy yourself of the role of a passive fund in your portfolio. Remember that you will not have active management with an ETF, and although there are times in the investment cycle when this can be advantageous, there are other times when it will not be.
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22 August 2008 [0 comments]Q:
I currently hold shares in an AIM-listed company and was about to sell these to realise losses (to offset against gains elsewhere), but the shares have since been suspended and I think the company is now in administration.
The current value based on the suspended price is around £1,400, and the realised losses based on that value would be around £12,000.
The losses are more valuable to me at the moment than the actual value of the shares themselves, and I need those available by the end of this tax year. I assume it’s not possible to roll gains forward?
Is there any way that I can now realise these losses given that I cannot sell the shares? I am wondering if gifting them might be a way of releasing the losses? I’m thinking perhaps either to my brother (but am not sure what tax implications this might have for him) or to charity (and whether I could then claim tax relief on the value gifted)?
Is any of this possible, or are there any better alternative routes? Any advice would be very much appreciated.
Mrs K Hall
Kent
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