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Question on Capital Gains Tax and SAYE shares

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 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?

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?

Many thanks for your replies!

I
Reply to
igor.gram
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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.

Not if the disposal is not taxable.

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.

Reply to
Peter Saxton

Reply to
igor.gram

Conversely, I'd suggest that the OP spends half an hour on the phone to HMRC to clarify things rather than pay an IFA - IME, after the first level phone-droid, HMRC are actually rather good if you do your homework and are clear about exactly what you are asking them.

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and
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do cheap self-select ISAs

rgds, 'just a punter' Alan

Reply to
Alan Frame

I'd never risk relying on HMRC. They employ people with very little knowledge and push them into giving advice. You get what you pay for - sometimes.

Reply to
Peter Saxton

If you get through to a 'technician', then - again IME- they've been willing to give the URLs of the guidance notes on HMRC website to back up what they're saying. In /this/ case, it's straightforward to call 'em or write to them to ask what happened to

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for the current tax year. However, as the SAYE shares are already free of CGT, I can't see why one would want to put them in an ISA.

rgds, Alan

Reply to
Alan Frame

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