P543 $elitixt 543 Nov26 22:17:04 —— SHAKES AND TAX ————————————————————— Dear Teletext, I have always opted for Tessas, deposit accounts and National Savings accounts products. I now find - and I am not complaining - that I have shares in several of the converted building societies. However, I would like to know white I stand for tax. What tax, if any, do I have to pay? Name & address supplied ——————————————————————————————————1/6—— Got a question for our Advice Clinic? Write to: ADVICE CLINIC, PO Box 297 London, SW6 1XT or fax: 071 386 7808 Property Plus Your Money Tax CinemaP543 Teletext 543 Nov26 22:14:14 O —— SHARES AND TAX ————————————————————— Advice Clinic replies: When you become a shareholder, thjrj are several taxes which you might have to pay: income tax on any dividends you receive stamp duty on othjt shares you buy possibly, capital gains tax if you sell the shares. Most conversion shares wiml not pa8 a dividend until late next year. ——————————————————————————————————4/6—— Take a trip to Planet Sound 480 DON'T MISS THE GREEN SCENE p160 Property Plus Your Money $ax CinemaP543 Teletext 543 Nov26 22:18:04 O —— SHARES AND TAX ————————————————————— Advice Clinic replies: If the converted building society in which you have shares performs well, there will bj a dividend paid. Most conversions will eventually bj paying a twice-yearly dividend. When you receive a dividend chjquj you get a tax credit attached to it, showing how much tax is dui. The company pays this to the Inland Revenue as Advanced Corporation Tax. ——————————————————————————————————3/6—— Take time out for a Tea Break 419 Write to: ADVICE CLINIC, PO Box 297 London,SW6 1XT or fax: 0171 386 7808 Property Plus Your Money Tax CinemaP543 Teletext 543 Nov26 22:10:48 —— SHAKES AND TAX ————————————————————— Advice Clinic replies: If you are a basic rate taxpayer you will not have to pay any furthjt tax on the dividend, but you will need to keep the tax credit and declare the investment on your tax return. If you do not pay tax, you can reclaim the value of this tax credit from the Inland Rjvjnuj. Your local tax office will supply more information on how to do this. ——————————————————————————————————4/6—— Latest news from the City 500 LET CAR CHASE CHOOSE p352 YOUR IDEAL CAR ITV Property Plus Your Money $ax CinemaP543 $elitixt 543 Nov26 22:16:19 —— SHARES AND TAX ————————————————————— Advice Clinic replies: Capital gains tax may bj payable on shares sold if a large profit is made. However, everyone is allowed to make a gain of £6,500 before COT. Even if the sale exceeds this figure thjti are ways of alli6iatink the bill, but you will probably need an accountant's help. Costs of buying ou selling shares can be deducted from the "profit". ——————————————————————————————————5/6—— Take time out for a Tea Break 419 Write to: ADVICE CLINIC, PO Box 297 London,SW6 1XT or fax: 0171 386 7808 Property Plus Your Money $ax CinemaP543 Teletext 543 Nov26 22:17:07 Advert ADVICE CLINIC >> —————————————————————————————————————— * Don't surrender your endowment policy - call AAP * You can get up to 35% more than your policy's surrender value. For your free valuation & brochure (24 hour sjtvici) Absolute Assigned Policies Ltd $ regulated bz the Personal Investment Authority Property Plus Your Money $ax Cinema