What are my CGT options?

By THIS IS MONEY
Updated:

 

During tax year 1999/2000 I went over the tax limit on CGT because our company was taken over and I had to sell all my option shares, which has just landed me with a tax bill of about £1,750. A friend of mine has told me because it was my forced sale which caused me to go over the top, he believed I could have a chance of getting some money back as these rules have recently been changed. Is this the case and if so how do I go about it? BF, Stoke on Trent.

Maurice Fitzpatrick, accountant at Chantrey Vellacott DFK, says: Unfortunately if your capital gains are above the limit for the tax year (£7,100 in 1999-2000)you are liable for CGT regardless of whether it was a forced sale or not. The Inland Revenue does not take this into account - if you have made that much profit you are subject to the tax.

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