Sales tax

By THIS IS MONEY
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Iam a newcomer to share investments. When I sell shares and I receive the profit how much tax do I have to pay? For example if I make £8,000 in one year how much tax do I have to pay on the profit? Also how do I notify the Inland Revenue. Do they automatically send me a tax return form as I am in full-time employment? IB, Wolverhampton.

Philip Fisher says: Everyone has capital Gains Tax exemption of £7,100 this tax year. If you make more profit than that (however much it is) you then pay tax at your top income tax rate. Note that the limit generally changes with every budget. The Inland Revenue do not automatically send you a tax form. Call your tax office and request one.

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