Capital Gains tax in the UK on share sales!

Has anybody got a fix for the following.(day traders must
have come across this problem)or as usual it could be just
my inexperience.

If you repurchase a share in the same stock, for capital
gains taxation you have to offset the repurchase against
the shares that were sold. Money will not allow this as
the software knows that you did not poccess the stock
before you purchased them.

Example

1st May Purchase share x

5th May sell share x

7th May repurchase share x

For UK capital gains taxation the shares purchased on the
7th May are offset against the shares sold on the 5th May.
When the repurchased shares are sold they are offset
against the shares purchased on the 1st May

I am advised that this rule applys for shares purchased
within/or upto 30 days of selling a share.

regards zippy

Glyn
Fri May 07 04:52:09 CDT 2004

You could use a "short sell" for the 5th May sell transaction. Can't
remember the exact option available as no copy of Money locally available.

--
Glyn Simpson, Microsoft MVP - Money

Check http://support.microsoft.com/default.aspx?scid=fh;EN-GB;mny
for UK tips and fixes for MS Money. To send Microsoft your wishes or
suggestions, use http://register.microsoft.com/mswish/suggestion.asp
or email mnyukwsh@microsoft.com especially if it's a UK specific wish.

I do not respond to any unsolicited email regarding Money

"zippy" <anonymous@discussions.microsoft.com> wrote in message
news:97bd01c4339e$6268a110$a001280a@phx.gbl...
> Has anybody got a fix for the following.(day traders must
> have come across this problem)or as usual it could be just
> my inexperience.
>
> If you repurchase a share in the same stock, for capital
> gains taxation you have to offset the repurchase against
> the shares that were sold. Money will not allow this as
> the software knows that you did not poccess the stock
> before you purchased them.
>
> Example
>
> 1st May Purchase share x
>
> 5th May sell share x
>
> 7th May repurchase share x
>
> For UK capital gains taxation the shares purchased on the
> 7th May are offset against the shares sold on the 5th May.
> When the repurchased shares are sold they are offset
> against the shares purchased on the 1st May
>
> I am advised that this rule applys for shares purchased
> within/or upto 30 days of selling a share.
>
> regards zippy