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Capital gains tax – using the maximum 12,000 : UKInvesting

Prior warning, this may be a very stupid question.

In the past 2 months my portfolio has seen major gains, and I have now reached a point where my gains (p/l) have eclipsed 12,000£ for the tax year.

Most of my gains are not realized as the positions are still open and I have not sold since buying.

As far as I am aware you are allowed £12,000 pounds of tax free capital gains a year. However if I do not sell my position then these are brought forward to the year that I do decided to sell.

Here comes the potential stupid question.

Can I sell and immediately rebuy into the same position, essentially realizing the gains for this year, and using the Maximum £12000 allowed.

Thanks for the help

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