I would recommend that you opportunistically switch to Degiro. i.e. every time you want to buy, Use Degiro. Sell anything that won't generate a large gain (or offset gains with losses) and move it to Degiro.
Then take advantage of the 1270 CGT tax free gains each year to continue to sell down your positions.
Basically move as much as you can, as quickly as you can, but without incurring large CGT bills.
Is it not the case with the bed and breakfast rule with regard to capital gains and losses that if you sell say 1000 shares of stock A on a particular date, then within 1 month you buy back 1000 shares of stock A, there is no capital gain or capital loss. Therefore in order to harvest a gain or loss you must sell the shares and wait longer than a month before buying them back. Therefore in this scenario with regard to de Giro is it not possible to sell shares with Cantor Fitzgerald and ensure that you buy back the same shares within the month to not worry about CGT.
Ok thanks for that, Im sorry for hijacking this thread, but another question with regard to FIFO rule.
If I buy 100 shares of stock A for $100 on sep 1 2015,
then I buy 80 shares of stock A for $60 on feb 1 2016,
so now I own 180 shares of stock A
then I sell 100 shares of stock A on May 1 2016 for $50.
My understanding of FIFO rules is that I can use the loss from the first shares I bought on sep 1 2015, therefore I can harvest the capital loss of $50 on these shares for a total CGT loss of 100x50 = $5000.
then on june 5 2016 (after month waiting period) I buy back 100 shares of stock A for $48.
therefore I own 180 shares of stock A again, but I have harvested the capital loss on the first 100 shares I bought. I presume this is perfectly legitimate
"then on june 5 2016 (after month waiting period) I buy back 100 shares of stock A for $48."
Is it possible for me to immediately after buying back these 100 shares to then on say on june 6 2016 to sell 80 shares of stock A for $48 ( thereby using up the remaining capital loss of $12 on these shares, $960 in total). Then I wait a month to also buy back these shares on july 6 2016 for say $50.
The logic here would be to split the tax loss selling in order to maintain some exposure to Stock A rather than selling it in its entirety then buying it back in its entirety one month later, in case there is a rebound in the price of stock A while I am waiting out the 4 weeks.
I've been with Degiro for 2 years. There fees are very low. The platform, over the 2 years, has become much easier to use. I would recommend that you opportunistically switch to Degiro. i.e. every time you want to buy, Use Degiro. Sell anything that won't generate a large gain (or offset gains with losses) and move it to Degiro.
Then take advantage of the 1270 CGT tax free gains each year to continue to sell down your positions.
Basically move as much as you can, as quickly as you can, but without incurring large CGT bills.