Joint Account Tax Liability

Sep 20, 2017 2 Replies
T

My dad has asked me to open a joint share dealing account with him, to help him buy and sell shares, using only his money. I will receive no payment or benefits from it.



My question is, will I be liable for its income or capital gains taxes, or can I be exempt, since I am playing a purely administrative role? How do I declare this to HMRC?



Thanks very much in advance.


Regards,



TG


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A

IANAL.

If it's a joint account, I'd say you are jointly liable for tax.

Better move would have been to open an account in his name only, and get him to give you authority to deal. Several brokers allow this. Or, if it's all online, simply use his login.

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