using wife's cgt allowance when selling shares

You could sell some of the shares before April 6th and some of the shares after April 5th to take advantage of two years allowances.

Please can someone advise one this. I have a holding of ordinary shares which I inherited in 2003. They currently show a profit (relative to the proabte valuation) that is larger than the current CGT allowance of 8.800. I would like to sell them and have the gain charged to my wife's CGT allowance.

On the selftrade website it says: "Married couples can share their annual capital gains tax allowances."

Is this really so? Can I simply sell the shares and assume an allowance of 2*8,800 or do I need to transfer the shares to her and let her sell them?

thank you for your help,

Robert

That is true, but I would prefer to make maximum use of this years allowances as they will be lost if not used.

Robert

Please can someone advise one this. I have a holding of ordinary shares which I inherited in 2003. They currently show a profit (relative to the proabte valuation) that is larger than the current CGT allowance of 8.800. I would like to sell them and have the gain charged to my wife's CGT allowance.

On the selftrade website it says: "Married couples can share their annual capital gains tax allowances."

Is this really so? Can I simply sell the shares and assume an allowance of 2*8,800 or do I need to transfer the shares to her and let her sell them?

thank you for your help,

Robert

If you sell or dispose of them to her there will be no CGT payable at the time of this disposal. However, when she sells them the gain will be deemed to be from when you yourself acquired them.

Rob Graham

Please can someone advise one this. I have a holding of ordinary shares which I inherited in 2003. They currently show a profit (relative to the proabte valuation) that is larger than the current CGT allowance of £8.800. I would like to sell them and have the gain charged to my wife's CGT allowance.

On the selftrade website it says: "Married couples can share their annual capital gains tax allowances."

Is this really so? Can I simply sell the shares and assume an allowance of 2*£8,800 or do I need to transfer the shares to her and let her sell them?

thank you for your help,

Robert

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You and wife can't "share" CGT allowance (unless shares are jointly held).

So you need to xfr some to wife.

Speak to Coy Sec (if private) or registrar (if public) to check how to effect xfr at no consideration (i.e. free) in order to avoid stamp duty.

Should be straightforward from thereon.

Have you got the link for the quote?

They state the position correctly here -

"Gifting shares to family or friends is considered as a disposal for capital gains tax purposes with the donor liable for tax based on market value on the day of proposed transfer. The book cost allocated to the new holder will be this value assigned to the disposal. Spouse transfers are permitted without incurring tax liabilities. This makes it possible to make full use of both allowances. However, these also transfer the original book cost and history."

It's where the say there is no advantage in having a joint holding from the point of view of tax:

"What are the tax implications of holding assets in a joint dealing account? A joint dealing account offers no additional tax benefits. Married couples can share their annual capital gains tax allowances. Other partners are responsible for their individual tax positions"

thank you Peter, that is a fuller and unambiguous statement. All I need to know is whether selftrade will do such transfers. I will ask them.

Robert

Sorry I gave the link to a page within a page. the full link is:

then follow the link to 'joint dealing accounts'.

Robert

That's very ambiguous. You don't share your allowance you share the gain in this situation.