Share Saves

[cl55 amg]

Hi guys after some advice regarding sharesaves and capital gains tax.

Is it possible to use your partners allowance or transfer them to the wife to avoid the capital gains tax?

Thanks

 

[Chrishazle]

I thought you were allowed indexed capital gain of something like £10800 before it became taxable. Our non-ISA shares are in a joint account so we effectivly get the double allowance as we each only own half the account.

 

[cl55 amg]

I thought you were allowed indexed capital gain of something like £10800 before it became taxable. Our non-ISA shares are in a joint account so we effectivly get the double allowance as we each only own half the account.

yes its £10800, but any profit over that is affected by tax.

 

[C240Sport97]

there is no CGT for transfers between spouses.

so you can transfer to wife at cost, and she can sell and use her CGT allowance.

 

[cl55 amg]

there is no CGT for transfers between spouses.

so you can transfer to wife at cost, and she can sell and use her CGT allowance.

Does that mean I have to transfer the shares or can I simply transfer the cash once I sell the shares?

Regards

 

[C240Sport97]

Does that mean I have to transfer the shares or can I simply transfer the cash once I sell the shares?

Regards

no you have to sell/transfer to wife, who then sells and makes the profit, thereby utilising her CGT allowance

Health warning: this may no longer be up to date as it's been a while since I did tax law .. so best to check on govt websites.

 

[renault12ts]

HM Revenue & Customs: