Taxing Times

Spindrift_2

Hi

My wife is getting £50,000 from her deceased father's estate. Part of the estate was a large portforilo of shares and we where offered option of taking shares instead of cash.

We chose £7,500 worth of shares spread across 5 separate companies, but unfortunitely all the units in each of these companies have been transferred to my wife, which totals about £40,000.

Simple solution would be for my wife to sell £32,500 worth of shares, leaving £7,500 and then to take the reminder in cash, but I worried that selling this number of shares will leave us liable to capita gains tax? OR is it only the increase from the day when the shares were transferred which would be liable for CGT?

If we just took the 50K in cash, no tax would be liable.

Is it better to transfer all shares back to estate?

cheers
Gareth

stefr

Hi,

I am a PAYE employee. Is it worth doing a self assesment? Can the costs of items like a broadband connection used to dial into work be claimed as an expense? Are there any expenses a PAYE employee can claim? How do I know the tax I have paid is correct?

Thanks for your help.

Former_MSE_Andrea

Thanks for the questions everyone. Look out for the updated Taxing Times article in the tip the week after next. If you're not already on the email distribution list join it here