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Cashing in Unit trusts - Capital Gains taX
Billridley
Posts: 2 Newbie
in Cutting tax
I have been saving over the years in unit trusts to pay off my interest only mortgage. I have been using my ISA (and my wife's) to save for a pension.
Now I am looking to pay off a large chunk of my mortgage but I forgot about the Capital Gains Tax implications where I can only cash in units with a gain up to the tax limit.
Is there any way to get money out quicker if eg the market crashes or I get made redundant and want to reduce my savings in this way.
I think I read somewhere that it is possible to move some units into my wife's name to alleviate the tax implication. Is this true ??
Bill
Now I am looking to pay off a large chunk of my mortgage but I forgot about the Capital Gains Tax implications where I can only cash in units with a gain up to the tax limit.
Is there any way to get money out quicker if eg the market crashes or I get made redundant and want to reduce my savings in this way.
I think I read somewhere that it is possible to move some units into my wife's name to alleviate the tax implication. Is this true ??
Bill
0
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