Transferring & selling shares - tax limits?

jeanne_2

I'm struggling to find some simple and straightforward information about selling & transferring shares without paying tax - can anyone help?

Specifically, I want to move shares into an ISA account. I know I have to sell them first and then buy back in an ISA. I've just sold £7000 worth. How many more could I sell in this tax year without paying tax on the capital gain?

Also, is there any limit to how many shares I can transfer to my partner in a tax year?

Many thanks in anticipation!

CLAPTON

you pay CGT on the gain and not the value ... you have a CGT allowance of 9,200 .
you can give your wife shares without CGT being paid... so if your gains are more than 9200 and you wife has no gains you can transfer shares to her and she can sell them using her 9200 allowance
however if you are not married or in a civil partnership then CGT would need to be paid on the transfer.

cheerfulcat

jeanne wrote: »

I've just sold £7000 worth. How many more could I sell in this tax year without paying tax on the capital gain?

Depends on how much of the £7000 is gain, and how long you have held the shares ( as taper relief/indexation may apply ). You may realise £9200 in capital gains in the current tax year without incurring a tax liability.

Also, is there any limit to how many shares I can transfer to my partner in a tax year?

No limit, as long as by " partner " you mean spouse or civil partner.

Do bear in mind that if the total proceeds of the share sales come to more than 4*the CGT exemption you may still have to declare them to HMRC, even if your gains are within the exemption limits.