Am I allowed to give some of my shares to my wife?

poolielad

I think this si highly unlikely, but if you dont ask I will never now for sure???

Ifts

Yes you can

CLAPTON

poolielad wrote: »

I think this si highly unlikely, but if you dont ask I will never now for sure???

you can give anything to anyone in UK .. a reasonably free country


to transfer shares you need to get a share transfer form for each type of shares you wish to transfer and send it to the company registrars (assuming you hold the share cert.

dzug1

Generally yes - there are a few circumstances where it's either not possible or has undesirable consequences.


What shares are they?

Whirlybird65

You can, and they are just transferred as apposed to being sold. So, there is no CGT until she sells them. I have just done this, I had to let them know that I was giving them to my wife and would have no further claim to them.
Handy for using both lots of CGT.

ChesterDog

Anyone happen to know the situation on death?

My mother, for whom I run an account with Share Centre, has just died.

As I understand it, her will leaves all her assets to my father if she dies first.

It's a healthy, good performing portfolio (it did a lot better than my own last year - not sure how I managed that...), so it would be nice if it could simply transfer into my father's name: the account or the holdings within.

Finances are on my To Do list for the coming days, but if anyone can chip in now, that would be great.

Daniel54

ChesterDog wrote: »

Anyone happen to know the situation on death?

My mother, for whom I run an account with Share Centre, has just died.

As I understand it, her will leaves all her assets to my father if she dies first.

It's a healthy, good performing portfolio (it did a lot better than my own last year - not sure how I managed that...), so it would be nice if it could simply transfer into my father's name: the account or the holdings within.

Finances are on my To Do list for the coming days, but if anyone can chip in now, that would be great.

Sorry to hear about your mother.

When my father died a couple of years ago we simply transferred his holdings to my mother.This was quite simple as they both used the same investment manager,who for probate purposes supplied us with the valuation on the date (or dates )of transfer.Obviously the ISA wrappers fell away on death,but this did not affect the ability to transfer the holdings

Hope this helps

poolielad

So, I have about 55000 Lloyds shares.... so am i legally allowed to give as many as I want to my wife???And they are held in a hargreaves account, so how would I go about doing this....And would we both be able to sell the maximun shares each without being taxed, or because we are married would that be different (if that bit makes sense)??

bowlhead99

Tell Hargreaves you want to transfer some shares to your wife. If she doesn't have a Hargreaves account then they can open one for her if she fills out the forms.

For tax purposes she will be considered to have acquired her shares with the same cost per share as you actually paid for them yourself. So if she is selling them at 88p and you bought them at 38p, she is making 50p a share capital gain. As she has an annual capital gains exemption of £11,100 she could sell enough shares to make £11,100 of gains before she needs to pay tax. So in that example assuming she doesn't have any other gains in this tax year, she could sell 22,200 shares at 50p profit each, before any tax is payable.

You could also sell enough shares to use up your annual exemption (another 22,200 in this example); your annual exemption isn't changed by the fact you gave her some shares.

Keep_pedalling

Alternatively, if you bought them before the crash then they are carrying a significant loss so there would not be any tax advantages in splitting them unless you wife needs to offset a large gain on some other assets.

saintalan

Of course, its great what we can do with our money and the tax man allows these transfers between husband and wife.

But beware your Local Authority who may see it as an attempt to deprive yourself of assets in order to avoid care costs!