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Work sharesave VS CGT
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geordie_ben wrote: »You've lost me again.. would a potential taxable gain be a bad thing?
depends on how bad you think giving the taxman some money is
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Do you just mean I'll need to pay some tax on the shares I put in my daughters ISA?0
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You can't put the shares into her ISA!
Maybe start here, understand the basics of CGT, and *then* worry about ISAs.
https://www.gov.uk/capital-gains-tax/overviewI am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Well that was insightful
I don't think I'm going to have to worry about CGT though.
Like I said earlier, I doubt the share price will jump £4 by next April
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At the point where you transfer the shares to your daughter you are realising your gain for CGT purposes on the shares that you give her. If the gain is less than your tax free allowance (11,800 I think) then no problem. If the gain is more then you would be liable for CGT.
Transferring to a spouse is treated differently by HMRC and you could give unlimited amounts to your wife tax free.0 -
The gain would be less, for the moment anyway.
I'd hope in a few years they might get close to the £9 each needed for me to hit the allowance level0 -
Some great advice on here. Also in a similar (fortunate) position where I will be making a large gain on a sharesave scheme maturing this year but still confused about the whole CGT and using share ISA to "avoid" CGT. Do I just need to open a Share ISA (is it a special type?) and then can I transfer all or part of the shares to this ? I want to sell some shares straight away (but only up to the CGT limit?). Once in the Share ISA, assume value can then also go down ?? MINEFIELD !!0
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geordie_ben wrote: »Do you just mean I'll need to pay some tax on the shares I put in my daughters ISA?
You can only gift shares free of CGT to your spouse- not your daughter0
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