Capital Gains Tax on Shares

PaulC5

I have some shares in my own personal account.

Now I would like to sell some this morning that will help to pay towards our house deposit.

I know that CGT doesn't count for the first £11,100 profit but is there anyway around using my wife's allowance as well?

Can I in effect sell £22,200 worth in profit and claim it was half being my wife's and half mine?

Thanks in advanced.

booksurr

PaulC5 wrote: »

I have some shares in my own personal account.

so they are yours not your wife's

PaulC5 wrote: »

Can I in effect sell £22,200 worth in profit and claim it was half being my wife's and half mine?

not unless you FIRST off transfer shares into the name of your wife or convert your personal account to a joint account (if the broker allows that)

gifts between husband and wife incur no CGT but, in your case, the wife would then receive the shares at your original purchase price, ie not at their current value on date of transfer

https://www.gov.uk/tax-sell-shares/what-you-pay-it-on

PaulC5

thanks for the information.

If my broker allows it (Halifax in this case) I am probably best trying to make my account a joint account.

Will all previously bought shares then become jointly owned 50/50 and liable to each other CGT allowance giving us a total of £22,200 for this tax year?

zygurat789

PaulC5 wrote: »

thanks for the information.

If my broker allows it (Halifax in this case) I am probably best trying to make my account a joint account.

Will all previously bought shares then become jointly owned 50/50 and liable to each other CGT allowance giving us a total of £22,200 for this tax year?

You would need to check with your broker but this is, presumably, a dealing account and what has been bought in your name is registered to you alone already.
You may have difficulty making it a joint account, a bank recently refused to make a savings account in a single name a joint account. We withdrew the funds.

agrinnall

Given that you wanted to sell the shares this morning I doubt whether Halifax would have been able to do what you want in time, so you'll either have had to delay the sale or go ahead as a sale in your name only. How much profit do you expect to make?

PaulC5

I haven't sold yet as the price didn't increase this morning as much as I anticipated but may ask the question about making the account a joint one and how this affects previously bought shares for CGT reasons.

bigfreddiel

PaulC5 wrote: »

I have some shares in my own personal account.

Now I would like to sell some this morning that will help to pay towards our house deposit.

I know that CGT doesn't count for the first £11,100 profit but is there anyway around using my wife's allowance as well?
Is
Can I in effect sell £22,200 worth in profit and claim it was half being my wife's and half mine?

Thanks in advanced.

What is the value of the shares you will be selling?