transfer share to my wife?

daxu

Hi,
I bought some shares from the company I worked for years ago, now the company is bought by some rich investor and suddenly I will have to sell all my share and it worth much more than the price I paid.

I will make a profit around 72k after deducing cost and the tax free annual allowance. As a high rate tax payer, I will need to pay 20% CTG. As my wife is on basic rate, is there a chance that I can somehow give the shares to her, as she will only pay 10% CTG?

Many Thanks

antrobus

daxu wrote: »

....
. As my wife is on basic rate, is there a chance that I can somehow give the shares to her, as she will only pay 10% CTG?

Yes. You can gift the shares.

https://www.gov.uk/capital-gains-tax/gifts

Of course, that 72k profit will then be hers.

daxu

antrobus wrote: »

Yes. You can gift the shares.

https://www.gov.uk/capital-gains-tax/gifts

Of course, that 72k profit will then be hers.

Hi, do I need to inform the company I work for that I gave some share to my wife?

The company announced the sales last week, which in theory means that there is a sale agreement for my shares now, is it too late to give my wife some of the shares now?

Thanks

Pennywise

daxu wrote: »

Hi, do I need to inform the company I work for that I gave some share to my wife?

The company announced the sales last week, which in theory means that there is a sale agreement for my shares now, is it too late to give my wife some of the shares now?

Thanks

Of course you need to tell them. Otherwise they'll send the cheque/payment in your name and you'll be taxed on it. The transfer would need to be registered in the company's register of shareholders. You need to talk to your company (or it's registrars) to ask if there's time to transfer the shares to your wife before the sale is finalised and monies paid. It does sound as if it's too late though if the contract/agreement has already been finalised.

daxu

Pennywise wrote: »

Of course you need to tell them. Otherwise they'll send the cheque/payment in your name and you'll be taxed on it. The transfer would need to be registered in the company's register of shareholders. You need to talk to your company (or it's registrars) to ask if there's time to transfer the shares to your wife before the sale is finalised and monies paid. It does sound as if it's too late though if the contract/agreement has already been finalised.

That is unfortunately too late for me. Really hope I could know this before the sales.

Many Thanks anyway