Share save shares & Capital gains tax

Clapham1975

Hi there
My wife has been working at her company for around 20 years and has built up shares over this time.
Although the company has done quite well it is risky ‘ keeping all our eggs in one basket’ and with CGT rates potentially changing we thought we would begin to cash in some of the shares and we were unsure of one thing.

I believe if we transfer her future shares into as ISA ( obviously no more than the current annual Isa allowance of £20,000)within 90 days we avoid capital gains tax but can we also make use of the  £24600 joint annual tax free capital allowance so in theory this tax year we can transfer £44,600 plus the cost of the shares we sold in which we made the gain of £24,600.

Hope this makes sense.

Kind regards 
Matt

Dazed_and_C0nfused

My wife has been working at her company for around 20 years and has built up shares over this time

can we also make use of the  £24600 joint annual tax free capital allowance so in theory this tax year we can transfer £44,600 plus the cost of the shares we sold in which we made the gain of £24,600.


There is no such thing as a joint capital (gains) allowance.  

Who actually owns these shares?

Clapham1975

hi there
my wife owns the shares.
I believe that me and my wife both have an annual capital gains allowance of £12300 which we can combine.
kind regards 
matt

HappyHarry

You can't combine the allowance.  However, your wife can gift you shares which you then sell in order to use your own allowance. 

Clapham1975

Thanks for the reply.
So we each have the £12300 annual CGT allowance ( my wife will gift me the shares which I will sell) and going forward my wife can also transfer £20000 of her future shares into an isa as long as she does this within 90 days?
kind regards 
matt