Shares to spouse 23 February at 3:01PM edited 23 February at 3:35PM in Savings & investments 3 replies 201 views

jackie201616

I am looking at selling shares with profit that will exceed CGT.  Am I right thinking I can transfer some shares to my husband tax/penalty free by stock transfer and he can then sell them using his allowance? I am thinking he could set up with own share dealing account for transfer between. 
I am also presuming they would hold the same value I acquired them at and his profit / CGT figure on the specific shares would have been the same as mine.
Is there anything I need to be mindful of? Any issues doing this? Is this a relatively quick process that can be done before end of tax year?

frugalmacdugal

Hi,

similar thread HERE, might help.

jackie201616

Thanks, checked out this thread and others on here, unfortunately doesn't seem helpful to answer my questions

eskbanker

jackie201616 said:

I am looking at selling shares with profit that will exceed CGT.  Am I right thinking I can transfer some shares to my husband tax/penalty free by stock transfer and he can then sell them using his allowance? I am thinking he could set up with own share dealing account for transfer between. 
I am also presuming they would hold the same value I acquired them at and his profit / CGT figure on the specific shares would have been the same as mine.
Is there anything I need to be mindful of? Any issues doing this? Is this a relatively quick process that can be done before end of tax year?

It's certainly possible to do what you propose, and likely to be beneficial if he wouldn't otherwise be using his 2022/23 CGT allowance prior to its reduction in future years - as you correctly say, his acquisition cost is set to what you paid:

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

There isn't likely to be a one-size-fits-all answer to how long it'll take, so ascertain likely timescales from your current platform/broker,  and, unless there's any reason to delay, get cracking with opening an account for him with the same platform/broker.