Selling Shares

I have company shares that I have held for some years.I recently retired.
I have a monthly dividend from my pension.To the value of 12k.
Can I sell the shares without any tax implications?
Is there a maximum value ?
Do I transfer over to my wife ?
Or family members?

Comments

  • eskbanker
    eskbanker Posts: 29,935
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    Unless the shares are held within a tax wrapper such as an ISA, then selling them will be subject to Capital Gains Tax, based on the growth in their value over the time you've held them, although you do have an annual allowance of £6K (£3K from April) and can also transfer some to your wife to use her allowance too.

    https://www.gov.uk/capital-gains-tax
    https://www.gov.uk/tax-sell-shares
  • mexican_dave
    mexican_dave Posts: 262
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    Yes, Capital Gains Tax (CGT) is being reduced, if you act quickly you can take advantage of the £6k allowance before 6th April 2024. Not sure if you can transfer to your wife and sell quickly (both you & her, 2 x £6k CGT allowance = £12k) without breaking some HMRC rule. Does anyone else know the answer?
  • eskbanker
    eskbanker Posts: 29,935
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    Yes, Capital Gains Tax (CGT) is being reduced
    CGT isn't being reduced, but the annual allowance is, which has the effect of increasing CGT.

    Not sure if you can transfer to your wife and sell quickly (both you & her, 2 x £6k CGT allowance = £12k) without breaking some HMRC rule. Does anyone else know the answer?
    No rules about minimum holding time, so no problem with transferring and then selling as quickly as the relevant platform(s) can cope with.
  • UncleK
    UncleK Posts: 196
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    You can transfer shares (and anything else) to your spouse with no tax implications AFAIK. I have done so to make the most of her tax breaks several times
  • Tattie63
    Tattie63 Posts: 8
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    That’s great information,so answer is split 6k to myself and 6k to wife if need be.
  • eskbanker
    eskbanker Posts: 29,935
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    Tattie63 said:
    That’s great information,so answer is split 6k to myself and 6k to wife if need be.
    Yes, remembering that it's £6K of gains rather than £6K of current value....
  • Farway
    Farway Posts: 13,025
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    eskbanker said:
    Tattie63 said:
    That’s great information,so answer is split 6k to myself and 6k to wife if need be.
    Yes, remembering that it's £6K of gains rather than £6K of current value....

    And remember the CG allowance reduces further to £3000 the following year 2024 / 25
    Eight out of ten owners who expressed a preference said their cats preferred other peoples gardens
  • Tattie63
    Tattie63 Posts: 8
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    The information is of great help.Than you all
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