Joint brokerage accounts

Eleanor125

Hi, I have a question on setting up a joint brokerage account which I am hoping someone can help with.  

I work for an American company who run an employee share scheme where every month employees can buy company shares at a discount.However, I want to sell some of those shares and avail of my husband’s annual capital gains allowance.  The brokerage firm which handles my employee shares will not allow me to add my husbands name to the account as he does not work for the company  and instead has said that I need to set up a separate joint brokerage account in the UK  and they will then transfer shares across to the joint brokerage account and those shares need to be transferred to my husband at a “no win, no gain” basis

I have never set up a brokerage account and don’t know where to start and everything I have looked at online seems confusing and I simply don’t know if they will meet my needs as I am not actually selling my shares to my husband, but rather I am just trying to avail of his annual capital gains allowance when I do sell them.  Can anyone help me navigate this?  Thanks 

BoGoF

You need to transfer the shares into your husbands name first and he then sells them. Disposals between spouses are not liable to CGT.

Eleanor125

Thanks for the feedback .  If I transfer the shares into a joint brokerage account, then presumably either of us can sell the shares jointly i.e. it does not necessarily need to be him?  Currently my husband does not do a tax report as his only income is his work so all tax paid via PAYE.  I currently do a tax return to the HMRC, so by creating a joint brokerage account for me to avail of my husband's capital gains allowance, does this then mean, that my husband will have to do a separate tax return?