Gifting shares to spouse procedure

kannaiah

Hi,

I would like to gift few shares to my wife, ideally it will be easier to sell shares and transfer proceeds as opening brokerage account and transferring actual share might take very long time.

There are questions about this on HMRC forum but there are no concrete examples about how to notify HMRC incase you wish to sell shares and transfer the proceeds.

https://community.hmrc.gov.uk/customerforums/cgt/a3253bad-04c6-ee11-a81c-002248c8d5f2

and 

https://community.hmrc.gov.uk/customerforums/sa/95617e10-c2ba-ed11-9ac4-00155d975688

Could some one tell me what should be done if I want to sell shares and transfer proceeds, how to notify HMRC and do I have to wait for acknowledgement before selling shares?

Thank you.

xylophone

The shares are in your  sole name and beneficial ownership.

Had you considered the CGT implications if you sell your shares before making a gift of cash to your wife?

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

[Deleted User]

kannaiah said:

Hi,

I would like to gift few shares to my wife, ideally it will be easier to sell shares and transfer proceeds as opening brokerage account and transferring actual share might take very long time.

There are questions about this on HMRC forum but there are no concrete examples about how to notify HMRC incase you wish to sell shares and transfer the proceeds.

https://community.hmrc.gov.uk/customerforums/cgt/a3253bad-04c6-ee11-a81c-002248c8d5f2

and 

https://community.hmrc.gov.uk/customerforums/sa/95617e10-c2ba-ed11-9ac4-00155d975688

Could some one tell me what should be done if I want to sell shares and transfer proceeds, how to notify HMRC and do I have to wait for acknowledgement before selling shares?

Thank you.

You are, in effect, just selling the shares. What you do with the proceeds is irrelevant. 

kannaiah

Then reply received on the HMRC forum is incorrect and misguiding?

BoGoF

kannaiah said:

Then reply received on the HMRC forum is incorrect and misguiding?

Havent read both links but clearly says gift/transfer shares before selling. Giving her the proceeds after sale is not gifting the shares.

kannaiah

BoGoF said:

kannaiah said:

Then reply received on the HMRC forum is incorrect and misguiding?

Havent read both links but clearly says gift/transfer shares before selling. Giving her the proceeds after sale is not gifting the shares.

So below was their reply,
"The gift would need to be done prior to any sale and you would need to notify HMRC so that you are then not classed as the owner of the shares should you sell them within your own account."
But no where I can find procedure for notiying them