Capital Gains Tax on selling shares and personal allowance

CaptainSkeptical

Hi - my wife is retired with no income from pensions etc and only earns a small amount of interest from savings.  She has some Santander shares and is thinking of selling them through Santander's online 'Shareview Dealing'.  They have a current value of approx £1400.  I've looked at the HMRC website regarding tax on the selling of shares.  Am I correct in thinking that as selling these shares would mean she's still beneath her annual Capital Gains Tax allowance of £3000, then she won't be liable to pay any tax from the disposal?  She doesn't want to inadvertently fall foul of HMRC so any guidance would be gratefully recieved.

[Deleted User]

CaptainSkeptical said:

Hi - my wife is retired with no income from pensions etc and only earns a small amount of interest from savings.  She has some Santander shares and is thinking of selling them through Santander's online 'Shareview Dealing'.  They have a current value of approx £1400.  I've looked at the HMRC website regarding tax on the selling of shares.  Am I correct in thinking that as selling these shares would mean she's still beneath her annual Capital Gains Tax allowance of £3000, then she won't be liable to pay any tax from the disposal?  She doesn't want to inadvertently fall foul of HMRC so any guidance would be gratefully recieved.

In a nutshell - all correct! 

One presumes she is claiming marriage allowance?

CaptainSkeptical

Thanks.  I don't think she's claiming marriage allowance.  I thought that was only a thing if she had enough income to be taxed?

eskbanker

CaptainSkeptical said:

Thanks.  I don't think she's claiming marriage allowance.  I thought that was only a thing if she had enough income to be taxed?

It works by transferring some allowance from a non-taxpayer to a taxpayer, so on the face of it fits your circumstances well if you pay basic rate tax?

[Deleted User]

CaptainSkeptical said:

Thanks.  I don't think she's claiming marriage allowance.  I thought that was only a thing if she had enough income to be taxed?

She should. She can claim here for this and the previous four tax years (only four weeks left before 2020/21 drops out)

https://www.gov.uk/marriage-allowance

CaptainSkeptical

Thanks - I'm currently in the Scottish higher tax bracket of 42%.  Does this make any difference if it's her shares?

[Deleted User]

CaptainSkeptical said:

Thanks - I'm currently in the Scottish higher tax bracket of 42%.  Does this make any difference if it's her shares?

No it doesn’t. She can’t claim marriage allowance though if you pay tax at that rate. 

CaptainSkeptical

Thanks folks - much appreciated.