Shares for children

ScottB212

Hi. Bit of a question. During the pandemic I drew a few grand out of my kids savings account. I ge got 4 kids who are now 19, 17, 17 & 15. The account was from random gifts they all had from birthdays and grandad parents. Anyway to cut a long story short. The shares are now worth about £90grand. They are sat in a share dealing account which is in my name. The kids don’t need any money yet. But it’s getting to the point where I m thinking there is too much money in there for the kids futures to leave in the stock market. Anyone any ideas on how I could get it out without getting spanked in capital gains?? Or ideas on how to transfer into my kids names. 

Keep_pedalling

Why were you gambling with your children’s money and why is it in your name? 

Newbie_John

Keep_pedalling said:

Why were you gambling with your children’s money and why is it in your name? 

One could argue that keeping in savings account during high inflation would have been seen as gambling..

But to the point, the only way I can think of is in chunks, you have let's say £3k CGT per year.

Also you could transfer it to spouse and use their allowance:
https://forums.moneysavingexpert.com/discussion/6568325/transferring-assets-funds-to-spouse

TheMilkmansDad

ScottB212 said:

Hi. Bit of a question. During the pandemic I drew a few grand out of my kids savings account. I ge got 4 kids who are now 19, 17, 17 & 15. The account was from random gifts they all had from birthdays and grandad parents. Anyway to cut a long story short. The shares are now worth about £90grand. They are sat in a share dealing account which is in my name. The kids don’t need any money yet. But it’s getting to the point where I m thinking there is too much money in there for the kids futures to leave in the stock market. Anyone any ideas on how I could get it out without getting spanked in capital gains?? Or ideas on how to transfer into my kids names. 

how much is "a few grand"? 3,10, 80? if after a few years it's now worth £90k and you only deposit 10k then that's an exceptional return and all the usual "is it a scam" alarm bells may sound. Have you ever withdrawn money from it and who is it with?

ScottB212

TheMilkmansDad said:

ScottB212 said:

Hi. Bit of a question. During the pandemic I drew a few grand out of my kids savings account. I ge got 4 kids who are now 19, 17, 17 & 15. The account was from random gifts they all had from birthdays and grandad parents. Anyway to cut a long story short. The shares are now worth about £90grand. They are sat in a share dealing account which is in my name. The kids don’t need any money yet. But it’s getting to the point where I m thinking there is too much money in there for the kids futures to leave in the stock market. Anyone any ideas on how I could get it out without getting spanked in capital gains?? Or ideas on how to transfer into my kids names. 

how much is "a few grand"? 3,10, 80? if after a few years it's now worth £90k and you only deposit 10k then that's an exceptional return and all the usual "is it a scam" alarm bells may sound. Have you ever withdrawn money from it and who is it with?

Hi the milkman’s dad. Thanks for taking the time to reply. Without going into too much detail and boring you to death. It was originally £4000. I bought one stock during the first lockdown. It was an AIM stock. After a good rise I sold that and bought a FTSE listed company. I then just left it there. That’s nearly trebled now in value in the last 4 years. The shares are now just sat in a trading account with aj bell. I know there will be tax to pay somewhere along the line. I m not trying to get away with breaking any laws. I m just wondered if there are any tax efficient ways to get this money over to my kids. Since we originally put the money in to the account. I ve not drawn anything out. It’s hopefully to help the 4 of them with a deposit for a house.