Selling shares held for 30+ years

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82146156#Comment_82146156

Concede that there was indeed a tax planning technique involving 'banking' accrued indexation via a strategic inter spouse transfer, prior to 2008 abolition of the relief -

https://www.mercerhole.co.uk/insights/inter-spouse-transfers-and-the-banking-of-indexation/

However in the case of the OP and the likely very low base cost of the Bass shares at time of gift ( whenever that was), incorporating indexation as part of reconstructing his wife's cumulative history of the shares might prove challenging.

Be that as it may, see below the source Indexation data the OP will be trying to navigate and work with.

https://www.gov.uk/government/publications/corporation-tax-on-chargeable-gains-indexation-allowance-2017/indexation-allowance-december-2017

retiredbanker1

Could the wife not transfer some shares to a S&S ISA?

Of course this depends on whether she has any unused ISA allowance.

The cost of doing this will probably be less than tax owed?

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82146187#Comment_82146187

She is up against a miniscule CGT exemption of just £3,000.

'Transfers' to isas are CGT disposals ( you sell and repurchase in the isa).

brewerdave

https://forums.moneysavingexpert.com/discussion/comment/82146187#Comment_82146187

We had already thought of doing that - but as pointed out by @poseidon1 , were advised that "bed and ISA" of £20k worth would immediately trigger a CGT liability. We have decided to gift half of the shares back to me as a first step ! Then we will both sell as many as I think we can ,using the current £3000 exception in this tax year. What we do after that is in the hand of the Gods (Burnham and Healey) !.

Having spent several hours yesterday, trying to negotiate the complicated ancestry of these shares to work out the apparent gain ,(without knowing the exact date of the gifting) I don't want to engage with the Revenue unless absolutely unavoidable !!

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82146943#Comment_82146943

That's understandable.

However are you going to limit yourselves to just selling £3000 worth of shares each year which assumes nil base cost, or is there a reasonable minimal cost per share you feel comfortable with using following your research into their 'genealogy'?

brewerdave

https://forums.moneysavingexpert.com/discussion/comment/82145781#Comment_82145781

Missed this post at the time - another problem I've now come across today ,is that the Company share registrars changed in 2007, when ,I think Equitini was hived off from Lloyds -TSB registrars. Hopefully Equitini -shareview will still be able to trace the original transfer (s) in the mid 1990s.

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82147382#Comment_82147382

It was only the name that changed in 2007. It's still the same registrar, owned by a different parent company, so that shouldn't cause you a problem.