shares
Options
kdee_2
Posts: 298 Forumite
in Cutting tax
Hi I'm a housewife and my husband works. He holds several shares and has to declare them on his self assessment form. Can they be transferred into my name and the tax be avoided?
Sorry, I am absolutely ignorant in the affairs of tax., and shares come to think of it ;D
Sorry, I am absolutely ignorant in the affairs of tax., and shares come to think of it ;D
Tried and Tested
0
Comments
-
Hi there,
If your husband pays higher rate tax then he will be charged an extra 25% of the net dividends. This could be avoided if the shares are transferred to you.
You will not be able to reclaim the tax credits shown on the dividend vouchers though so it is only the higher rate tax that can be saved.
If the shares are showing a profit and he might be liable to capital gains tax then again it could help to transfer some shares to you. In this way he could use your annual exemption (about £8,000) as well as his own.
One point to note. If he acquired the shares under some form of share scheme with his employer then he should check the terms carefully as he might end up paying income tax on a transfer to you.
Regards
ElaineIf it’s not important to you, don’t consume it0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards