Transfer to Spouse

[Electech]

Hi,
I have just been transferring my share dealings into Sharescope and I have noticed that there is no provision for transferring shares into my Wifes name for CGT purposes.

I have contacted Sharescope who have said that perhaps I should record it as a no cost transaction in my portfolio and then just add it to hers.

Has anyone had this problem and how did they overcome it

Gareth

 

[zambuck]

...From HMRC.....Bless my Accountant who lives on this Site it seems....!

You don’t pay Capital Gains Tax when you give a gift to your husband, wife or civil partner - as long as both of the following apply:

* you've lived together for at least part of the tax year in which you made the gift
* the gift isn't ‘trading stock’ (trading goods bought for resale)

However, if your husband, wife or civil partner later sells or disposes of the asset, they’ll have to pay the tax on any gain made over the total period of ownership (yours and theirs). But they’ll only need to work out the gain since 31 March 1982 as there's now no Capital Gains Tax due on gains arising before that date.

It's useful to keep a note of what the asset cost you, as your spouse or civil partner may need this to work out their Capital Gains Tax when they dispose of the asset.

 

[Electech]

...From HMRC.....Bless my Accountant who lives on this Site it seems....!

Thanks for the info on my CGT problem, I will be keeping details just in case I have to produce them at a later date.

One point that I did forget, was that the gains would still be calculated from the time that I had previously bought them. Thats a point I will have to remember.