CAPITAL GAINS TAX ALLOWANCE

[DIEM99]

I have investments in various funds in my own name which are performing well.
I understand that in selling any of them I have to count the gain or loss as
part of my own CGT allowance.My wife does not have any such investments.
THE CGT allowance for 2017-2018 is £11300 for me .
If I want to use her allowance also ( i.e making a total of £22600 ) do the funds I hold
with an investment service have to be in a designated named joint account or is it simply
assumed that I have this extra allowance by marriage?

[maths]

or is it simply assumed that I have this extra allowance by marriage?

No.

For wife to be able to use her CGT annual exempt amount then preferably you need to transfer investments into her name only (or possibly into joint names).
This could mean transfer legal title and beneficial interest or you could execute a declaration of trust as appropriate.

Under either option the transfer is inter-spouse and thus at no gain/loss.

[DIEM99]

Many thanks for your reply

The investments in 12 funds had not reached a value that exceeded
my CGT allowance for 2016-17 so I withdrew them all just before
the end of that financial year.
It is my intention to reinvest in this current year back into the same
funds which were doing well.
At the moment my wife does hold ISA with the same leading investment
service as myself.
Would it be enough to simply have a joint account for the purposes of these
investments. Provided in this new tax year we avoid exceeding the joint
allowance of £22600 by selling them to keep the gain below this limit ,
would there be any further need to notify HMRC?

[pawncob]

Yes a joint account with the stockbroker will amount to a joint holding for CGT purposes.
provided disposals are under the threshold, there's no need to notify HMRC of sales.

[DIEM99]

Very many thanks that is most helpful.
I am a bit of an amateur with this and
wondered other selling stock at the end of one
tax year and repurchasing at the start of the next is
the best way to stay within the CGT free allowance?

[maths]

It is necessary to report capital gains in a Tax Return if in the tax year either chargeable gains exceed the annual exempt amount or total proceeds exceed 4 times the annual exempt amount