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Where Taxpayers and Advisers Meet

Any income tax payable

Alkeringa
Posts:2
Joined:Sat Nov 25, 2017 9:51 pm
Any income tax payable

Postby Alkeringa » Sat Nov 25, 2017 10:10 pm

I'm about to receive around £150,000 from my late mother's estate which my wife and I intend to use in buying a better property. As we cannot buy this new property until my wife's flat has been sold I wish to invest the money.

I intend to invest £20,000 in my stocks and shares ISA for the tax years 17/18 and 18/19 thus gaining the CGT and dividend income benefits.

To my question. Can I give (gift) my wife £20,000 for the tax years 17/18 and 18/19 so she too can gain the above benefits without the initial £20,000's being treated by hmrc as part of her yearly income and therefore taxable?

many thanks.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Any income tax payable

Postby bd6759 » Sun Nov 26, 2017 12:09 pm

A gift is not income

Alkeringa
Posts:2
Joined:Sat Nov 25, 2017 9:51 pm

Re: Any income tax payable

Postby Alkeringa » Sun Nov 26, 2017 12:45 pm

Thank you.

Do I need concern myself about any tax issues?


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