Gift of shares to spouse, CGT on sale, 2018-19
Posted: Thu May 17, 2018 6:47 pm
Advice on several taxation web sites states that it is possible to take advantage of a spouse's unused CGT allowance by making a gift of shares to the spouse. It must be a genuine gift and no tax is payable on the gift itself. The receiving spouse is treated as if he/she bought the shares for the price, and at the time, that the other spouse did. No problem there.
However, I read somewhere (forget where) that if the shares are gifted with the sole intention of selling them to avoid CGT, HMRC could attribute the full value of the final disposal to the spouse who made the gift.
This is rarely mentioned. Any truth in it? Does it apply where the shares are sold very soon after gifting?
However, I read somewhere (forget where) that if the shares are gifted with the sole intention of selling them to avoid CGT, HMRC could attribute the full value of the final disposal to the spouse who made the gift.
This is rarely mentioned. Any truth in it? Does it apply where the shares are sold very soon after gifting?