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Where Taxpayers and Advisers Meet

Do I have to gift shares prior to sale or can I gift proceeds?

trevw
Posts:1
Joined:Tue Feb 15, 2022 6:04 pm
Do I have to gift shares prior to sale or can I gift proceeds?

Postby trevw » Tue Feb 15, 2022 6:11 pm

Hi,

apologies if this has already been asked. I'd like to gift some shares to my wife so she can sell them and use the proceeds to put in her pension.

Do I have to change the ownership of the actual shares prior to sale, or can I sell them on her behalf and give her the proceeds with her putting the capital gain on her self assessment (as long as she uses my original base cost)?

thanks!

Trev

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Do I have to gift shares prior to sale or can I gift proceeds?

Postby maths » Thu Feb 17, 2022 1:03 am

You can sell and hand over proceeds to wife. Any gain on sale will then be subject to CGT on your part.

OR

You can execute a simple declaration of trust in favour of wife. This transfers your beneficial interest in the shares to wife without the need for transfer of the legal title.
Wife then instructs you to sell. Any gain is then hers (not yours) and she pays any CGT.

OR

You could each sell a % thus utilising both annual exempt amounts (depending upon the figures).


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