Hi
My wife & have gifted shares in our family company to our granddaughter (age 3) & 2 children of our nephew (aged under 12) over the last 3 tax years . We have kept the value of & gains on the gifts below the CGT limits each year & have had no other CG to report.
We have paid dividends to the children below £2,000 each year in the past 2 years & they have had no other income apart from small amount of bank interest -below £200.
From my reading of HMRC info I think we did not need to report these children's dividends as below £2,000 ?
My question are now we would like to pay dividends to the children in excess of £2,000.
A) Can these dividends in excess of £2,000 be set against their unused personal allowances ?
B) would they need to register for self assessment & fill up tax returns ?
Thank you
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