My wife would like to gift £6000 of her shares to each of her parents (£12000 in all) who are in their 70s, before 5th April deadline. The shares are currently in my wife's name.
Questions:
1) Looking at it from her retired parent's point of view, will the gifts be liable to income tax as unearned income? As less than £7700, I also assume that they will not be liable to CGT, provided they have received no other capital gains in the year?
2)I am assuming that my wife can gift £3000 to each parent, and also take advantage of the fact that she did not make any gifts in the previous tax year thereby doubling the gifts to £6000 to each parent?
Thanks in anticipation.
Wally
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