Gift of shares - HELP - 5th April Deadline Question!!

[wally]

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

[Neale]

Apart from any other considerations you need to consider CGT in respect of the 'donor' who will, by my understanding be deemed to have disposed of the shares at market value, so if this creates gains which, together with other gains in the tax year exceed the Annual threshold (£7700)you may inadvertantly trigger a CGT liability for yourselves.

http://www.inlandrevenue.gov.uk/pdfs/cgtfs1.htm#4 refers

neale@coules.com