CGT allowance between married couple and tax return

[gotoPzero]

We bought some shares in a company using my wifes share dealing account.

Normally we buy in our ISAs but this time it was in a GIA.

The funds came from our joint account, and when sold the proceeds went into our joint account.

Can we split this income 50/50 on our tax returns?

So we take the 3k CGT allowance each? Or just 1x 3000?

Then if the answer to that is no - can she gift some shares to me - as she did not sell them all.

Its not huge sums but my by maths would reduce the tax bill from about £1000 to maybe £200 ish?

[alscar]

If you bought the shares jointly ( you did ) and assuming the shares are allowed by the company to be held in joint names ( are they ?) then yes you could both declare a 50/50 ownership and hence double the available CGT allowance available.
The alternative is for ( depending on your individual tax circumstances )for either of you to own them as transfers between spouses are both allowable and commonplace.
When I was working my employee share options were often transferred to my wife at the point of executing them and then we could move them in and out of each other’s holding as tax circumstances / sales of said shares dictated.

[OIC]

[NowWatchThisDrive]

It's the legal ownership that matters, not source of funds. So the gain is all hers and you can't split it 50/50, but she can gift you any remaining (not already sold) shares so you can use both your allowances in future.

OIC said:

Nice one

[gotoPzero]

OK cheers

[Panamax]

gotoPzero said:

We bought some shares in a company using my wifes share dealing account.

The elephant in the room is that "we" didn't do anything.

Your wife bought shares. They are hers.

While genuine gifts between spouses are not a CGT disposal they have to be genuine gifts. You can't just use it to duck and dive around CGT. Both "amount" and "timing" will be relevant in determining whether this is genuine gifting or just a form of tax avoidance that can be easily overturned by HMRC.

If you want to take the game further and claim she holds half the shares in trust for you there will need to be evidence of that trust including its registration with HMRC.

[gotoPzero]

Got it.

We will be splitting the remaining shares between us to allow us to share the remaining cgt next year.