CGT on joint shares

[Jonboy_t]

I've absolutely no idea how CGT really works, it's never been an issue as none of my investments have ever been of a size enough to worry about it!! However, I've been a lucky boy recently and bought some shares which have taken me over £10k profit (woohoo!) so I need to think about CGT.

The shares are in joint names between me and my good lady, so how would CGT work?! Does our 'allowance' effectively double or does it just increase slightly/not at all? Also, am I correct in my understanding that CGT is only payable on the profit and doesn't take the initial capital investment into account (i.e. £1k investment, £15k overall sale value, CGT on the £14k profit)?

Any help would be greatly received! Thanks in advance.

[Jonboy_t]

Thanks gents! I was hoping that was the answer!

Say, for example, if the shares were at £21,799 on the last day of tax year, if I sold them all, then bought them back the next day, that £21,799 is effectively capital investment, so I could (not that it would ever happen to me!) make another £21,799 next year without paying CGT?

Sonuds like a plan!

[Jonboy_t]

I'm not making the most of the isa at the moment because of the volume of shares I hold in this company. It's about 50,000 shares and I am holding out for a significant piece of news that will mean they should hopefully pay a dividend per share. If I put them into an isa, I'll have to sell and buy back (unless I've missed a trick with that?) and would have almost a quarter of the shares I have now and a mahoosive chunk of divi!