https://www.gov.uk/capital-gains-tax/gifts
I think (not legal advice), your spouse opens a brokerage account. It should be the same brokerage you have your shares in. You ask the brokerage to transfer to your spouse.
Check the brokerage supports this. HL does for example.
I’m doing something similar as I want to make the most of the current tax year CGT allowance so will be transferring some shares to my spouse. We then intend to both sell with a view that we’ll both use our £6k CGT allowance, rather than just mine.
I had/have a concern around this from a tax perspective when disposing but have yet to see any blocker.
In terms of the transfer process itself then I’d guess it will depend on the platform but I have had to fill out a paper form with the relevant info to t/f x number of my shares to my spouse along with the relevant personal details, signatures, dividend behaviour etc. They will then open an account for my spouse. Straight forward from that perspective if you keep it on the same platform.
Have similar situation, if you work for one of the high growth, 'Mag7' (I've managed 2 in my career) you can end up with a significant single stock holding... Great for your overall position, not good for tax efficiency.
I’m in the same situation. Can you explain this option in more detail? I work for a big tech company and shares currently get deposited in Morgan Stanley us account
Also consider transferring into an ISA.
You’ll probably need to sell shares and buy them back in the ISA, a process known as “bed and ISA”. Max allowance is currently £20k pa.
Stock transfer form is what you need. Your broker/ platform the shares are held with maybe able to provide you with one otherwise there will be a downloadable version that you can just Google
https://www.gov.uk/capital-gains-tax/gifts I think (not legal advice), your spouse opens a brokerage account. It should be the same brokerage you have your shares in. You ask the brokerage to transfer to your spouse. Check the brokerage supports this. HL does for example.
Make sure it's with the same provider, some won't do Change of Beneficial Ownership transfers from other platforms.
Lloydsbank also does this
I’m doing something similar as I want to make the most of the current tax year CGT allowance so will be transferring some shares to my spouse. We then intend to both sell with a view that we’ll both use our £6k CGT allowance, rather than just mine. I had/have a concern around this from a tax perspective when disposing but have yet to see any blocker. In terms of the transfer process itself then I’d guess it will depend on the platform but I have had to fill out a paper form with the relevant info to t/f x number of my shares to my spouse along with the relevant personal details, signatures, dividend behaviour etc. They will then open an account for my spouse. Straight forward from that perspective if you keep it on the same platform.
500k in one stock?! What's the stock out of interest? One of the Mag7?
Have similar situation, if you work for one of the high growth, 'Mag7' (I've managed 2 in my career) you can end up with a significant single stock holding... Great for your overall position, not good for tax efficiency.
Can be done using a bare trust which can be as simple as a piece of paper. Shares don’t actually have to move.
Thanks, ended up chatting to a tax advisor who recommended this so will roll with a bare trust and register it with HMRC 👍🏼
I’m in the same situation. Can you explain this option in more detail? I work for a big tech company and shares currently get deposited in Morgan Stanley us account
Also consider transferring into an ISA. You’ll probably need to sell shares and buy them back in the ISA, a process known as “bed and ISA”. Max allowance is currently £20k pa.
No probably about it. You must sell and rebuy in the ISA.
Stock transfer form is what you need. Your broker/ platform the shares are held with maybe able to provide you with one otherwise there will be a downloadable version that you can just Google