Selling shares from 2 accounts

Hi, I have 2 accounts with an investment firm - 1 is in my sole name and one in joint name with my wife. If I sell a particular share from the joint account, do I calculate the cost for CGT purposes by reference to purchases of that share in the joint account only.......or do I include for my personal (but not my wife's) calculations, any purchases of that share in my personal account as well? Thanks for any help.

Hi,

For the joint account, you would both need to declare as any costs and proceeds would be split 50/50.

Thank you.

Hi, Thanks for your reply. Sorry but I am not sure I understand. It may help if I suggest an example: In our joint account we sell 1 BP share for £4. That share had previously been purchased for £2 in the joint account. Normally for both myself and my wife, the proceeds are £2 and cost £1. However, say I also have in my own sole account a BP share that was purchased for £1 - (which has not been sold). Does the existence of the BP share in my sole account affect my calculation of the sale of the BP share in my joint account? i.e. for my calculation do I take an average of the purchase price of the BP share in my joint account and the purchase price of the BP share in my sole account? I assume that in this circumstance my wife's calculation will still be proceeds of £2 and cost of £1. Thanks again...hope this helps.

Hi Bob Williams

For your scenario it is only the joint account information that would be taken into consideration. As it is joint, it doesn't matter who sells the shares as you would both be accountable for 50% each of any income/expenses associated with the account. If you were then to sell any shares from your own account, you would declare 100% of any income/expenses.

Thank you

Thanks....very helpful