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Posted Wed, 07 Feb 2024 21:02:05 GMT by
My mother is talking about transferring £500k of shares to myself and brother. She has had advice from the fund manager that the asset can have its ownership changed, without realising the asset, into mine and my brothers name and hence CGT free. Is that possible? If it is, what will be the CGT situation I would be in? Would it just be if I sell part or all of the fund? Would tax be % of the total sale, as I didn’t invest originally - or just on increase in value of my mothers investment?
Posted Tue, 13 Feb 2024 12:51:11 GMT by HMRC Admin 5

No. a gift of an asset is only tax free when it is between spouses/civil partners or to a charity. as these shares are to her children, this is classed as a sale. any tax due woulod therefore be based on the difference in value from the date purchased to the date gifted and the market value price must be taken at the date gifted.

Thank you

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