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Posted Thu, 03 Nov 2022 21:28:01 GMT by Iurii
Hello, We have almost the same situation(shares were gifted from me to my wife) as described in https://community.hmrc.gov.uk/customerforums/cgt/56baeeb5-32f7-ec11-b5cf-00155d9c6b71#6d54fdb5-32f7-ec11-82e7-6045bd0e78f9. In our case, shares are issued by non-reporting non-distributing fund, so gain is taxed as income, not as capital gain. Could you confirm that: 1. Gain is a difference between what I paid for the shares and what my wife sold them for. 2. Taxes on gain are based on my wife income: she should earn £20,000 at work in this tax year before taxes(she is basic rate tax payer), so next £30,271 of gain(she should have far less gain) are taxed at 20% rate. Thanks.
Posted Tue, 08 Nov 2022 15:31:51 GMT by HMRC Admin 32
Hi, 
  1. Yes, the gain is the difference in what was paid for the share to what it was sold for.   
  2. Based on this information, any gain on shares would be liable at 20%.
Thank you.
Posted Tue, 08 Nov 2022 16:02:43 GMT by Iurii
Thank you so much for your help.

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