Transfer jointly held shares to my wife

[greystoke]

My wife and I have 300 CBA shares that were purchased in both our names, i.e. we get one dividend made payable to both of us.

Are we able to transfer my half of the shares to her?

I have previously used the off market transfer process to transfer shares held in my name to my wife, just not sure how this would work for shares held in both our names.

Any suggestions most welcome

 

[Krusty the Klown]

It should be the same process, same form, just 2 signatures instead of one.

This is a CGT event, so you both will be liable for CGT on any gains at your marginal rate.

 

[The Muffin Man]

My wife and I have 300 CBA shares that were purchased in both our names, i.e. we get one dividend made payable to both of us.

Are we able to transfer my half of the shares to her?

I have previously used the off market transfer process to transfer shares held in my name to my wife, just not sure how this would work for shares held in both our names.

Any suggestions most welcome

You can definitely transfer the shares, just like a normal share transaction. As stated though, it will trigger a CGT event.

 

[son of baglimit]

It should be the same process, same form, just 2 signatures instead of one.

This is a CGT event, so you both will be liable for CGT on any gains at your marginal rate.

hey krusty, you sure on this ? i thought the CGT would only be on his 'share' selling - she hasnt sold hers at all - yes theyve gone from a joint to single account, but for tax she hasnt sold anything.

thoughts ?

 

[greystoke]

Thanks for the replies, much appreciated. As already asked I am interested in clarifying if my wife has to pay CGT as she has not sold anything unless we both have to "sell" our shares to her?

 

[Krusty the Klown]

hey krusty, you sure on this ? i thought the CGT would only be on his 'share' selling - she hasnt sold hers at all - yes theyve gone from a joint to single account, but for tax she hasnt sold anything.

thoughts ?

Apologies, I should have been a bit more elegant with my grammar.

As "she" has not disposed of anything the CGT event is only on "his" disposal of the assets.

"Her" acquisition value will be at current market value of the shares, not original value.