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Gifts of shares
We act for several family companies who have re-structured their shareholdings this year by way of gifts from one family member to another. Our particular queries are as follows.
* Holdover relief has been claimed to defer any capital gains tax but are there any income tax consequences on such gifts of shares and does it make a difference if the parties are not connected?
* Is this a reportable event on form 42 or is it exempt as between family members?
* Would a common-law wife be classed as a family member?
Readers' advice is welcomed.
— Bountiful.
The two key questions for income tax purposes are; first has a settlement been made; and secondly does it matter? The income tax definition of settlement (which can be found in...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
