Too many cooks

A married couple following recent advice from their IFA have three separate joint portfolios of stock market securities valued at over £4 million in total. Each portfolio has an independent manager. The portfolios are actively managed with one making many regular small disposals and purchases as is becoming the accepted practice with some managers.

Annual capital gains tax reports are provided but these are prepared without any knowledge of any other portfolios' securities. Each portfolio has some of the same securities and it is an almost impossible task to attempt to match any disposal with the other portfolios' acquisitions even with the changes in capital gains from 6 April 2008.

Is it therefore acceptable to treat each portfolio as though it is in separate ownership or must any disposal be matched in the 'usual way'? If separate treatment is possible should a note be added to the...