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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Last year I made a gain on the purchase and sale of shares.

Resolved Question:

Last year I made a gain on the purchase and sale of shares. The money came from a joint account. (The only bank account my wife and I have) and the profits went back into the joint account.I used NatWest Sharedealing services to buy and sell the shares. My
accountant says I can only use my capital tax allowances but not my wifes. Is this correct.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

If you bought the shares in your name only as opposed to in joint names with your wife, then I'm afraid that your accountant is correct. It would have been the same if the bank account was in your wife's name only and you used the money in it to buy shares in your name. To split gains and losses the shares must be in joint names.

I hope this clarifies the situation but let me know if you have any further questions.

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