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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5141
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have the following question about declaring investment

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I have the following question about declaring investment funds in UK, I am originally from Lithuania but live here 2 years already.
I used to buy investment funds before marriage in Lithuania before I got married.
I bought some more investment funds, being in the marriage, using my own investment account and then I sold everything, being a UK resident already.
I haven't transferred the funds to my spouse before selling.
Can you please advise if I only need to do self assessment for paying taxes for myself, or should my spouse to be involved in that, too?
Hello and welcome to the site. Thank you for your question.

In the UK, there is separate taxation of income and gains for husbands and wives.
You file a self assessment tax return to show your income and gains and you get reliefs and allowance as an individual.

Your spouse would have to file his own self assment tax return.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

Thanks for your answer but I just wanted to ask

If I don't need to split shares I bought after marriage to 2 parts and declare separately - one for my husband another for me? This is how it works in Lithuania, even if I buy shares from my own account.

Laima, thank you for your reply.

If the shares are registered in your name, then you report 100% of dividends and/or gains on your tax return and not just 50% of it. You would only split it if the asset was heald in joint names.

If you wish your husband to have 50% then you should transfer half of your investments to him in the form of a gift...

The system in Lithuania appears to be different from the one applicable in the UK.

I hope this is helpful. and other Tax Specialists are ready to help you
I thank you for accepting my answer.

Best wishes.