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Re: Can I give my wife money for her to buy shares

Newbie

Views 651

Replies 3

 
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Former Community Support

Replies 0

Thanks for posting @Cavers

 

The payments you are talking about sound like gifts you can definitely give your wife money for shares and complete transfers to her account. A gift is when there is a transfer of money, it was a voluntary payment, you don't expect anything in return for the gift.

 

Have a read of the information on our site of what needs to be included as taxable income.

 

All the best!

3 REPLIES 3

Devotee

Replies 2

You can give your wife money, I am sure she would like that. If it is given as a one off gift there would be no tax implications. Remember if the shares area in her name, it’s her income and deductions to declare, not yours.

Newbie

Replies 1

Thank you.  You say "one off" but does that mean I cannot make a series of transfers into her name as when I sell shares in our joint names to put into her name to reduce my taxable incom.

Most helpful response

Former Community Support

Replies 0

Thanks for posting @Cavers

 

The payments you are talking about sound like gifts you can definitely give your wife money for shares and complete transfers to her account. A gift is when there is a transfer of money, it was a voluntary payment, you don't expect anything in return for the gift.

 

Have a read of the information on our site of what needs to be included as taxable income.

 

All the best!