Could you help: spouse transfer of listed shares is at NGNL, but what is the evidence requirement that a gift occured? I can find absolutely nothing on that.
Obviously evidence of transfer from one trading account to another is the belt and braces, but would simply a written declaration suffice? The latter feels light, but where they have a joint bank account, kids, lives, houses etc the former seems excessively formal.
Thanks
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Evidence of the change at the registrar and completion of a share transfer form maybe. What evidence did they give the registrar?
Its a future transaction, so they have done nothing yet.
Stock transfer then as already suggested
And thinking out loud..if it were:
UK unlisted: stock transfer form
Property: title deeds change
so listed shares should follow suit then with a paper trail....
Could you help: spouse transfer of listed shares is at NGNL, but what is the evidence requirement that a gift occured? I can find absolutely nothing on that.
Obviously evidence of transfer from one trading account to another is the belt and braces, but would simply a written declaration suffice? The latter feels light, but where they have a joint bank account, kids, lives, houses etc the former seems excessively formal.
Thanks
Blogger Moo Cow
RED 76 Tax
Joined 31 March 2020
Believe it or not, due to good old English trust law, it can all be done verbally (and documented as necessary later), but that's not recommended of course vis a vis HMRC. This happens all the time even in business. See recent case here:
https://www.bailii.org/ew/cases/EWHC/Ch/2020/2753.html
had a recent case accepted by HMRC where the client had themselves drawn up a one page declaration of trust, the shares remained in one name, profits split between them
HMRC even provide the wording in their manuals:
https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-...
