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Replies to Queries — 1

08 September 2004
Issue: 3974 / Categories: Forum & Feedback , Arctic Systems , Jones v. Garnett
(Query T16,472)

Gifts of shares

We act for several family companies who have re-structured their shareholdings this year by way of gifts from one family member to another. Our particular queries are as follows.



* Holdover relief has been claimed to defer any capital gains tax but are there any income tax consequences on such gifts of shares and does it make a difference if the parties are not connected?

* Is this a reportable event on form 42 or is it exempt as between family members?

* Would a common-law wife be classed as a family member?



Readers' advice is welcomed.

 — Bountiful.

The two key questions for income tax purposes are; first has a settlement been made; and secondly does it matter? The income tax definition of settlement (which can be found in...

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