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17 November 2004
Readers' Forum
Replies to Queries — 4
Gifted shares
Readers' Forum
Replies to Queries — 4
Gifted shares
Shares are often transferred around the family for reasons other than employment. We have a company that commenced 25:25:25:25 (husband, wife, son and common law wife). Recently, wife and common law wife have transferred shares to their 'spouses', leaving them with 10% each. Would there be any need to value the transfer for income tax purposes (holdover relief for capital gains tax anyway) as strictly the spouses have acquired further shares at no value, or is there an exemption for this?
(Query T16,515)
