Various questions for Tax/Accounts pros

[anjam]

I have a few questions for anyone out there who has the answers.

1) My wife is a home maker looking after our baby, is there any limit to how
much money I can "Gift" her without her having to pay tax ?

2) I invest some of my money is shares and would like to make use of my
wifes Capital Gains allowance and buy shares on her behalf (technically it
will be my money that I "gift" her).
3) Can I buy those shares in my nominee account as long as I keep track of
her investments seperatly or does she need to open a seperate nominee
account ?
4) In a Maxi ISA can you invest the whole 7K in shares ?


Many thanks to anyone who helps,

AS

 

[Doug Ramage]

In Ronald Raygun


Unless, IIRC, (s)he is non UK-domiciled. In which case it's limited to
some obscenely small amount... GBP 55,000 in 1996 (probably not much more
than that now).

The £55,000 refers to IHT not CGT, and is applicable where the transferor's
spouse is not domiciled in the UK. The current exemption remains £55,000 for
2003-04.

Make sure you have some paperwork to back up any transactions where the
beneficial ownership is not self-evident.

 

[anjam]

Many thanks for your help guys, that is just what I wanted to hear.

Regards,

AS