CGT on Shares

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greeneman

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Elderly parent wants to give me 40K in Irish Shares. No previous gifts so I believe I will be under the gift threshold but parent will need to pay CGT. He does not have the money to pay it. I suppose I could pay it for him if I sold them.
I suspect the best route is if I inherit them. At that time I think I will be under the CAT thresholds. What will be our tax obligations ? I am actually on the share certs as a joint holder. If I transfer them to my sole name, will the Stamp duty return trigger an automatic CGT demand ? Any help out there on how to handle this ? Thanks.
 
You'll avoid CGT if you inherit the shares on death.

If your parent gifts the shares to you now CGT is payable on any computable gain.
 
Thanks Importer
I appreciate you sharing your expertise.

I figured it would be better to get them on an inheritance.

I have been given the share certs. They are in parent name with my name as a joint holder, but I live at a different address. Only one parent now alive. He made a will but these shares were not included.

What do I have to do to make sure I get them on an inheritance basis ?
How do I get them into my own name ?

Greeneman
 
greeneman;1331690 I have been given the share certs. They are in parent name with my name as a joint holder said:
If he did not specifically give them to you in his will, then they would forward part of the residue of his estate and may not belong to you if you do not stand to inherit the residue as well...
Click to expand...
 
But as you are already a joint owner do they not automatically fall to you on the death of the co-owner. Hence the reason for not being mentioned in the will, or am I missing something?
 
Thanks to all for your input.
I want to get them into my sole name, but avoid my parent having to pay CGT.

I think I will:
1: inherit them,
2: transfer them to my name and pay stamp duty.
3: pay CGt on any subsequent gain. The gain will be sale proceed less value on date of inheritance.

Is this the way to go ?

Regards
Greeneman
 
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