I have accrued some shares through work, about £50k in total over 25 years and want to sell them as I am buying a house but find that I will have to pay the good old tax man 40% on any amount over £11.7k profit.
Doing some basic man maths I have decided to sell £11.7k this year to keep the profit below £11.7k as I don't have the original purchase prices of the shares. I will then use the proceeds of the sales to reduce my mortgage.
I expect to do the same over the next couple of years as well.
I think I can also give some share to Mrs Driver to sell as well and if I do that then my capital gains tax bill should be zero.
So if I sell 3 x £11k and Mrs D sells 2 x £11k we should be ok in 3 years tax wise - is my understanding right?
Next time I will consider a share ISA once I figure out how they work!
Thanks, Driver
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Bad Tax Planning on My Part 