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Joint Account Tax Liability



 
 
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  #1  
Old September 20th 17, 09:53 AM posted to uk.finance
tg[_2_]
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Posts: 20
Default Joint Account Tax Liability

My dad has asked me to open a joint share dealing account with him, to help
him buy and sell shares, using only his money. I will receive no payment or
benefits from it.

My question is, will I be liable for its income or capital gains taxes, or
can I be exempt, since I am playing a purely administrative role? How do I
declare this to HMRC?

Thanks very much in advance.


Regards,

TG


  #2  
Old September 20th 17, 10:30 AM posted to uk.finance
Allan[_3_]
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Posts: 79
Default Joint Account Tax Liability

On 20/09/2017 09:53, tg wrote:
My dad has asked me to open a joint share dealing account with him, to help
him buy and sell shares, using only his money. I will receive no payment or
benefits from it.

My question is, will I be liable for its income or capital gains taxes, or
can I be exempt, since I am playing a purely administrative role? How do I
declare this to HMRC?


IANAL.

If it's a joint account, I'd say you are jointly liable for tax.

Better move would have been to open an account in his name only, and get
him to give you authority to deal. Several brokers allow this. Or, if
it's all online, simply use his login.
  #3  
Old September 21st 17, 09:40 AM posted to uk.finance
tg[_2_]
external usenet poster
 
Posts: 20
Default Joint Account Tax Liability

Thanks Allan!

TG


 




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