Gifting shares to wife

[Andy2]

I hold 2 shares of £1 each in my company. I would like to issue one more share and gift it to my wife, making it a 2:1 split.
What forms do I need to fillin and who to inform? My account advises to fillin form 88 , while on pcg forum someone mentioned that form 42 is also needed.
Has anyone done it

[Sockpuppet]

Just get your accountant to do it.

[xoggoth]

Off top of my head, but both I believe. 42 was invented a couple of years back just to add to the burden and employ more civil servants. I have a vague recollection that 88 need not be sent to co hse if transfer was to a spouse. Still, co hse website should have all the details, no need to ask us really.

[vetran]

Possibly not relevant but, in light of the recent shennanigans we had with some shares:

What is the value of your company? Do you have reserves in it? Do you have an ongoing contract? The share value at transfer is a factor. i.e. if you have £10,000 in the bank and a 12 month contract paying £100K your 2 * £1 shares could be said to be worth more than if the bank is empty and you are on the bench.

Best to pick a time when the company isn't worth anything to transfer shares and do them by her purchasing them at face value if possible.

[THEPUMA]

Shares can be transferred to your spouse without any tax implications, assuming they are transferred to her in her capacity as your wife rather than in her capacity as your employee.

If you are concerned about this, you may wish to wait for her birthday/Wedding anniversary/Christmas/Valentine's Day etc. Although this is probably slightly over-cautious.

Puma