I have an ususual situation (probably) and am seeking a solution.
I have shares registered in a company name. However I have different account designations to identify which shares belong to which beneficiary. Now if I want to transfer shares from one account designation to another e.g. AP to PP, JUST THE ACCOUNT DESIGNATION in the registeries I just need to fill in the Off Market Transfer forms.
The transfer happens at last sale price of a specific date.
Now the question is about the tax. Will capital gains tax arise as at that date OR will it arise when the shares are finally sold? If yes (or no), is there any ruling or tax law to support?