Was wondering if I could get some help regarding the taxation of off market transfers please.
I am still pretty young (19 atm) and am a full time student working part time. I have been investing in shares for a bit over a year now, and have been doing alright given the bull market of late. My downfall, however, is that when i first began investing I didn't consider the tax implications of my trades, thus come the end of this financial year I am going to be paying a fair amount of tax due to the part-time work and CG's.
Thus, in order to reduce my tax for next fin. year I have opened up an account under my mum's name and am going to be trading under both names (since my mum doesn't work, I figure i may as well use her tax-free threshold and low tax bracket as much as possible).
Now, given the volatility of the current market, I don't really want to be out of my current trades for too long, so have decided to do an off-market transfer of about half my holdings to my mum.
What I am not sure about, however, is how tax works on off-market transfers. I know you can deem the 'consideration' paid in respect of the transfer, but in terms of the taxation on the capital gains, how does it work exactly?
Any help would be greatly appreciated.