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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

dp has made an account in my name to avoid capital gains tax without telling me

72 replies

entiledornot · 14/02/2015 08:10

Dh has made some investments that he wanted to cash out. Without telling me he used a copy of my driving licence to open an account and then transfer 7000 to my account without me knowing. He just says I thought I wouldn't mind and I was out at the time. I knew he had some investments, but no idea they were worth so much.

Aibu to think this just isn't acceptable? Both from doing it in my name and from avoiding tax?

OP posts:

Nerf · 14/02/2015 08:54

Dh not Dhaka!

PassTheCremeEggs · 14/02/2015 08:55

BMW6 your advice is wrong. If they're married there's no issue with it - they're just sharing an enhanced CGT allowance.

ApocalypseThen · 14/02/2015 08:56

I think I'd be speaking to a solicitor on Monday morning and asking them what to do and what my legal situation is now. You definitely want it to be clear that this is without your knowledge and collusion because it has the potential to become quite serious.

You may be married to him but it sounds like he's committed tax evasion and identity fraud.

ajandjjmum · 14/02/2015 08:58

Depends - are you involved with the finances of your marriage, or does your DH deal with that sort of thing?

He told you - it wasn't hidden and the money stashed away at all.

DH and I run our business together - he knows if we're busy or not, but couldn't tell you how much is in the bank or elsewhere. Because he trusts me! I take responsibility for that side of things, and I would share the gains also, because to be inefficient in the use of your tax allowances can be very costly.

spidey66 · 14/02/2015 08:59

I was left a certain amount of money after my parents died. I cleared our mortgage and also bought a property in Conrnwall as a holiday let. The account for that property is in my hiusband's name, though I manage it. He earns less than me, so it was a way of avoiding higher levels of tax. It certainly ain't illegal.

However my husband well aware of the account and in your scenario it's the lying that's wrong.

diddl · 14/02/2015 09:00

I'm surprised he could do this.

How could he open an account without your signature?

I recently wanted to put money into an account of my sister's but couldn't as I didn't know her account no!

justmyview · 14/02/2015 09:00

I agree with nerf - I see a lot of comments on mumsnet that are clearly intended to be helpful, but demonstrate complete lack of knowledge of the subject matter

OP I would like to know what you're planning to do next. In your shoes, I'd be making a point of closing the account & transferring money back to him.

If DH wishes to transfer money into your name & you're OK with that, then it needs to be done properly. Be prepared for lots of eye-rolling & sarcastic comments about how you are creating additional hassle, but you would make your point

OTOH, if you vent on here, but don't challenge him on it, you're essentially letting him get away with it

Transporter · 14/02/2015 09:01

My DH would do this type of thing as long as it didn't require a forged signature. He would never do anything illegal or even vaguely dodgey . He deals with all our finances and would just do what was best for our family.

There is nothing controlling about it in our household.

ClashCityRocker · 14/02/2015 09:03

Also, and me and my husband have quite separate finances (but we are fiscally transparent), I would be more pissed off if he was making potentially tens of thousands of pounds and hadn't thought to mention it to me at that point.

Original poster

entiledornot · 14/02/2015 09:09

Thanks everyone, the more I look into it this avoidance seems kosha, he just should of told me, apparently it was supposed to be a surprise.

Does it make any difference legally if I start spending it?

OP posts:

ajandjjmum · 14/02/2015 09:10

It's not avoidance - it's using your tax allowance, which you're quite entitled to as a married couple.

fredfredgeorgejnr · 14/02/2015 09:18

entiledornot For it to be legal, it's yours, he has to be a gift to you - So spend it as you want.

Nomama · 14/02/2015 09:19

Having done the same thing in my DHs name a few months ago I can be sure, it isn't illegal, the shares account was opened off his current account, I took in all the paperwork required and the shares were moved in.

I didn't tell him before I did it as I am the money person round here and he trusts me to get on with it!

As others have said, it is just sharing tax liabilities, makes more sense!

benbobby · 14/02/2015 09:26

I'd just be glad he was looking after us both financially, but I would want to be involved/understand the logistics.

UncleT · 14/02/2015 09:26

The OP is clearly shocked that the account was opened without knowledge or permission. Lines like 'I'm the money person' obviously don't fly in their house, else the thread wouldn't have been started.

WutheringTights · 14/02/2015 09:36

Hi, Chartered Tax Adviser here. There is a lot of incorrect information on tax on this thread. If he gifted you the shares, and then you sold them, then that's fine and sensible use of your CGT allowance. It's making correct use of a specifically intended tax incentive, not a loophole, and therefore doing exactly what parliament wanted you to do. On the tax avoidance scale it's up there with putting your savings in an ISA so that you don't pay tax on the interest. If the shares were in his name, he sold them and then put the money in your account to hide it from the taxman then that's evasion and illegal. It sounds like he did the former but worth making sure. Of course it means that the money is completely yours to do with as you wish...

Opening an account in your name without your knowledge is an entirely different matter however.

notnaice · 14/02/2015 09:40

Her share account, her selling it, profit goes into her bank account - all legit. Everything has been done in her name.

Except she didn't know about any of it.

Dp should have told you about it. Are there another red flags in your relationship. Can you trust him? The real issue is about your relationship. The actual wheeling and dealing is fine.

Original poster

entiledornot · 14/02/2015 09:49

Thanks, apparently months ago I said it was OK for him to use my cga. I do think he did it as a surprise without thinking about it.

Oh well I'm going to go a spending spree today, that for me means a waitrose shop, smellies and shoes

OP posts:

UncleT · 14/02/2015 09:50

Seriously, why is the (dead horse) tax issue being flogged still when surely the bigger issue is the breach of trust?

UncleT · 14/02/2015 09:51

Oh well, so long as you agreed to it without knowing/remembering you did, seems a solid explanation....

vdbfamily · 14/02/2015 09:54

I think peoples reactions here stem from different ways people manage their finances. If you are in a marriage where everything is pooled and there is no 'mine' or 'his', then if you are sensible you arrange things to make the best of tax law. My DH looks after our finances. He transfers things into different accounts and open ISA's and moves ISA's and I don't take any interest. Occasionally he will ask me for a signiature for something and I will scribble it. This to some of you may seem totally naive but I trust him totally and I am not at all interested in it all. If we had separate finances and somehow he had siphoned off £7,000 from one of my accounts I would rage, but to be gifted £7,000 'as a surprise' and be cross about it seems a bit strange. However, if he did have to fake your signiature somewhere, that would not be good!!

wigglybeezer · 14/02/2015 09:56

Dh and I both have online share dealing accounts, Dh opened mine for me, they are linked to existing bank accounts, we swap money around between them sometimes, eg, when major joint purchases are needed.

It's definitely not fraudulent but I would feel it was bad manners and a bit unethical not to discuss it properly first.

WutheringTights · 14/02/2015 10:08

Hi UncleT, if that was aimed at me I posted because tax avoidance is a hot political issue at the moment, but there is a lot of misinformation out there (some of it deliberate for political point scoring). As someone with specialist knowledge I like to correct misinformation when I see it, as a public service so to speak .

Nerf · 14/02/2015 10:21

Well thank goodness you did Wuthering. I'm sick of seeing people repeat incorrect information they've heard/guessed and using it to scare posters on various threads about things. I only ever post knowledge stuff when I know what I'm talking about or qualify advice. I qualified years ago and am in a different field now but had to post. Glad someone more up to date has done so.

Slutbucket · 14/02/2015 10:34

He's not evaded tax you are married perfectly in the rules. However he should have asked you to do it as you could have done something he wasn't aware of. Why pay more tax than you need to I say. I would be asking for a percentage. Perhaps you need more transparency in your finances?

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