Joint Account Tax Liability

[tg]

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

[Allan]

Post by tg
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.

[tg]

Thanks Allan!

TG