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Tax Calculation Thread

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Comments

  • #452
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,965 ✭✭✭✭Calahonda52


    In simple terms, if a couple both earn over 42,000, is there any difference between joint and separate assessment.

    I know some deductions are only available in joint but this is just a vanilla calculation of 50 plus 55 gross

    Thanks

    i presume joint is require for the double CGT allowance

    Post edited by Calahonda52 on

    “I can’t pay my staff or mortgage with instagram likes”.



  • #453
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,165 ✭✭✭relax carry on


    If both are earning over the the standard rate cit of pint in their own right annually then there is no financial benefit.

    There is no double CGT allowance and joint assessment doesn't impact CGT. It only relates to income tax



  • #454
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,965 ✭✭✭✭Calahonda52


    Thanks as always

    so for my OH to avail of this she needs to dispose of assets that I transfer to her.

    Personal Exemption

    Each tax year, the first €1,270 of your gain or gains (after deducting losses) are exempt from CGT. You are entitled to this exemption whether you are resident or non-resident. You cannot transfer this exemption to your spouse or civil partner.

    “I can’t pay my staff or mortgage with instagram likes”.



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