CGT Relief Query

thomasm

Have gains on some shares I'm cashing in that will take me beyond the €1270 threshold. Jointly assessed with my wife but shares in my name. Can my wife's allowance be used in this case to offset more of the gain. Thanks

Citizenpain

thomasm wrote: »

Have gains on some shares I'm cashing in that will take me beyond the €1270 threshold. Jointly assessed with my wife but shares in my name. Can my wife's allowance be used in this case to offset more of the gain. Thanks

Afraid not _ unless you transfer some to her first

conor1979

thomasm wrote: »

Have gains on some shares I'm cashing in that will take me beyond the €1270 threshold. Jointly assessed with my wife but shares in my name. Can my wife's allowance be used in this case to offset more of the gain. Thanks

No. You can't use your wife's allowance on your shares.

However if you have not sold the shares yet you could look at transferring half into your wife's name and then selling them.

Then if the gain is below the €1270 for each of you there will be no CGT.

Questions is "Do you trust your wife?":D

thomasm

Thanks for the replies, I will look at a transfer first then. If I understand correctly she is deemed to have taken ownership of the shares from when I first purchased them for CGT assesment purposes

alexlyons

would a joint share account not work for this?

thomasm

alexlyons wrote: »

would a joint share account not work for this?

Yes it would, when I first spoke to company holding shares they said I could not add my wife to account. On trying again they said I could and change is in progress. Thanks for the replies