Joint assessed - writing off share losses

Barr

Hi All



I am just wondering if this is possible:


My wife and I are joint assessed.


I have shares that that I bought years ago (bank shares) that I would make a loss if I sold.


My wife has shares where there is a profit if she sells them this year.



So I was wondering if we sell both sets of shares , can I write the value lost in mine against the profit made in my wifes so we are not liable for Capital Gains Tax .



Thanks
Barr

CIARAN_BOYLE

Capital gains is a personal thing.

A transfer between spouses does not trigger capital gains tax.

Pkiernan

I found out the hard way that you can't do this, unless both spouses names are on the brokerage account (i.e the stocks are jointly owned)

Barr

Pkiernan wrote: »

I found out the hard way that you can't do this, unless both spouses names are on the brokerage account (i.e the stocks are jointly owned)

Thanks for that , I have an online Goodbody account . I'll check if I can get my wife added to this. Could be the answer

Barr

CIARAN_BOYLE wrote: »

Capital gains is a personal thing.

A transfer between spouses does not trigger capital gains tax.

Just to clarify , we are looking to sell both lots of shares in separate transactions .

When we sell the loss making shares are in my name and the ones that have risen in share price are in my wife’s name.

CIARAN_BOYLE

Ok my point was that if you put her name on your loss making shares CGT doesn't arise. Then she can sell them make the loss and offset it against the gain.
You may face stamp duty on the transfer from your name to her name.