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CGT losses spouses

  • 27-07-2021 6:20pm
    #1
    JansheerKahn
    Registered Users Posts: 44 ✭


    Have got different opinions on this so any help appreciated;

    Can a spouse's CGT losses forward be used by the other spouse who has a chargeable gain under S1083 TCA or can only current year losses be transferred ?

    A colleague received an opinion that for CGT losses forward of the spouse without the gain can only be used if the spouse with the asset first transfers their ownership and then the spouse with the losses can use same as opposed to just using the losses forward without such transfer



Comments

  • #2
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,407 CMod ✭✭✭✭Pawwed Rig


    Each spouse is dealt with separately



  • #3
    JansheerKahn
    Registered Users Posts: 44 ✭JansheerKahn


    Thanks - so assets would need to be transferred inter spousal to enable losses forward to be used?

    A well known tax author has a package of tax letters for sale, one of which states spouses can use each others CGT losses forward ....



  • #4
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,564 ✭✭✭✭Calahonda52


    will the transfer not be at current market value?

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



  • #5
    JansheerKahn
    Registered Users Posts: 44 ✭JansheerKahn


    No - lifetime transfers between spouses are at original cost.

    I am querying whether CGT losses forward can be used by either spouse or if they are ring - fenced to each spouse which would then require an actual transfer of assets to the spouse with losses before a sale so that their losses could be used.



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