Single earner family, capital gains transfer?

Supercell · 19-01-2019 5:50pm #1

I am the sole income earner in our household. My wife and I are taxed together so i get some of her allowance as a PAYE worker.

My questions relates to capital gains (on share trading). From here- http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_gains_tax.html#l5e53c it states

The first €1,270 of taxable gains in a tax year are exempt from CGT. If you are married or in a civil partnership, this exemption is available to each spouse or civil partner but is not transferable

So it looks like, unlike PAYE, the €1270 gains allowance is exclusive to me, even though we are dual assessed. Is that correct? The implication being from a taxation perspective it would be more efficient to open a second stock trading account for my wife as well to double the gains allowance, is that correct?

Many thanks.

HcksawJimDuggan · 19-01-2019 8:16pm

Yes, the annual CGT exemption is non transferable between spouses. In order for your wife to claim this exemption, she would need to realise a gain on shares sold that were registered in her name.

Supercell · 20-01-2019 9:33am

Many thanks.

Single earner family, capital gains transfer?

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