SRCOP Confusion

P

pureirish

Registered User
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Aghhh.... please help

Both myself & my wife are PAYE - joint assesment. We are now completing our 2010 return (due to having a rental property). I used all my SRCOP allowance but my wife didn't.

I am now being told tough, the bit my wife didn't use cannot be used by me in our return.

I don't get it. I could have transferred her unused SRCOP to me during the year (2010) on PAYE anytime so we both used the full joint SRCOP.

Surely this can't be correct?
 
If the rental property is in joint names the profit can be returned as 1/2 each. Would this help to use her unused srcop
 
from http://www.revenue.ie/en/tax/it/leaflets/it1.html#section3

Married or In a Civil Partnership both Spouses or Civil Partners with income
SRCOP is €45,400 @ 20% (with an increase of €27,400 max) (Balance @ 41%)for 2010.

Note: The increase in the standard rate tax band is restricted to the lower of €27,400 in 2010 or the amount of the income of the Spouse or Civil Partner with the lower income. The increase is not transferable between Spouses or Civil Partners.

is it possible that the above restriction is being applied?
 
I suspect that there is more to your figures than you realise. You both have SRCOPs of €36,400, or €72,800 in total. The most you can take from your spouse is €9k.

This can be split between you with you taking €45,400 and your spouse taking €27,400. However you can never take more than €45,400.
 
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