capital gains tax

[Allen]

I have a capital gains tax due from the First Active takeover of €569.35. I bought some Ryanair shares on 3/8/2004 in my own name. I would have a loss on these shares of around €1000 (incl commission etc). Would it be sensible to transfer these to my wife’s name so that I could offset the cgt due?
If I pay my First Active cgt now and realise an offsetting capital loss before the end of the year will the Revenue give me a tax refund?

 

[Guest]

The links pointed to by this topic might be of interest to you:



Do you still hold the Ryanair shares? If you do then any "paper loss" incurred is not allowable against yout FA gain in order to reduce your CGT liability. Only actual losses incurred at disposal are allowed in this case - with some rare exceptions such as this:



> Would it be sensible to transfer these to my wife’s name so that I could offset the cgt due?

This seems to suggest that you do indeed still hold the Ryanair shares in which case they are irrelevant to your FA CGT calculations. I'm not sure how you think that transferring them to your wife would help anyway. However, in the general case, judicious transfer of assets between spouses can help reduce exposure to CGT by allowing both individual annual CGT allowances to be used: