CGT and spouse allowance

P

Paul087

Guest
Hi All,
I am trying to pay CGT for the first time ever on shares that I sold - I have an allowance of 1,270 and so does my wife but according to revenue site this is not transferable. Does this mean what it says on the tin? We are not taxed as a couple, primarily because we have never gotten around to it, and have both a joint and separate bank accounts. We see ourselves as one unit financially, but I guess the paper trail does not support this. The shares where in my name. Is it OK to say that we own the shares jointly (or I gifted them to her - again no paper trail to support this?),,,in which case we both file separate tax return forms for half of the amount of the sale, and both claim the 1,270 relief on each half?

Appreciate any help/advice any one can give.

Best,

Paul
 
Simplly transfer a portion of the shares to your wife which will not result in any CGT liability. Then when you dispose of the shares you will both be able to avail of the annual exemption.
 
Kerry Gooner said:
Simplly transfer a portion of the shares to your wife which will not result in any CGT liability. Then when you dispose of the shares you will both be able to avail of the annual exemption.
Click to expand...


How can you transfer shares you no longer own?
 
All,

Thanks for the replies...& yes the shares have been sold so transferring them is not an option. So the defense is more along the lines of mandelbrots comments - and the comments do a good job of showing how easy it is to belittle this defense!!! But married couples do this all the time with their finances - some sits in one persons account and some in the others, but there's usually (in my case anyway) a shared understanding that its ultimately one pot to draw down upon - when I bought the shares I consulted her, when I sold them I consulted her - she has as much say as I did, and she would have suffered as much from any losses. So then, if we both send back CGT payments for half the amount of the sale (minus our individual tax allowances), is this allowed?
Or does there have to be a paper trail to support joint ownership?

This was our first time buying/selling shares or sending in CGT's etc....we're both taxed at source - so I think at most we're guilty of a little naivety around how this works...
 
Does anyone know what that the legal stance is in this situation?
 
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