Handling of Capital Loss

[huf]

Hello,

Prior to getting married to me my wife bought a house. It was her PPR for a period prior to our marriage in 2008. She then moved in with me.

In 2012 we sold her house.

After computing all the figures as per CGT1 there is a capital loss instead of a gain.

I understand that she does not have to apply for PPR relief and in so doing she can offset the full loss against other capital gains in future.

I am filling in Form 11 (as I do each year) and have opted for Joint Assessment as usual.

Can I enter the CGT details as if it were a disposal of my own asset so that I would be the one to incurr the loss. In so doing I would hope this would allow me to offset this loss against future capital gains on shares that I would make.

Cheers

 

[Joe_90]

I would have thought that the period it was the PPR is not allowable.

http://www.askaboutmoney.com/showthread.php?t=134401

 

[huf]

Not according to this

showthread.php?t=122325&page=2

Not allowed to post URLs yet but this is contained in the thread

You can claim relief against CGT on a profit if it is your principle private residence(PPP) but you do not have to(Ignore this point if it is not your PPP). Therefore you can use the loss on a property to offset against other CGT gains in the same period.

Also we can treat my house as PPR and I believe you are only allowed one PPR.

 

[mandelbrot]

Not according to this

showthread.php?t=122325&page=2

Not allowed to post URLs yet but this is contained in the thread


Also we can treat my house as PPR and I believe you are only allowed one PPR.

You do realise you quoted some randomer from the Internet with a total of 2 posts on the site...? If you look hard enough you can find a quote of somebody saying just about anything, but that doesn't mean they're right!!

You'd be much better off to go and read the thread Joe90 linked to - there's some credible discussion, and some conclusions.

 

[huf]

You'd be much better off to go and read the thread Joe90 linked to - there's some credible discussion, and some conclusions.

Fair point. Don't know why I didn't read through the thread that Joe90 had kindly provided. Thanks for the help.