Should there be a minimum period between sale of A and B or does it matter if all sold in same year ? e.g. it doesn't matter which sold first provided both sold in same tax year.
1. Married Persons or Civil Partners
The net gains which accrue in a year of assessment to spouses or civil partners living together are charged on the assessable spouse or nominated civil partner unless either the husband, wife or either civil partner has applied to be charged separately. Applications for separate assessment must be made before 1 April in the year following the year of assessment.
In general, transfers of assets between spouses or civil partners living together in a year of assessment are not treated as disposals for Capital Gains Tax purposes. Instead, the spouse or civil partner receiving the asset is treated as having acquired it at the same time and for the same consideration as the transferring spouse or civil partner originally acquired it.
CGT is reported separately for each of you, so yes only half the loss of property A would be available to offset the gain your wife makes on property B
Your loss on property A can be carried forward until you have gains to offset.
However, as transfers between spouses are not taxable, I think that you can offset the whole loss against the gain - it's as if she transferred 1/2 of property B to you but you need to get this confirmed
This is from the Guide to CGT on the Revenue website
Is that really the full calendar year, or within the same CGT period:If you sell the profit maker before the loss maker, you must sell the loss maker in the same year to avail of the losses.
Thank you. Finally, I am still confused, can my wife avail of the total losses of the loss maker to offset her gains or just half of those losses ?
Is that really the full calendar year, or within the same CGT period:
For disposals made between 1 January and 30 November (the initial period) you must pay CGT by 15 December of the same year.
For disposals made between 1 December and 31 December (the later period) you must pay CGT by 31 January of the next year.
So they would both need to sell between Jan & Nov, or both within December of the same year?
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