Separate CGT allowance

[Thesearcher]

Hi, if two people bought a house together and put the title in one of their names (with separate written agreement at the time) when selling are the two able to claim a CGT allowances separately. I.e. Divide the gain in two and each has their own €1270 CGT allowance against their own gain? (Not marriage - business arrangement.) I cant find specifics on revenue if there is a link that would be great - thanks

 

[dublin67]

They can provided they each beneficially owned, for example, 50% of the house. If there is a gain on the house and the CGT is payable by both of them then each can claim the personal exemption. The issue of whether CGT is payable by one or both individuals is determined by legal principles of ownership.

 

[Thesearcher]

Thanks for this, I'll look into it further and make sure we're 100% clear on the ownership part. Much appreciated - all the best