CGT on selling investment property

[chanceanarm]

I am currently selling an investment property. I know that you are allowed an allowance 0f 1270 euro, cgt free.

My question is due to the fact that i'm married and the property is in both my wifes name and mine, are we allowed twice the 1270 amount ?

Thanks,
Dave

 

[runner]

No.

 

[ClubMan]

Er, surely the answer is yes? The allowance is no longer transferrable between spouses (for a long time now) but where an asset is held jointly each individual can use their own allowance when calculating CGT as far as I know.

 

[bazermc]

Er, surely the answer is yes? The allowance is no longer transferrable between spouses (for a long time now) but where an asset is held jointly each individual can use their own allowance when calculating CGT as far as I know.

The answer is indeed yes a joint annual exemption will be available as the exemption is per person and the property is jointly owned

 

[Dusty]

Yes

 

[chanceanarm]

Thanks for the replies. I personally thought it would be yes, as if we both held shares and sold the shares as individuals we would be allowed the double exemption

I did a lot of trawling on Revenue website but could not find the answer and I also looked at some Tax books, but they were also vague !

I think i'll go with your replies and assume that we would get the double exemption.

thanks again,
Dave

 

[z107]

I did a lot of trawling on Revenue website but could not find the answer

I find the revenue website to be a bit of a nightmare to find anything on. I use google to find stuff on it (use this as a search term)
cgt on selling investment property site:www.revenue.ie