Capital Gains Tax Allowance Doubled for Married Couple?

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PebbleBeach2020

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I'm asking on behalf of my aunt and uncle. They are selling an investment property they had for over 20 years. They have worked out the CGT liable but they asked me if I knew whether they could claim a single persons CGT annual allowance of €1,270 or can they claim an allowance of €2,540?

I don't know if the property is jointly owned by them both (or does that matter). My initial thinking was they could claim allowance of €2,540.


I've googled online but I cant find anything that answers this question. It says "CGT allowance not transferrable" but no detail what that means. Thanks.
 
Thanks for the reply. Is that on revenue website cause I was looking ages and couldn't find anything. A weblink or smthg would be great.
 
Well I've looked everywhere. Just wondering where it is.

Will revenue accept you saying so if they question me hahaha
 

Capital Gains Tax

Capital Gains Tax is charged on the capital gain or profit made on the disposal of an asset. Some assets are exempt from Capital Gains Tax. Find out if you are liable for Capital Gains Tax and how to pay it..
www.citizensinformation.ie www.citizensinformation.ie
 
PebbleBeach2020 said:
Sarcasm is the lowest firm of whit.

Ya cause my question is answered in those links. You are a
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Whit Weekend or the Whitsunday Islands?

The answer is there in each of those links. I don’t understand what exactly you’re hoping to see? “It is not transferrable between spouses”...like, what else is there to say?

The Revenue link actually says:

“PERSONAL EXEMPTION
Each tax year, the first €1,270 of your gain or gains (after deducting losses) are exempt from CGT. You are entitled to this exemption whether you are resident or non-resident. You cannot transfer this exemption to your spouse or civil partner.”

I helped you, but that wasn’t enough, you wanted a weblink. In one minute, I was able to produce a few of them (which anyone who can use Google could have done to be fair). And then you saw fit to abuse me...hilarious stuff
 
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They don’t call him Google Gekko for nothing!

Related question, assets can freely be transferred between spouses. Wife has RSUs, is it required that they are transferred into my brokerage account in order to avail of both exemptions when the shares are sold? Is this the simplest? The question is, what is the standard of ownership of assets for revenue? Is it the title or could we have a contract between ourselves stating who owns/is the beneficial owner of the shares even its held in one name?

Another way, suppose we owned an investment property, both names on the title but the asset share was 75/25 for the purposes of ownership. How would the share of the gain be reflected to revenue when calculating CGT? Why wouldn’t they turn around and say both names on the title, the gain is to be split 50/50 for CGT?
 
My wife & I both own the shares in my DeGiro account, but the account is in my name for simplicity. We are jointly assessed for tax.

If I sell shares can I claim the 2 x 1270 CGT relief ?
 
How can u both own the shares if the account is solely in your name?

Account should be jointly owned to claim relief.
 
banchang said:
My wife & I both own the shares in my DeGiro account, but the account is in my name for simplicity. We are jointly assessed for tax.

If I sell shares can I claim the 2 x 1270 CGT relief ?
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How do you both officially own the shares in an account that's in your own name? :/
 
banchang said:
My wife & I both own the shares in my DeGiro account, but the account is in my name for simplicity. We are jointly assessed for tax.

If I sell shares can I claim the 2 x 1270 CGT relief ?
Click to expand...
The 1270 small gains relief is not transferrable bewteen spouses, even if you are jointly assessed, so you can only claim 1270 in respect of shares you sell.

Your wife can claim 1270 in respect of shares that she sells.

Given that the shares are in your name, the Revenue may be unimpressed with a claim that you both own them. What is it that leads you to assert that they are jointly owned, and what evidence do you have to back up that assertion?

You can, of course, transfer half the shares into your wife's name, or transfer all the shares into the joint names of yourself and your wife. This will not attract any CGT or CAT liability. I think it would be wise to do this before the shares are sold.
 
This situation always arises when employees purchase shares through an ESPS…brokerage account is in a the employees name and when he sells shares in 3 years time with a nice gain, he then thinks he can use his wife’s €1270 credit to reduce his tax liability…wish it was so
 
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