"your annual personal exemption" Do you mean PAYE or other. Thanks for the response. The losses may balance out one day! Happy days!!
Ok, I've read that three times and it makes sense. I've a fair old chunk to extinguish!! It was all worth it!! Thanks very much RedOnion
Ah, I've probably highlighted the wrong sentence, but I understand that section allowed the losses to be shared (the gains of the wife are taxed on the husband unless you elect otherwise, or some such language). I'll have to look at it again.I haven’t read the section in full but in the absence of there being a provision elsewhere about carried forward losses, your historic CGT loss will only carry forward against your own future gains ie not available against your wife’s share...
Ah, I've probably highlighted the wrong sentence, but I understand that section allowed the losses to be shared (the gains of the wife are taxed on the husband unless you elect otherwise, or some such language). I'll have to look at it again.
Ah, didn't help that looked at guidance notes rather than legislation!I’d say you quoted exactly what you meant to, but it refers specifically to “in the year of assessment” so it only has effect where I make a loss that I cannot use in 2018 and my wife has a gain in 2018.
(There may be another provision that broadens the application to carried forward losses but I’m not going looking for it right now!).
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