first active

[william1askabutmoney]

hi all
are we saying here that we have no choice but to pay up.
also, can someone answer this for me.....i you are jointly assessed for tax, can you double your allowance ie (e1,270x2)
thanks
w

 

[Guest]

> are we saying here that we have no choice but to pay up.

I presume that you're referring to the CGT due on the FA takeover payment? If so then this is a self assessment tax which you are obliged to pay. If you don't then the normal penalties for tax evasion can apply.

> also, can someone answer this for me.....i you are jointly assessed for tax, can you double your allowance ie (e1,270x2)

No - joint assessment applies to income tax only. The personal CGT allowance of €1270 is not transferrable even between spouses (it used to be years ago). If the shares are held in one spouse's name then only one personal allowance can be used. If they are in joint names then both can be used.

Refer to the many other FA CGT topics in this forum and elsewhere for more on this topic.