Married couple CGT exemption for spouse without income

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noonamer

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Hey guys and Happy Easter! :)
I think it is quite common topic and probably was discussed before (sorry if it is the case).
We are marrying couple, I'm PAYE and my spouse is without income (we assessed under joint Form 12), I own some portion of Crypto and also corporate stocks (RSUs).

This year I want to sell crypto as well as some amount of corporate stocks, this will be over single CGT exempt. I'm curious if I can transfer my crypto to account under my wife's name (this will be considered as a transfer between married couples and tax free) and then she will sell these so we can benefit from CGT exemption on both our names?

Thanks!
 
Looks like you can do that. you will (potentially) gain the princely sum of around €419, but your wife owns the crypto asset.

Also, Revenue might see this as an act of tax avoidance. Your choice.
 
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No, they won't- you are quite entitled to transfer your assets to your wife tax-free

She will be deemed to have acquired at the same date and price that you did
 
newirishman said:
Looks like you can do that. you will (potentially) gain the princely sum of around €419, but your wife owns the crypto asset.

Also, Revenue might see this as an act of tax avoidance. Your choice.
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but why it is avoidance? it is optimizations, isn't it? even though it is about 400 EUR, but it is still money which can be used elsewhere.
jpd said:
No, they won't- you are quite entitled to transfer your assets to your wife tax-free

She will be deemed to have acquired at the same date and price that you did
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that's also my understanding. considering I submit joint assessment form, we'll need to send separate CGT 1 form from her account as well?
 
noonamer said:
my spouse is without income (we assessed under joint Form 12)
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It's irrelevant that she has no income.

Income Tax and CGT are completely separate.

However, you could consider transferring assets over to her so that she does have income which I think would reduce your bill.

Brendan
 
Brendan Burgess said:
It's irrelevant that she has no income.

Income Tax and CGT are completely separate.

However, you could consider transferring assets over to her so that she does have income which I think would reduce your bill.

Brendan
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Thanks Brendan, you mean basically doing the thing I initially asked, splitting CGT?
 
""Transferring assets between spouses or civil partners
If you are living with your spouse or civil partner and you transfer an asset to them, you will not have to pay Capital Gains Tax (CGT). Your partner will not have to pay Capital Acquisitions Tax (CAT) on the transfer, as it is treated as a gift""".
 
noonamer said:
Thanks Brendan, you mean basically doing the thing I initially asked, splitting CGT?
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No income tax and CGT are separate. If you have income generating assets, she should hold some to avail of the lower income tax rate. She will still pay the same CGT rate as you.

How does one effect a transfer of an asset to the spouse? If I have a brokerage account and she does not, can I notionally transfer an asset before a sale? If the brokerage account is in joint names then could I notionally assign a gain 100% to her or it has to be 50/50?
 
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