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Where Taxpayers and Advisers Meet

Can profit from sale of Joint Asset be used solely in Wife's CGT Calculation?

peter@2711.co.uk
Posts:74
Joined:Wed Aug 06, 2008 3:02 pm
Can profit from sale of Joint Asset be used solely in Wife's CGT Calculation?

Postby peter@2711.co.uk » Mon Oct 28, 2019 2:50 pm

Husband & Wife both have their own Share ISAs. Linked to these Share ISAs, H&W have their own Share Dealing A/cs, which just have a small amount of cash.
Most of their Shares have always been held in a Joint Share Dealing A/c. Each year sufficient shares are sold in the Jt Dealing to use BOTH their CGTNRB and provide funds for BOTH the following tax year ISA Subs.
Husband has 25% shareholding in a single asset Property Company. Property sold and plans to liquidate Company. Accountant recommends that for 2019/20 Husbands CGTNRB is used against these property shares.
To utiloise the Wife's CGTNRB, it is presumably possible to transfer say Prudential Shares from the Joint Dealing A/c to the Wife's Dealing A/c to crystalise the profit in the wife's name. But is this necessary please?
Is it possible to crystalise the profit in the Joint Dealing A/c and then allocate soley to the Wife?

pawncob
Posts:5099
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Can profit from sale of Joint Asset be used solely in Wife's CGT Calculation?

Postby pawncob » Mon Oct 28, 2019 5:35 pm

If you've elected to share the asset other than 50/50, then "yes".
If you haven't, then it can only be split between you (equally)
With a pinch of salt take what I say, but don't exceed your RDA

peter@2711.co.uk
Posts:74
Joined:Wed Aug 06, 2008 3:02 pm

Re: Can profit from sale of Joint Asset be used solely in Wife's CGT Calculation?

Postby peter@2711.co.uk » Mon Oct 28, 2019 7:43 pm

Thanks pawncob. Jt Dealing A/c Assets have been shared 50/50. Therefore will arrange transfer to Wife's sole name and sale through Wife's Dealing A/c.


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