Capital Gains Tax for a newbie

Ivor33

Can unused CGT allowances be carried forward to future years?

Eg. If someone sells an asset bought 10 years ago and has a Capital Gain of £111,000, and no other chargeable gains over the previous 10 years, is the tax due based on -

1. £111,000 less £11,100 ?
or
2. some other sum?

Thanks in advance

p00hsticks

Ivor33 wrote: »

Can unused CGT allowances be carried forward to future years?

No, they can't.

Ivor33

Thanks

In which case, if the above example was extended to include a wife who had no chargeable gains over the 10 years, Could the husband and wife simply go through a charade of transferring the asset between them each tax year to avoid CGT.

p00hsticks

Ivor33 wrote: »

Thanks

In which case, if the above example was extended to include a wife who had no chargeable gains over the 10 years, Could the husband and wife simply go through a charade of transferring the asset between them each tax year to avoid CGT.

I'm not an expert, but I don't think so. If the husband and wife jointly owned the item at the end of the ten years then they could each use their current years CTG allowance against the overall gain when it was sold

booksurr

Ivor33 wrote: »

Thanks

In which case, if the above example was extended to include a wife who had no chargeable gains over the 10 years, Could the husband and wife simply go through a charade of transferring the asset between them each tax year to avoid CGT.

no, transfer between spouses are deemed to take place at the original cost of the person who originally bought the item

she gets it at what he paid for it so the gain transfers in full to her

since you are asking basic questions have you done any basic reading yet?
https://www.gov.uk/capital-gains-tax/overview

https://www.gov.uk/capital-gains-tax/gifts