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Share Capital Gains Allowance
thomasfitzgerald
Posts: 3 Newbie
hi
My wife and I sold a second property recently, the property was in my wife's name only. The proceeds are shared between us and we used them to pay off our mortgage. My assumption is that as I gained from the sale I should pay CGT? if so can I use my CG allowance together with my wife's? Or is it the case that my wife is libel for the entire amount of CGT? many thanks.
My wife and I sold a second property recently, the property was in my wife's name only. The proceeds are shared between us and we used them to pay off our mortgage. My assumption is that as I gained from the sale I should pay CGT? if so can I use my CG allowance together with my wife's? Or is it the case that my wife is libel for the entire amount of CGT? many thanks.
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Comments
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thomasfitzgerald wrote: »hi
My wife and I sold a second property recently, the property was in my wife's name only. The proceeds are shared between us and we used them to pay off our mortgage. My assumption is that as I gained from the sale I should pay CGT? if so can I use my CG allowance together with my wife's? Or is it the case that my wife is libel for the entire amount of CGT? many thanks.
You haven't disposed of anything, only your wife has, so you can't use your CGT allowance for the tax year.0 -
But you didn't gain from the sale. Whatever your wife chose to do with the proceeds (gift you half?) is a separate matter.thomasfitzgerald wrote: »My assumption is that as I gained from the sale I should pay CGT?
Why would your allowance be relevant in any way?if so can I use my CG allowance together with my wife's?
You haven't disposed of anything.0 -
so she is the only person entitled to the proceeds of the sale and therefore is the only person with the beneficial ownership of the property and therefore is the only person liable to CGTthomasfitzgerald wrote: »was in my wife's name only
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg117300
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