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Is CGT allowance transferable
torrence
Posts: 95 Forumite
If one spouse has no income and no investments, and the other held funds of £40,000 which were purchased for £20,000 (therefore £20,000 gain on disposal), can £20,000 of funds be gifted to the other spouse so that both can benefit from the annual CGT allowance? The receiving spouse then sells the funds in a normal dealing account and invests the cash on disposal into an ISA buying a similar (30 day rule so not the same)?
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Comments
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Gifting assets to spouses does them make these eligible for another CGT allowance so is an effective way of reducing/eliminating liability in your scenario:
https://www.gov.uk/capital-gains-tax/gifts
Not sure how such disposals relate to pensions though!0 -
Thanks eskbanker.0
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