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Good Morning, re: captal gain/loss on

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Good Morning, re: captal gain/loss on holiday property

I wish to either sell or transfer my 50% share in our holiday home to my wife at a true market price.If there is a loss incurred between what I /we paid transfer and what it is sold for ,can those losses be used against future Gains or Gains in the same tax year as the disposal
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi

Thanks for your question, I am Sam and I am one of the UK tax experts here on Just Answer.

Sadly not, as transfers or sales between spouses constitute neither a gain or a loss (they are exempt)
So this process of transferring 50% share to your wife, will only serve to lessen the capital gain, at the eventual time of sale (to anyone other than your spouse) - as this allows you two sets of annual exemption allowance (one each - which currently stands at £10,900 and due to increase to £11,100 from 06/04/2014)

I am sorry the news is not more favourable

Thanks

Sam
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Category: Tax
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Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.

It should be mentioned that your wife will be deemed to have been in joint ownership with effect from the original acquisition date. Any capital gain or loss on ultimate sale is assumed to rise, or fall, equally over the period of ownership.

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