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Sam, Accountant
Category: Tax
Satisfied Customers: 7507
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am selling a property that is in my wifes name. There is

Customer Question

I am selling a property that is in my wifes name. There is 30k gain on the sale.
1.If i make a 50% transfer in to my name before the sale next month will this be a legitimate way to use cgt relief or will hmrc see this as avoidance.
2. My wife has shares in an ISA that are at a 15k loss. Can i transfer these to her trading account then sell to offset the house cgt gain.
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.


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

I am afraid you cannot transfer at this late stage and expect HMRC to treat this as an allowable capital gain share. If you had done this in previous tax years then it would have been accepted (with also any share of rental income that might have arisen)

In so far as the loss on the ISA - I would need to know more about the losses - as the act of taking them from an ISA would lead to a tax charge - and then if its a trading account - and this is not her main source of income then possibly the losses would not be considered.