Discussion
No.
The £9,200 relates to each individual. If they are married (or in a formal same sex relationship), assets can be transferred from one to the other without any tax implications. Once a transfer has been made, both parties can sell their share of the asset and make use of their £9,200 CGT allowance.
This "tax break" cannot be utilised by couples who merely cohabit.
The £9,200 relates to each individual. If they are married (or in a formal same sex relationship), assets can be transferred from one to the other without any tax implications. Once a transfer has been made, both parties can sell their share of the asset and make use of their £9,200 CGT allowance.
This "tax break" cannot be utilised by couples who merely cohabit.
Edited by Eric Mc on Thursday 22 March 10:42
That seems to be the case. However, I only discovered this new treatment yesterday. I would do a bit of reserch first before making any decisions.
Like all of Gordon Brown's budgets, the true details are rarely mentioned in the actual speech itself and are hidden in the vast Budget Briefing Document handed out immediately after the speech. From past experience, it takes about a week for the experts to get to the bottom of all the provisions of the new legislation.
Like all of Gordon Brown's budgets, the true details are rarely mentioned in the actual speech itself and are hidden in the vast Budget Briefing Document handed out immediately after the speech. From past experience, it takes about a week for the experts to get to the bottom of all the provisions of the new legislation.
Eric....you sure? The Budget Report and supplementary documents just seems to echo what he said in his speech..."£18,400 for a married couple" which is just spin on the current system.
To allow Mr Smith to make an £18k gain but then (post gain) use his wife's allowance would be huge news.
To allow Mr Smith to make an £18k gain but then (post gain) use his wife's allowance would be huge news.
No I'm not sure.
However, a comment in yesterday's "Telegraph" Budget Report states that the allowance is now transferrable - which it never was before. No doubt all will be made clear in time.
I truly HATE Brown and his methodology. He seems to deliberately set out to cause confusion with his legislation - which to me smacks of a proneness to duplicity and obfuscation.
Not an atribute that is appropriate for a person in such an important position. The man is extemely worrying to me.
However, a comment in yesterday's "Telegraph" Budget Report states that the allowance is now transferrable - which it never was before. No doubt all will be made clear in time.
I truly HATE Brown and his methodology. He seems to deliberately set out to cause confusion with his legislation - which to me smacks of a proneness to duplicity and obfuscation.
Not an atribute that is appropriate for a person in such an important position. The man is extemely worrying to me.
That sounds like some muppet at the paper not reading the report and getting confused over the speech...last year was appalling with the tax on trusts where the papers just printed complete tosh for the following 6 moths relying on the old "ohhh, its so confusing" as an excuse for their stupidity and lack of research. For anyone in that field it was business as usual with days of the budget despite the papers (Telegraph in particular) saying dont do ANYTHING with a trust until we know more. Quite why anyone should care what the papers do or dont know was something i was never clear on!
Eric Mc said:
He seems to deliberately set out to cause confusion with his legislation - which to me smacks of a proneness to duplicity and obfuscation.
.
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the information on small business corp tax is a good example - if you read the section on their belief that all small firms are ltd to dodge NI then read the section on how they want to encourage school leavers t become entrepreneurs and run their own business it would seem the two bits have been written by people with COMPLETEY different attitudes!
Just confirmed by Mike Warburton of Grant Thornton on Radio 4's "Moneybox Live" programme:
the annual Personal CGT Allowance of £9,200 WILL NOT be transferrable between husband's and wives.
In other words, the situation remains as it currently stands - and confirms my original post on this subject.
the annual Personal CGT Allowance of £9,200 WILL NOT be transferrable between husband's and wives.
In other words, the situation remains as it currently stands - and confirms my original post on this subject.
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