Personal Tax - Capital Gains (Connected persons)
System
Posts: 100,534 🤖 Admin 🤖
Hi
Please can someone confirm my understanding of the following is correct:
1. If an asset is given between spouses, then there will be no rise to gains or losses. However, if the second spouse sold the item at a later date, then the gain would be presumed to be purchased at market cost less indexation/taper relif.
2. Disposals between connected person are deemed for market value and any losses can only be offset against losses to the same connected person.
Thank you very much. I hate TAX!!!!!
Please can someone confirm my understanding of the following is correct:
1. If an asset is given between spouses, then there will be no rise to gains or losses. However, if the second spouse sold the item at a later date, then the gain would be presumed to be purchased at market cost less indexation/taper relif.
2. Disposals between connected person are deemed for market value and any losses can only be offset against losses to the same connected person.
Thank you very much. I hate TAX!!!!!
0
Comments
-
Re:Personal Tax - Capital Gains (Connected persons)
Hi Petrol Monkey
You are correct
PS I like tax 8)
Michelle0 -
Re:Personal Tax - Capital Gains (Connected persons)
Thanks Krispi. I don't dislike tax totally but its certainly not my best subject.
PM0