Capital Gains Tax for Barristers
Capital Gains Tax planning
One important rule that is often overlooked and could potentially be a powerful tax planning tool, is that you do not normally pay Capital Gains Tax on assets you transfer to your husband, wife or civil partner. This can be really useful where one party has utilised their full allowance and the other has not, as you can potentially double your annual allowance.
You can also use losses to reduce any gain. When you report a loss, the amount is deducted from the gains you made in the same tax year. If your total taxable gain is still above the tax-free allowance, you can deduct unused losses from previous tax years. If they reduce your gain to the tax free allowance, you can carry forward the remaining losses to a future tax year.
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