Tx notes fa22 Final

 
Example 7
 
 
Fiona and Jane made capital gains and capital losses for the years 2021/22 and 2022/23 as set out 
below:
Calculate the taxable gains for Fiona and Jane for both 2021/22 and 2022/23 and the amount 
of any losses carried forward at the end of 2022/23 
Fiona
Jane
2021/22
Capital gains
15,000
7,000
Capital losses
10,000
10,000
2022/23
Capital gains
17,000
15,000
Capital losses
4,200
2,000

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105
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3. Transfer of assets between a husband and wife or between 
civil partners 
The transfer of assets between spouses or civil partners will always for CGT purposes be deemed to 
take place at a value that would give rise to neither a gain nor a loss - this is not an election, it is a 
rule! Actual proceeds are ignored.
The transfer is said to be a 
no gain/no loss
transfer. Essentially the transferor is deemed to make 
the disposal at cost and the transferee acquires the asset at the original cost of the transferor.
The no gain/no loss transfer rules may be advantageously used by these taxpayers to utilise the AEA 
of both parties, and to take advantage of capital losses and lower capital gains tax rates. For 
example it would be better for each spouse to yield gains of £10,000 each rather than one spouse 
make gains of £20,000. It would also be better for a basic rate taxpayer to yield taxable gains, taxed 
at 10%/18% instead of a higher rate taxpayer who would be taxed at 20%/28% on the same gains.