Question:
I have sold a second property in my name and have a gain of £70,000. Can I transfer some of this gain to my wife even though I have realised the gain already, as opposed to transferring part of the asset and then she sells and uses her allowance?
Arthur Weller replies:
Unfortunately, at this stage it is too late to reduce your taxable capital gain by simply transferring to your wife. The correct procedure would have been, as you wrote, to have transferred part of the property before the sale to your wife, and then sold, using her allowance.
