inter spouse transfer at no gain no loss

Client is additional rate taxpayer and transferred various shares to wife (who is a basic rate taxpayer) over the years. Shares are now showing a considerable paper loss and client would like to offset the losses against potential gain on jointly owned property which is being disposed of.

Can client's wife transfer the same shares back to her husband at the original cost to him so that he can sell them and utilise the losses against the gain on sale of the jointly owned property?