I'm trying to see if a worthless loan qualifies for relief under TCGA 1992, s 253. The background is that the worthless asset is owned by the husband. It would be benefical if the loan could be transferred to the wife as she has gains against which the loss could be used. My question is: will this work?
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I haven't looked at the legislation, but I'm also inclined towards no. Transferring (some or all of) the gain producing assets to the husband probably would have worked. Shame there's not a s 171A equivalent for spouses.
They've tried to help (see s24(1C))… but I agree with Wilson, they'd need to change s253 too.