How to Deal with Inter Spouse Transfers

Currently IRIS can not automatically transfer assets or shareholdings to spouses or civil partners.

To facilitate the movement of assets more easily the clone option will save time in the duplication of data.

  1. Edit the asset or shareholding that has been transferred.

  2. Click Clone.

  3. Answer Yes to the question and select the clients spouse or civil partner.

  4. The asset or shareholding can now be deleted from the client.  Alternatively a shareholding can be marked as Defunct to ensure it is omitted from computations.

Banking Indexation on Spouse Transfers

The Capital Gains Tax reform allows individuals to 'bank indexation' on transfers of assets and shareholdings that are transferred from their spouse on or before the 5th April 2008.  Due to the capital gains tax reform IRIS will not normally calculate indexation on any gain that has arisen on or after the 6th April 2008, where a spouse transfer has occurred before the 6th April 2008 then:

  1. Clone the asset or shareholding as described above.

  2. Edit the Asset or Shareholding that was transferred to the client.

  3. Select the Spouse transfer before 6th April 2008 option and click OK to save.

  4. The software will now calculate indexation on the gain that would have previously qualified for an indexation allowance.