A husband and wife are treated as independent taxpayers. This applies for income tax and CGT; it has always been the case for inheritance tax. This independent treatment affects a number of reliefs but principally ‘personal allowances’ (see ¶5000ff.) and the ‘annual exemption’ applying to CGT (see ¶15000). Transfers between spouses are generally on a no gain/no loss basis for CGT purposes and are exempt from inheritance tax (see ¶14210 and ¶16550). There are a number of other CGT provisions relating to spouses (see ¶14200ff.).

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