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HMRC internal manual

Capital Gains Manual

Transfer of assets: between spouses or between civil partners: living together: exceptions

TCGA92/S58 (2)

An asset cannot be treated as transferred at no gain/no loss if

  • it was part of the trading stock of the spouse or civil partner making the transfer


  • it was acquired as trading stock for a trade carried on by the transferee spouse or transferee civil partner


  • the disposal was by way of donatio mortis causa.

(Donatio mortis causa means a gift of personal property by a person on the point of death in contemplation of that death. It will take effect on the death of the donor. So the asset is treated as transferred to the surviving spouse or civil partner at the market value of the asset on the date the donor died. But the transfer is not an occasion of charge, see CG30400+.)


  • it comprised exempt employee shareholder shares - see CG56740 and CG56715.

(If an individual transfers exempt employee shareholder shares to their spouse or civil partner the shares are also treated as transferred at their market value at the time of transfer but no chargeable gain or allowable loss arises.)