Would this be considered a washsale in the UK?

[Manny_Tjango]

Hi,

If I sold my crypto asset into BUSD or an equivalent stable coin (realising a capital loss) and then transferred that stable coin to my wife - and she bought the same asset using that BUSD.

Thanks,

Manny

[Adrian_Mann]

From my understanding this is legal and allowed. Its not Tax avoidance it just good tax planning! You would have to make sure that she has her own trading account etc you you can clearly prove movement’s and sales etc. The above is only really worth while doing if you already have a gain you want to offset the loss against.

I was suggesting something similar to a married friend that to maximise the use of his annual CGT allowance and his wife’s he should get her to open a trading account as well so she could buy and sell crypto (under his guidance) to utilise her CGT allowance.