CGT and separation
Draft legislation has been released which will impact divorcing or separating couples who are disposing of their main residence and/or transferring ownership to their former spouse or civil partner.
In this article for The Review Alison Palmer examines how the new rules will in most cases result in additional capital gains tax (CGT) by reducing the reliefs available. Some practical examples illustrate how the timing of transactions can have a significant impact on the resulting tax liability. As always, timing and detail are all-important in maximising the relief available, so professional tax-planning advice can be exceptionally valuable in such cases.