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The Review

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.

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Guidance Notes

Guidance Note: Preparing Pre- and Post-Marital Agreements

Marital agreements are becoming an everyday part of many family lawyers’ workload and it is in recognition of this increasing role that this guidance note on dealing with them has been revised. If these agreements are not a mainstay of your practice then it is important for you to consider instructing specialist counsel to provide an opinion on the content of the proposed agreement, review the advice you have given or draft the agreement itself.

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Resource

Maintenance

When a marriage or civil partnership fails, the courts use their discretion to decide how a family’s finances and property are divided up. This means that they look at all the circumstances of the case but will put the welfare of the children first.

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