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Home » News & Insights » Tax Question Of The Week – Date Of Separation For CGT

Tax Question Of The Week – Date Of Separation For CGT

Posted on 25th June 2019

Q: Jack and Jill started living apart in November 2018 but there was
then no contemplation of a divorce. In May 2019 they discussed their
situation and at that point in time decided to get divorced. They
agreed to get divorced in January 2020.

In June 2019 they agreed a plan to transfer assets between themselvesbefore 6 April 2020 as part of the divorce settlement. The proposed
transfers include a large property with a market value of £1 million
which originally cost £200,000 many years ago and which Jack will
acquire from Jill. She is concerned about the CGT implications.

The property being disposed of by Jill shows a gain of £800,000 based on market value. Jill is seeking to rely on a transfer of assets between
spouses who are living together is treated as taking place for such
consideration as will give neither a gain nor a loss to the transferor by virtue of s 58 TCGA 1992.

Answer

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Filed Under: Tax tips Tagged With: Capital Gains Tax, CGT, Divorce, Property, Tax Return

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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