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Home » News & Insights » Transferring assets during a divorce or separation

Transferring assets during a divorce or separation

Posted on 16th March 2022

When a couple separates or divorces it is unlikely that they are thinking about any tax implications. However, apart from the emotional stress, there are also tax issues that can have significant implications.

For example, when a couple is together there is no Capital Gains Tax (CGT) payable on assets gifted or sold to a spouse or civil partner. However, if a couple separates and does not live together for an entire tax year or get divorced, then CGT may be payable on assets transferred between the ex-partners.

This effectively means that the optimum time for a couple to separate would be at the start of the tax year so that they would have up to a year to plan how to transfer their assets tax efficiently. Obviously, in the real world, most couples will have far more on their minds than deciding to get separated on a certain day, but these issues should be considered.

It is also important to make a financial agreement that is agreeable to both parties. If no agreement can be reached, then going to court to make a ‘financial order’ will usually be required. The couple and their advisers should also give proper thought to what will happen to the family home, any family businesses as well as Inheritance Tax implications.

Source: Informanagement

MJB Avanti | 08000 388799

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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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