New Capital Gains Tax rules for separating spouses and civil partners to be implemented on 6th April 2023

Scroll Down
Home > Knowledge Hub > New Capital Gains Tax rules for separating spouses and civil partners to be implemented on 6th April 2023

In the Family Department at Taylor Walton LLP, we like to stay abreast of all new developments in the law including any changes in the tax rules which might impact our clients beneficially or detrimentally.

Capital Gains Tax being an issue often overlooked by Family Lawyers on settlement and as result the subject of many complaints and claims against such lawyers. It is therefore more important than ever for the Family Lawyer to have an understanding of the impact of Capital Gains Tax in any settlement on divorce/dissolution to ensure clients are advised and signposted to an accountant accordingly.

The current rules in place subject the parties to a strict timeframe in dealing with the transfer of assets between spouses and civil partners to avail of the “no gain/no loss” position. Those rules see the parties having to deal with such transfers within the tax year of their permanent separation, otherwise there may be tax to pay. The new rules will allow couples three years to share assets without having to pay tax.

It is essential when you employ a lawyer to assist you with your divorce that they are a family specialist able to advise on all matters that impact a client.

Olive McCarthy is a family specialist solicitor with over 25 years of experience in Family Law, she is also a Partner, Collaborative Lawyer and Financial Arbitrator.

Disclaimer: General Information Provided Only
Please note that the contents of this article are intended solely for general information purposes and should not be considered as legal advice. We cannot be held responsible for any loss resulting from actions or inactions taken based on this article.


Latest Insights

22 November 2023

Employment Law Autumn Update – Recent Developments for Employers

In recent weeks the Government has announced a range of changes and proposed changes to employment law.  In this article… read more
21 November 2023

An update for the Building Safety Act 2022

A few months ago I wrote about an unfortunate loophole in the Building Safety Act 2022 (‘BSA’). The BSA 2022… read more
17 November 2023

Capping Ground Rents – The Consultation

Following the King’s Speech on 7 November 2023, the Government has begun a public consultation to discuss the potential capping… read more

Request a call back

We’ll arrange a no-obligation call back at a time to suit you.