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Capital Gains Tax: Positive Changes On Separation And Divorce

No gain, no loss ...


Posted by Helen Beaumont on 28/12/2022 @ 8:00AM

Capital Gains Tax has always been complicated when it comes to separation and divorce, however, from the 6th of April 2023, some positive changes are happening ...

If you're separating or divorcing, then Capital Gains Tax will be a lot simpler from 2023!

If you're separating or divorcing, then Capital Gains Tax will be a lot simpler from 2023!

copyright: oneinchpunch / 123rf

From April 2023, any spouses or civil partners who separate will get up to three years from the year they stop living together in which to make 'no gain or no loss' asset transfers.

This means that chargeable assets such as business interests property, or shares can be transferred between them without any Capital Gains Tax!

These new measures are intended to make rules around Capital Gains Tax fairer when people separate or divorce. It gives them extra time to distribute any assets before charges apply.

Do note, that only those separating or divorcing from a marriage or civil partnership can benefit from this new legislation. Anyone simply living together, will not be able to use the 'no gain, no loss' rules.

To summarise, separated couples will have up to three years to distribute their assets and make a 'no gain, no loss' declaration, with unlimited time for those with a formal divorce agreement.

Private Residence Relief can be claimed when the matrimonial home is sold and the other spouse, who transferred ownership, can receive a percentage of the proceeds using the same 'no gain, no loss' rule.

I feel this is a very positive move and clears up a lot of confusion.

Until next time ...



Would you like to know more?

If anything I've written in this blog post resonates with you and you'd like to discover more about Capital Gains Tax on separation and divorce, it may be a great idea to give me a call on 01908 774323 and let's see how I can help you.

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About Helen Beaumont ...


Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.

Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.

When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.