CGT- More time given to separating couples transferring assets

Rachel Skells

Article by:

Rachel Skells

Personal tax planning

The Government has just published draft legislation which will give divorcing couples an extended window in which to transfer assets without incurring capital gains tax charges.
This development will take a bit of pressure off divorcing couples (and their advisers), especially those initiating proceedings close to the end of a tax year.
Currently, the ‘no gain, no loss’ window only gives couples until the end of the tax year in which they separate to avoid CGT on transferring assets.

From April, 6, 2023, married couples and civil partners will have up to three tax years to transfer assets such as property, shares or business interests between them, before incurring CGT.