In the spring budget on 15th March 2023 the Chancellor of the Exchequer announced changes to the rules that apply to the transfers of assets between spouses and civil partners who are in the process of separating, giving them more time to transfer assets between themselves without incurring a possible charge to Capital Gains Tax.
Capital Gains Tax
As from 6th April 2023 spouses and civil partners who are in the process of separating will now have up to three years in which to make no gain/no loss transfers of assets between themselves when they stop living together.
Better still, they will have unlimited time if the assets are the subject of a formal divorce agreement.
Burtons Solicitors can help clients make the most of the new spring budget rules. Please contact our Family Department on 01892 824 577 or on firstname.lastname@example.org to discuss separation and financial settlements.
More information on our family services can be found here.