Generally, capital gains tax is not payable when a chargeable asset for example home and shares are transferred between the spouses. However, this position can be different in cases where married couples separate or divorce.
Sometimes, the divorcing couple can come to an amicable agreement about their assets and finances. While at other times the case goes to the financial dispute resolution where the court decides on how the assets and finances of each of the spouses will be distributed.
There are many factors like the date of separation, one spouse or civil partner leaving the family home and the court order that in isolation or together decide whether there will be any capital gains tax to pay.
If there is a capital gains tax due then it must be reported to HMRC within 60 days of the completion.
Our expert tax advisers can help you with the estimated capital gains tax liability so you can come to an amicable conclusion with your spouse before the case goes to court.
We can also help you prepare and file your capital gains tax liability to HMRC within 60 days of the completion.
Read more about Capital Gains Tax on Separation and Divorce here.
To discuss your personal circumstances, please get in touch for confidential and reliable tax advice.