Any couple separating or divorcing is a very stressful and worrying time, but delays in getting advice or notifying your accountant can have costly tax implications. 

• As many of you know, married couples (& civil partnerships) benefit from NIL GAIN NIL LOSS rules where you can transfer assets as will with no CGT liabilities.
• This rule extends to 5th April in the year of separation.
• Separate in May - great, you have 11-months to sort paperwork.
• Separate in March - ouch, you have <1-month to sort paperwork. (Tax is often not fare or logical).
• Added to this, if the martial home is sold >9-month after someone moves out, CGT can be due on person who left the home when it is sold.

Separating can be hard on your finances with additional property costs, thus it's a time one can ill afford money on unnecessary taxes.

Good news, there are things that can be done to eliminate or reduce any tax burden, but we must plan in advance, record decisions and declarations.

If you feel you are heading for separation, give me call to get the lay of land and what we can do to mitigate tax concerns.