Capital Gains Tax on Divorce: Property Sales and Transfers
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CAPITAL GAINS TAX DURING DIVORCE OR SEPARATION
Are you looking for advice on Capital Gains Tax when selling or transferring an asset during the course of separation or divorce?
The end of a marriage or civil partnership can be a very stressful time without worrying about the tax implications of such a separation.
With everything else that needs to be considered, Capital Gains Tax ("CGT") is often overlooked when assets that were once jointly owned, or owned solely by one person or the other, are sold or transferred as a result of divorce or separation.
There are a great many scenarios where a seemingly equitable division of assets may prove not to be so equal after one party or the other discovers that they have a large CGT liability as the result of the sale or transfer of assets.
The good news is that, here at The Tax Faculty LLP, we are experts in helping those clients who are going through such a situation. Our CGT Advisory Reports have proved invaluable to clients who require assistance in calculating the CGT liability that results from the sale or transfer of assets.
If you are going through a separation or divorce proceedings which also involves the sale or transfer of assets, then we can help you to make sure that any CGT that either party may be liable to pay is reduced to the lowest possible amount - all within the legislation available.
One such client contacted us recently as they were worried that they would be liable to pay CGT as a result of the transfer of assets during divorce proceedings, while the other party would not.
Once we had taken all of the information and worked through the required CGT computations, we were able to use our extensive experience and expertise to make sure that the correct treatment was followed for CGT purposes. Indeed, we found that our client would have a tax bill of over £50,000 while the other party had no tax liability to pay.
Our CGT Advisory Report enabled our client to then negotiate an equitable arrangement as part of the divorce, as the CGT liability had not been considered beforehand.
To see if we can help you, why not contact us for a free consultation? Call us free on 0800 0016 878 or email us at info@thetaxfaculty.co.uk for more information.
Please note, non-UK callers may need to call 0207 101 3845 if your line cannot connect to our 0800 number.
Our Services
We have extensive experience in reducing the Capital Gains Tax due on the sale of UK property and land for non-UK residents.
When you come to sell an asset that was inherited or received as a gift, there may be complex Capital Gains Tax issues to consider.
When assets are split or sold as the result of separation or divorce, there are specific Capital Gains Tax rules that must be considered.
If you give an asset to a family member or friend, there may be Capital Gains Tax consequences. See how we can help you in such a situation.
When selling an asset, there are a number of reliefs available which may reduce, exempt or delay the Capital Gains Tax due.
With HMRC changing the rules on reporting and paying Capital Gains Tax on residential property, we can help you to get things right.
"Tax doesn't have to be taxing" - but it often is. We can help to solve even the most complex issues.
Over the last few years, HMRC have changed the rules for reporting Capital Gains and the Capital Gains Tax due as a result of the disposal of residential properties.
Now you must file a Capital Gains Tax Return to HMRC within 60 days of the disposal of the asset, whereas before you would have been able to wait until it was time to file a Self Assessment Tax Return for the tax year in which the disposal was made.
Should you fail to report the disposal to HMRC and pay the Capital Gains Tax due as a result of the disposal within the new 60 day time limit, you may face a financial penalty.
HMRC's own website states that:
"If you sold your property after 6 April 2020 you must report and pay Capital Gains Tax within 60 days of selling property in the UK.
You may have to pay interest and a penalty if you do not report gains on property within the time limit."
Here at The Tax Faculty, our experts are here to help to ensure that you are in a position to report the correct Capital Gain to HMRC and pay the Capital Gains Tax due at the appropriate time.
We offer a full Capital Gains Tax service which includes our full consideration of the reliefs available to reduce the potential Capital Gains Tax to the minimum level possible, while remaining within the letter of the law governing such disposals.
This isn't limited to property transactions either, we also provide a full Capital Gains Tax service on the disposal of shares and other assets.
We have a proven history of reducing the final Capital Gains Tax due for our clients by considering all relevant facts and information provided to ensure that we are in a position to accurately advise on the most cost effective way of reporting the Capital Gain to HMRC.
Contact us today on freephone 0800 0016 878 or info@thetaxfaculty.co.uk to discuss how our experts can help you with any issues relating to Capital Gains Tax.
Please note, non-UK callers may need to call 0207 101 3845 if your line cannot connect to our 0800 number.
Our Promise - Computations in 24 Hours
The Tax Faculty 24 Hour Guarantee
We know that any tax issues are worrying for our clients, that's why we guarantee to provide you with an initial Capital Gains Computation within 24 hours of your providing us with the information that we require.
In addition, we use all our experience and expertise to ensure that you pay as little tax as possible, all while staying within the boundaries of tax law.
Our Managing Partner worked as a Senior Tax Professional within the Capital Gains Tax team in HMRC, giving us an unparalleled level of experience to help our clients reduce their tax bills when they sell property or shares.
HMRC require all disposals of residential property to be reported within 60 days of the sale, so don't delay - call our experts today on 0800 0016 878 or email us at info@thetaxfaculty.co.uk
Contact Us
Contact us today on freephone 0800 0016 878 for a free consultation on all Capital Gains Tax issues, or fill out the handy form below and we'll get back to you as soon as possible.
Alternatively, you can email us at info@thetaxfaculty.co.uk or complete the handy form below.
(Please note, non-UK callers may need to call 0207 101 3845 if your line cannot connect to our 0800 number)
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