A Tax Change That May Affect Your Divorce
There have been some changes which came into effect from 06 April 2020, although it is not a surprise if many do not know about it as we have all be deflected by the current COVID-19 pandemic.
However, there is a change in particular that may have an effect on those going through a divorce.
From 06 April 2020, CGT is now payable within 30 days of selling or transferring a property, failing which you may receive a penalty as well as having to pay interest on what you owe. These changes affect both UK and non-UK residents.
Therefore, if you are going through a divorce and part of that settlement is selling a property or transferring a property to your ex-spouse, then urgently take legal advice regarding the above rule and there may still be an exemption if you are transferring that property whilst still married. Please take legal advice on this point.
This information provided in this article is not intended to constitute legal advice and each relationship breakdown requires careful consideration in our view by a person fully qualified before decisions are made and before you embark on a certain course of action.
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