{"id":22151,"date":"2022-08-18T09:19:00","date_gmt":"2022-08-18T09:19:00","guid":{"rendered":"https:\/\/smh.group\/?p=22151"},"modified":"2023-02-15T13:39:48","modified_gmt":"2023-02-15T13:39:48","slug":"less-stress-on-cgt-deadlines-for-separation-and-divorce","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/","title":{"rendered":"Are CGT deadlines relaxing for separation and divorce?"},"content":{"rendered":"<p><strong>Couples in the process of separating may find themselves facing a costly capital gains tax (CGT) bill if they miss the tight deadline for transferring assets as part of their divorce settlement. From 6 April 2023, separating couples will be given considerably more time.<\/strong><\/p>\n<p>Currently, the basic rule is that:<\/p>\n<ul>\n<li>Transfers only escape CGT (on a &#8216;no gain, no loss&#8217; basis) if made by the end of the tax year in which the couple are no longer living together \u2013 the year of separation.<\/li>\n<li>After the end of the year of separation, but before divorce is final, any transfers of assets are treated as made at market value, so CGT can be payable.<\/li>\n<\/ul>\n<p>The rules apply equally to couples dissolving a civil partnership.<\/p>\n<h2><strong>Proposed changes<\/strong><\/h2>\n<p>Under the new proposals, separating couples will be given up to three years after the end of the tax year when they cease to live together in which to make no gain or no loss transfers. However, earlier divorce, dissolution of a civil partnership or separation under a separation order will bring the no gain, no loss period to an end.<\/p>\n<p>There will be no time limit for any assets transferred as part of a formal divorce agreement.<\/p>\n<p>The changes will apply to disposals made on or after 6 April 2023, so couples separating during 2022\/23 can also benefit.<\/p>\n<h2><strong>Private residence relief<\/strong><\/h2>\n<p>Additionally, some special rules will apply to individuals who maintain a financial interest in their former family home following separation:<\/p>\n<ul>\n<li>Where an individual maintains a financial interest in the family home, they will have the option to claim private residence relief when the home is subsequently sold to a third party.<\/li>\n<li>An individual who transfers their interest in the former family home to their ex-spouse or civil partner but is entitled to receive a proportion of the sale proceeds on eventual sale, will be able to apply the same tax treatment to those proceeds that applied when they transferred their original interest in the home.<\/li>\n<\/ul>\n<p>If you are going through a divorce and need financial advice or advice on\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/\" target=\"_blank\" rel=\"noopener\">updating your will<\/a>, our <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\" target=\"_blank\" rel=\"noopener\"><strong>Financial Advisers<\/strong>\u00a0<\/a>can help on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<a href=\"mailto:info@smhca.co.uk\"><strong>info@smhca.co.uk<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Couples in the process of separating may find themselves facing a costly capital gains tax (CGT) bill if they miss the tight deadline for transferring assets as part of their divorce settlement. From 6 April 2023, separating couples will be given considerably more time.<\/p>\n","protected":false},"author":4,"featured_media":22154,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[69,294,83,98],"class_list":["post-22151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-capital-gains-tax","tag-cgt","tag-chartered-accountants","tag-financial-advice"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are CGT deadlines relaxing for separation and divorce? - Financial advice in Sheffield - SMH Group<\/title>\n<meta name=\"description\" content=\"Couples in the process of separating may find themselves facing a costly capital gains tax (CGT) bill if they miss the tight deadline for transferring assets as part of their divorce settlement. From 6 April 2023, separating couples will be given considerably more time.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are CGT deadlines relaxing for separation and divorce? - Financial advice in Sheffield - SMH Group\" \/>\n<meta property=\"og:description\" content=\"Couples in the process of separating may find themselves facing a costly capital gains tax (CGT) bill if they miss the tight deadline for transferring assets as part of their divorce settlement. From 6 April 2023, separating couples will be given considerably more time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-18T09:19:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-15T13:39:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2022\/08\/josh-appel-NeTPASr-bmQ-unsplash-1-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1980\" \/>\n\t<meta property=\"og:image:height\" content=\"1487\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"Are CGT deadlines relaxing for separation and divorce?\",\"datePublished\":\"2022-08-18T09:19:00+00:00\",\"dateModified\":\"2023-02-15T13:39:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/\"},\"wordCount\":362,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2022\/08\/josh-appel-NeTPASr-bmQ-unsplash-1-scaled.jpg\",\"keywords\":[\"Capital Gains Tax\",\"CGT\",\"chartered accountants\",\"financial advice\"],\"articleSection\":[\"SMH Accounting &amp; Business Advisory\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/\",\"name\":\"Are CGT deadlines relaxing for separation and divorce? - Financial advice in Sheffield - SMH Group\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/less-stress-on-cgt-deadlines-for-separation-and-divorce\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2022\/08\/josh-appel-NeTPASr-bmQ-unsplash-1-scaled.jpg\",\"datePublished\":\"2022-08-18T09:19:00+00:00\",\"dateModified\":\"2023-02-15T13:39:48+00:00\",\"author\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"description\":\"Couples in the process of separating may find themselves facing a costly capital gains tax (CGT) bill if they miss the tight deadline for transferring assets as part of their divorce settlement. 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