Extended exemption for separating couples
Timing trouble for couples . We previously told you about the government’s intention to allow married couples and civil partners extra time to reorganise their financial affairs following separation or divorce ( yr.22, iss.7, pg.2 , see The next step ). Under current rules couples have until the end of the tax year in which they permanently separate to transfer assets between each other without the transfers potentially resulting in a capital gain (or loss). This can be tricky for couples who separate near the end of a tax year.
There is now more time.
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