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Issue:
4879
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Categories:
Comment & Analysis
, Only or main residence
, transfer of assets
, Capital Gains
, Policy
, Residence & domicile
Who gets the house?
Key points
- Couples transferring chargeable assets to each other use the ‘no gain no loss’ method to calculate the gain.
- The ‘no gain no loss’ method could lead to reduced tax charges but could equally have the opposite effect and lead to the transfer of liabilities for divorcing couples.
- The Finance Bill 2023 proposes that the ‘no gain no loss’ treatment between separating couples will no longer stop at the end of the tax year of the separation – but will extend this to a period not exceeding three years.
- For separating couples after 5 April 2023 the new rules allow the leaver to have the option to claim main residence relief even if they don’t dispose of their share of the house to their former spouse.
First let us look at the transfer of assets between a couple. When a legal couple (such as...
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