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Separation and divorce can be taxing times for the parties involved.
KEY POINTS
- Unforeseen tax liabilities can arise if tax advice is not given early in the separation process.
- An exemption from the settlement rules for income from arrangements made in a separation can be useful.
- The date of separation is important when considering the capital gains tax exemption in TCGA 1992 s 58.
- The main residence exemption can be extended.
- Where company shares are to be disposed of ensure that the entrepreneurs’ relief conditions remain satisfied.
There is no general tax exemption for a couple when they are divorcing and all too often money is in short enough supply when couples break up. This means that unforeseen tax liabilities can cause huge problems especially when tax specialists have not been involved early enough in the...
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