Budget CGT changes 'beneficial' for divorcing couples

Lawyers assess the changes to capital gains tax rules

Jenna Brown
clock • 1 min read

Changes to capital gains tax (CGT) rules announced in Budget documents yesterday (15 March) will benefit divorcing couples with assets or property subject to the tax, lawyers have said.

The new rules give divorcing couples longer to negotiate settlements before CGT arises in certain circumstances and a longer time period to pay the tax once it comes into effect, RWK Goodman family partner Vanessa Gardiner (pictured) explained. She said: "Some may be surprised to learn that divorcing couples are not exempt from paying CGT when implementing financial agreements in divorce.  "The new CGT rule changes coming into effect will be beneficial for divorcing couples with assets or property which will be subject to CGT. "These are welcome changes bringing the CGT rules socia...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Labour's tax clampdown sparks fraud investigations 'spike' warning

Labour's tax clampdown sparks fraud investigations 'spike' warning

High-income individuals could look to ‘illegal tactics’, crime specialist says

Jen Frost
clock 31 October 2024 • 2 min read
Autumn Budget 24: Business owners hit with surprise tax triple whammy

Autumn Budget 24: Business owners hit with surprise tax triple whammy

Business owners face CGT, IHT, NICs changes

clock 30 October 2024 • 4 min read
Autumn Budget 24: Non-dom status abolished from April 2025

Autumn Budget 24: Non-dom status abolished from April 2025

Non-dom regime 'outdated', Reeves said

clock 30 October 2024 • 4 min read