Getting Divorced In A Tax Year, What It Means For Me?
There are tax advantages to transfers between husband and wife in the tax year of separation.
Once someone has made a decision to get divorced, they have until the end of the current tax year to make transfers between them to minimise their prospective tax liabilities. For example, a gain on any assets/investment (property, shares and so on) is subject to Capital Gains Tax (CGT).
Make sure at this time of year that you are not letting a potential advantage slip through your fingers. Divorce is a damage limitation exercise. the timing of that decision can make it even more costly if you don’t get the right advice at the right time to minimise your exposure, not only to claims by your spouse, but claims by the revenue.