It has recently been discovered during research conducted by Legal & General that the cost-of-living crisis which has swept the country has led to the postponement of 19% of divorces. It is understood that this will have affected at least 270,000 married couples. The high rise in interest rates and subsequent rise in mortgage rates Due to this couples cannot afford to run two properties following separation and due to the high rise in property prices, many divorcing couples cannot … [Read more...]
Recent changes to Capital Gains Tax and the impact on divorcing couples
The 6th of April 2023 saw some changes made to the Capital Gains Tax (CGT) rules that apply to divorcing couples and the transfer/sale of assets. CGT is a tax that is payable by an individual when profit is made on the sale, disposal or transfer of an asset, i.e. the asset is sold for more than the price paid at the time the asset was purchased. Tax is payable on the value of the profit and not the total amount received for the asset. Prior to 6th April 2023, divorcing couples … [Read more...]