In recent months there have been many changes to the legal landscape involved in divorces and dissolutions, including the introduction of no-fault divorce in April 2022.
Divorce and dissolution can be exceedingly difficult for separating spouses and civil partners, especially as it can lead to an unexpected Capital Gains Tax (“CGT”) bill if the correct tax advice is not obtained during the proceedings. This could in turn reduce the assets available for distribution between the parties.
However, new Government draft legislation may mitigate the CGT payable during the divorce and dissolution proceedings. The draft legislation can be found here. These proposals are expected to apply to disposals on or after 06 April 2023.
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