A: Currently no CGT is due, if the transfer of assets takes place during the tax year the couple are still living together. So if a couple separate permanently In May 2021 they have until the 5 April 2022 to transfer assets on a no gain no loss basis. However new rules should be enacted for disposals after 6 April 2023. After 6 April 2023 couples will be given up to three years in which to make no gain or no loss transfers of assets between themselves when they cease to live together; and unlimited time if the assets are the subject of a formal divorce agreement. There are also changes for disposals of matrimonial homes for divorcing couples, contained in the link above.
These publications from Markel Tax were correct at the time of going to press and should be considered as principles-based guidance only. To check current validity, call the Markel Tax helpline. ICAEW (as distributor) disclaims all liability for any errors or omissions.
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