Malcolm Finney outlines the implications of the proposed CGT changes upon the separation of married couples and civil partners.
The capital gains tax (CGT) legislation at TCGA 1992, s 58 provides that transfers of assets between spouses (i.e., married) who are living together are made on a ‘no gain/no loss’ basis in any tax year in which they are living together.
Spouses are treated as living together unless they are separated under an order of the court or separated by deed of separation or are separated in fact in circumstances where separation is likely to be permanent (ITA 2007, s 1011; TCGA 1992, s 288(3)).
However, asset transfers made after the end of the tax
