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PAUL BENNEY considers the tax implications of dividing property as part of a divorce settlement
KEY POINTS
- The main residence tax relief under TCGA 1992 s 222 and ESC D6.
- An example of the tax advantage of Mesher orders.
- Allocating shares of the sale proceeds of property.
- Holding property in trust.
- Tax implications of other property held.
It is fairly safe to assume that divorcing couples will not have tax at the forefront of their minds during marital breakup and subsequent events.
However divorce will usually result in a financial settlement either by consent or by court order and professional advisers need to be aware of the tax position of the individuals they are representing to ensure that the negotiations are based on the net value of the matrimonial assets.
Tax implications arise both at the time...
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