Private client and inheritance tax
Kevin Offer ran through the divorce changes related to capital gains tax on property. The draft legislation was introduced in July 2022 and will relate to inter-spousal transfers made on or after 6 April 2023. One of the proposed changes is that the nil gain nil loss transfer will be extended to up to three years after spouses or civil partners cease to live together. See the HMRC’s July 2022 policy paper (tinyurl.com/hmrcppcgtjul2022) for further details on the proposed changes.
On residence Kevin explained the difficulty individuals faced to establish a home abroad if they also retained a home in the UK. An important point to note when looking at number of days in the UK and especially as a result of the past couple of years is that exceptional days do not apply...
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