Local legal firms keep us up to date with their news
Whitehead Monkton are getting the word out about new legislation and the importance of taking positive action during the tricky time of a divorce
When the chips are down and divorce is the only card left to play, tax planning is unlikely to be top of the list for many couples. But failing to transfer assets at the right time may result in unexpected charges for capital gains tax, eating into much-needed capital.
Transfers and disposals made during the tax year of separation, can be on a ‘no gain, no loss’ basis. Those made outside the tax year of separation, could involve tax charges on the spouse/civil partner transferring the asset.
The Office of Tax Simplification has recommended that the tax rules be updated. The Government is proposing to introduce legislation to change the rules for disposals made on or after 6 April 2023: ‘no gain, no loss’ transfers/disposals to be extended to three tax years after the end of the tax year of separation, or no time limit where there is a formal court order.
Unexpected tax bills can turn a difficult situation into a crisis. This proposal would provide flexibility, although specialist advice and timing will remain important. It may be a good idea to delay some asset transfers until the proposals take effect.
The Taxation of Chargeable Gains Act 1992 covers the tax position when spouses live together and dispose of assets on divorce, including CGT relief on the primary marital home. With house prices rising, more couples are agreeing to retain the family home until the children are adult. The proposals would help in this situation.”
Warners Solicitors celebrates 25 years in Sevenoaks with gift for the community
A new parklet has been unveiled by Sevenoaks Town Mayor thanks to Warners Solicitors, which has dedicated the 25th anniversary of its Sevenoaks residency to the local community. Partnering with Sevenoaks Town Team, Warners has donated towards the installation of two of these new wellbeing-inspired green spaces. The parklets’ sustainable design combines seating and planters to enhance the look and community feel of the town centre, in addition to providing a spot for passers-by to relax and socialise.
The Mayor officially opened the first parklet for public use at a ribbon-cutting ceremony on 20th September hosted by Warners Solicitors and Sevenoaks Town Council. The parklets are part of a wider programme to improve the appearance and ambience of the town centre.
Elizabeth Dolding, Partner at Warners Solicitors, comments: “We are proud to have been part of the Sevenoaks community for 25 years, so it felt only fitting to mark the occasion by giving the town something residents, workers and visitors can enjoy. Caring for our employees, clients, neighbours and our environment is incredibly important to us. Therefore, we wanted our donation to provide nurturing, peaceful spaces in the town that promote wellbeing.”
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