Including Civil Partners, are deemed to take place on a ‘no gain, no loss’ basis and no charge to tax will arise, as a general principle transfers of assets between spouses living together.
This can often involve the transfer of ownership of assets prior to disposal, often at the last minute.
Rather than legal ownership, now this can often be achieved by way of ‘declaration’ rather than the physical transfer and vesting of assets in the name of the recipient, as the liability for CGT follows ‘beneficial ownership’ key concepts. The general basics outlined above only apply to transfers in a tax year when the couple are married, or civil partners, and living together at sometime in the course of the tax year. Generally, take for instance a husband transferring an investment property to his wife as part of an agreed financial settlement. Consequently, robert Arnold is the Managing Director of Source Independent Financial Advisers has a wealth of knowledge and experience working for plenty of the major light blue chip institutions advising both personal and corporate clients.