We have been seeing in the press that divorce rates during the pandemic have soared, with some firms seeing a near 50% increase in cases year on year. At Lambert Chapman LLP, although we cannot help with the legal side of proceedings, we can help you navigate the complex tax issues.
Our previous articles (see links below) give guidance on areas of business, property and other assets, all of which can be impacted in a divorce. At Lambert Chapman LLP we will provide professional, detailed advice, structured to your personal situation, whether instructed directly or via your solicitor.
Capital Gains Tax rules have changed in recent years and the reliefs are not as beneficial as they once were so a delay in looking at your position can be costly in terms of tax. Also reporting to HMRC has changed, with the requirement to report residential property disposals within 30 days – see UK Residential Property Taxes – Changes from 6 April 2020
At this most difficult time in your life we aim to support and provide relevant advice in a timely manner. Should you wish to seek our help, please contact Paul Short or Lucy Orrow. You can also call our Braintree office on 01376 326266.
Posted by Lucy Orrow
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.