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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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What tax am I responsible for on monies gained from my husband

Customer Question

What tax am I responsible for on monies gained from my husband as part of a divorce settlement . I don't pay tax and haven't for 30years. Do I have to pay capital gains tax , I have no income and no private pension and not due to get my state pension till 2018 .
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

Any sums received as part of divorce settlement are tax free and there is no tax payable on them.

You would only be liable to income tax on any income/interest you get from the monies invested once in your hands. Also capital gains tax would only become payable if you sell any chargeable assets once in your possession.

You will be entitled to personal allowance and gains annual allowance against income and gains respectively and only any access over the personal allowance would be subject to tax

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Expert:  taxadvisor.uk replied 3 years ago.

Hello

I notice you have viewed my response to your question concerning tax on monies gained from your husband as part of a divorce settlement (JACUSTOMER-y7r09s2s- Last Viewed on 29/11/2013 at 01:09).

Just checking to see if you have any issues relating to your question that I may not have addressed.


Please let me know if I can be of further assistance.