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TaxRobin
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Experience:  International tax
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Hello,Im a self-employed resident of the UK working remotely

Resolved Question:

Hello,
I'm a self-employed resident of the UK working remotely for an Austrian firm. I am going through a divorce settlement where I will lose join possession of 2 apartments in Vienna.
Is it possible to use this loss as a tax write-off?
Many thanks,
Patrick
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello,
The treatment of the transfer of property due to a divorce depends on when the transfer occurs.
If you transfer an asset to your husband, wife or civil partner in the year of separation, the same rules apply as for gifts. There is no loss or gain for you to report.
Special rules apply if you transfer an asset to your husband, wife or civil partner in the tax year after you've separated. You'll have to work out the capital gain or loss if all of the following apply:
you transfer any asset other than your main residence
you've been permanently separated for the whole of the tax year
you're not divorced or your civil partnership hasn't been dissolved
The rules for the transfer of assets after a divorce or the 'dissolution' (the formal end) of a civil partnership are complex. HMRC would need to make a determination for you based on all the facts.
A loss may be claimed if transferred the year after the divorce but not in the year of the divorce.
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15044
Experience: International tax
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