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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4995
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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We are going through a divorce but it is overseas divorce but

Customer Question

We are going through a divorce but it is overseas divorce but we are staying in uk and have properties staying in uk too. My husband is going to transfer one property to me and my half share property is to to transfer to him too for our divorce settlement. Are we taxable or not?
Submitted: 1 year ago.
Category: Tax
Expert: replied 1 year ago.
Thank you for question.The rules on how transfer of property is treated where there is separation, divorce and dissolution is covered in Helpsheet 281 here (page 3) you have been living together at some point in a the tax year, you can transfer assets between you at any time during that tax year and the transfer results in no gain/no loss.If transfer takes place outside the tax year, then there could be a tax charge as explained on Page 3/4 of the helpsheet. 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.