The end of the year divorce gap, only 4 months to the tax year end
The end of the year divorce gap, only 4 months to the tax year end would be a lamentable carol but Cheshire divorce specialists Stonehewer Moss know that time pressures both make for divorce and sometimes for a bad divorce settlement. Michael Brennan explains the issue, “The decision to divorce is personal, a solicitor can only offer advice; most seasoned divorce solicitors will agree that the few months to Christmas are a lull period, with many people naturally wanting to delay the upset created until after the big day. January is often seen by the media as the time of rush to the divorce court but the reality is that most people need the resources to pay a solicitor that are in short supply after the December splurge. It follows that many divorce instructions will come to the lawyers door in February, by which time the end of the tax year is hurling towards us. If you and your spouse have been struggling along for the sake of others but in reality have been physically apart for some time, and in any event, regard must be had to the potential for loss of tax reliefs related to capital gains tax. The house is the main asset of most of us and principle private residence relief will expire in certain circumstances. At the end of this blog I set out the contact address for a HMRC leaflet about the issue but you may be forgiven for thinking even they acknowledge it is too complex to understand without accountant advice. We wish all a peaceful Christmas but also a wise one when it comes to putting your house in order next year, tax or calendar.”
The hmrc advice notes can be viewed at HS281 Spouses, civil partners, divorce, dissolution and separation(2016)
The end of the year divorce gap, only 4 months to the tax year end is a reminder that times waits for no person.
For advice negotiation and representation in divorce please call 01606 872200 e mail firstname.lastname@example.org visit www.stonehewermoss.co.uk
Tags: amicable divorce