A Shropshire tax expert has praised the government’s newly-introduced Capital Gains Tax laws which aim to give separating couples more time to divide their assets.
Thomas Evans, a partner at county law firm mfg Solicitors, has welcomed the changes which were introduced in April to give splitting spouses and civil partners up to three years to transfer their assets without tax pressures.
The rule changes are a radical shift from previous legislation which saw separating spouses only being given until the end of the tax year to reach agreement, meaning a high likelihood of triggering a tax charge.
Mr Evans said: “Separating and divorcing couples who I advise on their tax affairs have breathed a sigh of relief in recent months since the new Whitehall-led rules came in.
“They take away huge pressure as the old rules were simply unworkable and gave little time, sometimes only a matter of weeks, to properly agree on which assets to split, including property and possessions.
“The new rules have given the flex needed to organise things without having to worry about tax from day one, allowing for a more stress-free transfer during what is always a difficult and stressful time.”
mfg Solicitors has offices in Birmingham, Kidderminster, Worcester, Bromsgrove, Ludlow and Telford.