Date of separation

[Scareystress]

How important is the date of separation?
if still living in same house, but separately, would it just be divorce petition date?
I seem to recall solicitor saying earlier the better, but not sure why. Thought possibly more advantageous for it to be later if spanning the tax year, if there could be CGT implications?

I spoke to an accountant about this yesterday. If transferring a property between spouses, it needs to be done in the same tax year as the seperation to avoid Cap Gains Tax. He said the couple can declare a seperation date, doesn't have to be linked to divorce, but when you seperated.

Thanks.
Am I correct in thinking CGT Only applies if the recipient has purchased another property?

Once the property is not your primary residence ( if you move out while the divorce takes place) then you have nine months PRR relief - after that date you will start incurring capital gains even if you have not bought another property as it is no longer your primary residence

If both parties are living in the same house then they are eligible for the PRR relief and no CGT is due