Capital Gains Tax and Separation.

[IForgotOurSong]

When a relationship breaks down and there are multiple properties involved, how do you get to the bottom of the capital gains tax implications? Is it best to pay an accountant to help? If so what type of accountant?

I'm a chartered accountant myself but would recommend you find a specialist tax advisor - a member of STEP or the CIOT.

https://www.step.org/about-step/public
https://www.tax.org.uk/about-us

If it’s a separation involving divorce your solicitor will advise, if you are not married or CP then your accountant, if a lot of property is held for a long time it gets horribly complicated

Thanks for your replies @Crazykatie and @Kazzyhoward

Im trying to support parents separating later in life, there is so much to sort out, it’s overwhelming, I’m stuck on capital gains tax so will try and find an accountant as suggested.

Lots of solicitors have a "STEP" member of staff who will deal with that kind of thing and it makes sense to have someone who can be a kind of "one stop shop" for dealing with the legal and tax issues at the same time as they often contradict each other, i.e. accountant says do x but check with solicitor and solicitor says do y but check with accountant. It quickly gets very complicated and messy. A STEP practitioner is a kind of "in between" professional. Presumably with it being ageing parents, you'll also have wills, inheritance tax, etc to put into the mix too!