The “no gain, no loss” window for separating and divorcing couples to transfer assets is to be extended. Transfers of assets between spouses can currently be made without a capital gains tax charge if these transfers take place during a marriage or within the tax year of separation. The office of tax simplification (OTS) reported twice to the Gov over recent years on tax issues, specifically capital gains tax. Capital gains tax (CGT) is defined by gov.uk as a tax on any profit you make when you sell (or ‘dispose of’/transfer) something (an ‘asset’) that has increased in value. “It’s the gain you make that’s taxed, not the amount of money you receive”, i.e. you are taxed on the uplift in value (if any) of what you are selling/transferring/gifting from the time of its purchase or acquisition. In December 2021, HM Treasury announced it would be taking up five of the recommendations within the OTS reports, including that which relates to CGT which may arise when couples transfer assets to the other following separation. Silk Family Law will be following this change closely and we will report on the details as they emerge.