Arguably one of the most important and generous reliefs from UK capital gains tax (CGT) is the exemption available for the disposal of an individual’s home. In straight forward cases where someone owns one property which they have always lived in for the whole period of their ownership any gain arising is completely exempt from a CGT charge. However modern life is never that simple.
While the divorce rate in England and Wales appears to be falling, the courts still hear a significant number of divorce cases each year including cases involving foreign nationals. In a number of these cases an offshore trust may be a matter of contention.