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S248 TCGA 1992 (previously ESC D26)

Time limit for joint election under S248 TCGA 1992

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I have just taken on a client who has recently divorced and is in a panic as they were told that an election could be made where they were unable to split their assets in the year of separation but this would have to be done within 2 years of their separation date. They seperated in May 2016, a court order then determined how the assets would be split in November 2016 before their divorce was made official but the assets were not actually transferred until June 17 after the divorce was finalised. Reading the HMRC guidelines it states that the time limit for such a claim is 4 years from the end of the tax year to which the claim relates which from the information I have given would be 2017/18. I just want to make sure I haven't got it wrong. Any comments would be greatly appreciated. 

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By michaelblake
03rd Apr 2018 19:58

The date of separation has no relevance in terms of a claim under TCGA 1992 s248. The date of disposal on exchange will be either November 2016 or June 2017 depending upon the wording of the court order. The time limit for a claim would then be either 5 April 2020 or 2021 following TMA 1970 s 43. You might want to look at the HMRC guidance at . You might also want to consider whether CGT Holdover relief might apply - see guidance at

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