Husband and wife decide to part company and wife leaves the matrimonial home Feb 2018. They jointly own 2 rental properties in addition to the matrimonial home.(MM)
Following mediation an agreement has been reached whereby each transfers their half of a rental property to the other and the MM is sold.
HMRC state -
Rental properties-If the transfer is agreed between them in the tax year of separation then the transfer is CGT free
The couple are still married. My query is what is the tax definition of separation
I should add the client is a solicitor
Has anybody got the answer??