Capital gains tax and income tax in a diverse portfolio

We were asked to consider the potential CGT liabilities on disposal/transfer of the Parties assets.

The Parties owned their own properties and a yacht.

The Husband held a diverse portfolio of several million pounds of EIS and non-EIS investments with several different providers purchased since the 1990’s. Each of these investments potentially had their own tax treatments and often had related income tax claims.

We set out the CGT liabilities and, in addition, highlighted the related income tax liabilities and items available for setting against income tax. These included the income tax implications of the transfer of EIS investments to the wife triggering reclaims as the Parties no longer qualified as spouses under the schemes.