What a welcome relief to read over the weekend that the Office of Tax Simplification has reported recommended that the current Capital Gains Tax 'window' for divorcing couples to be able to transfer property between them should be extended to two years.

At present, a couple has only until the end of the tax year in which they separate to move jointly held property into one or other of their names without incurring CGT on any gain. For a couple who split up in, say, January, this can mean a frantic race to reach - and implement - a financial settlement before 5th April. At a time when a couple may need to be taking considered advice and reflecting carefully on how best to craft a financial settlement, the ticking clock creates hugely unwelcome pressure and may make an already acrimonious situation even worse.

Extending the period to 2 years seems eminently sensible and very much in line with the legal change to 'no fault' divorce that's due to come into force this year. It remains to be seen whether the government will actually take up these recommendations but we'll keep our fingers and toes firmly crossed!