For example, your mortgage should have been included in the property sections (2.1 and 2.2) and any overdrawn bank accounts in the bank account section (2.3)
What you should list here are items such as bank loans, loans from parents or friends and store and credit cards. (For store and credit cards please remember to list even cards that you have but don’t use and which have a zero balance.)
Capital Gains Tax (CGT) is sometimes payable when you realise (i.e. sell) a capital asset and receive more than you paid for it.
Calculating the amount of CGT payable is not straightforward and I would suggest you ask your accountant to assist with this part of the Form if there have been relevant disposals in the last year.
However some basic points are:
That sounds complicated I know - but essentially if you are lower rate income tax payer you may qualify for the lower rate, and if you are a higher rate income tax payer you pay the higher rate.
Please note that no CGT is payable on the sale of your matrimonial home (although it is may well be on other property sold).
Fill in this page for each business interest you have.
Just list any company of which you are a director (which you haven’t already listed in section 2.11 above).
This includes any non-executive director posts that you hold.
CE – the Cash Equivalent value of your pension scheme. The CE value is how
pensions are valued on divorce. It is this figure you should have obtained from
your pension company (see the pensions section in my post Form E: the documents needed to accompany it.)
This is where any asset you have that doesn’t fit into any of the earlier sections should go.
Examples of other assets might be:
We'll move onto the income sections of Form E in my next post.