Like the rest of the site, this section is in its infancy. However
we intend to make it as useful to you as possible. So, please give
us your thoughts on what you'd like to see.
civil partnership :: the financial implications
civil partners will be treated in the same way as
spouses for tax purposes. These changes will be dealt with in the first
available Finance
Bill.
The Civil Partnership
Act 2004 will bring change to civil and military law before
the end of 2005. Lesbian and gay couples will be given the same
tax rights
as heterosexual married couples. This is EXTREMELY SIGNIFICANT
AND IMPORTANT. The other key financial issues that affect us in
the military
are:
Employment and pension benefits to your partner on death
Ability to insure your partner against death
Recognition for civil partners under intestacy rules
Recognition for civil partners for immigration and nationality
purposes
If it all goes pear shaped and you separate: on dissolution, partners
may have
a right to reasonable maintenance,
entitlement to a share of property,
lump sum orders,
property adjustment orders,
pension sharing orders.
So consider your actions!
A detailed briefing note was issued on 16 Mar 05 by
HM Treasury in connection with the 2005 Budget. The key briefing on
implications of Civil Partnership are reproduced on the Treasury
Briefing page.
all details of the AFPS and your rights are included in the pensions
section
house ownership :: capital gains tax
The Finance Acts which will support the Civil
Partnernship should be in place before the end of 2005. One of the
limited negative impacts
will be that, once a partnership is registered a same-sex couple will
be liable as a married couple for Capital Gains Tax. Whereas previously
you and your partner could each own their own homeand be treated as
separate entities for the purpose of Capital Gains Tax you wil, under
Civil Partnership be allowed one main residence between you. Whilst
unpartnered in the eyes of the law you don’t have to pay CGT
on both main residences. In partnership your second home will be liable
to CGT.
Suggestions:
If CGT relief on your second house means more to
you than the symbolic commitment of Partnership and its other tax
benefits then don't get
partnered.
If you are getting 'hitched' then dispose of your surplus property
before you talk to the tax man about changing your codes.
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