Civil Partnerships Act 2005

Civil Partnerships Act 2005

Civil partnerships Act 2005 will be make it possible for same-sex couples to recognised as a civil partnership by law.  This essentially means that they will have the same rights and be governed by the same rules as a traditionally married couple, a 'same-sex marriage' so to speak.

The civil partnerships act 2005 requires a couple to formally register, and from that point they are treated as 'married' from a legal standpoint.  This means that the way in which they are taxed will change dramatically, and it is definately a good idea to plan your tax effectively before taking the plunge. Once registered, the civil partnerships act 2005 means you will become a 'civil partnership' - a new legal status, meaning that partners are able to transfer assets to each other free of tax, in exactly the same was as married couples currently do.

The act is due to come into effect on 5th december 2005, so its a good idea to get all the information you need beforehand, so you can prepare.

The civil partnership act 2005 will mean that same-sex couples that register as civil partners will benefit from exemptions from inheritance tax and capital gains tax, which could end up saving you tens of thousands of pounds, which would otherwise needlessly go to the taxman - if you plan it correctly.

Taxcafe's latest guide contains all the information you should need to make the civil partnerships act 2005 work to your financial benefit.  It outlines all the necessary steps needed to get the best out of the civil partnerships act 2005 from a tax perspective, as well as covering any drawbacks you should watch out for.  It is essential reading for anyone in or considering becoming civil partners, as well as traditional married couples. Visit the following link to view further info:

• Civil Partnerships Act 2005 - Indispensable tax planning advice for same-sex couples

Although the civil partnerships act 2005 will be beneficial and provide gay couples with all the tax advantages that married couples get, they will also be subject to any possible disadvantages.  As soon as the civil partnerships act 2005 is passed and the couple is formally registered, you will be governed by an entirely new set of tax rules which must be carefully considered before coming to any decision.

For instance, as a legal couple, the civil partnerships act 2005 means that a couple can only have one Principal Private Residence (PPR) between them for tax purposes, meaning that if both partners own a property before the civil partnership is registered, only one may be elected as the PPR and gain the full CGT relief.  There are, however, ways around this using a clever bit of tax planning.  Taxcafe's new book Tax Planning for Couples covers everything you will need to know on the subject. It is essential reading for anyone considering taking action when the civil partnerships act 2005 is passed.

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