The following Family practice note Produced in partnership with David Salter, deputy High Court judge and Recorder provides comprehensive and up to date legal information covering:
This Practice Note sets out the tax implications to be considered on relationship breakdown, ie separation, divorce or dissolution, including income tax, capital gains tax, stamp duty land tax and inheritance tax. Specialist advice should be sought where necessary.
As there are no specific tax consequences to the relationship between unmarried couples or those who have not formed a civil partnership, so there are no special tax rules relating to their relationship breaking down. There is, however, a general rule for capital gains tax (CGT) that transactions not at arm's length must be recalculated as having been at market value—a transaction between an unmarried/non-civil partnership couple living together may well be treated as not having been at arm's length.
For married couples and civil partners, the main tax provisions relating to spouses/civil partners cease to apply when the relationship has broken down, rather than by reference to the date of any decree nisi or decree absolute/conditional civil partnership dissolution order or final dissolution order. For inheritance tax (IHT) purposes, the date of the decree absolute/final order is relevant.
Note that divorce, dissolution or separation does not invalidate any existing will or the intestacy provisions. However, if the will appoints a spouse as executor or trustee or makes a gift to that spouse, the will takes effect as if the spouse had died on the date of decree
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This Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international perspective and includes some comparative examples from other
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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