- Update/Intermediate *3 hours CPD
For many tax purposes transfers between married couples - and, from 5 December 2005, civil partners - are tax neutral, but once divorce or dissolution proceedings commence this favoured tax status is quickly affected. Timely consideration of the potential tax issues and an awareness of the opportunities available to avoid unnecessary taxation are vital in such circumstances.
The course will provide an overview and update of the major tax issues which commonly affect financial settlements and will cover areas for planning and avoiding pitfalls:
- The tax effect of the timing of transfers and disposals for CGT purposes
- The family home and principle private residence relief - Mesher orders and the other trust type arrangements
- The second or holiday home and other investments - tax efficient ways to structure the transfer
- Tax efficient ways to extract funds from businesses and companies
- The use of trusts as a tax deferral vehicle for transfers of assets or to fund a settlement
- Business assets and claims for CGT "holdover" relief on a business asset transfer
- Differences in treatment between co-habitees, married couples and civil partners to cover inheritance tax, CGT and income tax
- The international dimension; foreign assets, overseas tax and commonly encountered offshore tax structures
- Stamp Duty and Stamp Duty Land Tax issues on shares and property transfers respectively