Tax and Family Breakdown A Practical Guide

The division of assets following a family breakdown can often be complex. The tax consequences of a transfer of assets between former spouses or civil partners can be significant. With prior planning, the tax arising may be mitigated or avoided altogether. If this is not possible, the parties and, indeed, the court will want to take account of the tax consequences when considering the terms of a financial settlement.

Practitioners providing family breakdown advice will find this to be an invaluable guide to the tax issues. Tax and Family Breakdown:

• enables practitioners to identify potential tax issues at an early stage of the divorce or dissolution process
• acts as an aide memoire of the tax issues that can typically arise
• outlines the basic tax treatment of spouses, civil partners, and co-habitees
• examines the tax effects of transferring the most commonly held assets such as:
• cash
• chattels
• the family home
• other property
• investments
• business assets
• provides an overview of the tax aspects of trusts and certain international matters in the context of family breakdown.

The text includes worked examples, checklists, tables and flowcharts, making this a clear and user-friendly book.