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Tax Implications on Family Breakdown

By: Sofia Thomas, James Pirrie
Media of Tax Implications on Family Breakdown
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Published: 13-08-2020
Format: EPUB eBook (?)
Edition: 1st
Extent: 400
ISBN: 9781526512352
Imprint: Bloomsbury Professional
RRP: £86.40
Online price : £77.76
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About Tax Implications on Family Breakdown

This new text focusses on tax issues that arise upon family breakdown or financial remedies proceedings.

As the family structure is evolving this book is a guide which considers the tax impact of both nuclear traditional breakdowns and alternative families including LGBT+ families and those who are separating with children born outside of a marriage.

It breaks down the complex information on law and practice by providing family law and tax professionals with sections which they can dip in to as required. It also includes flow charts and checklists so practitioners can offer comprehensive advice to their clients.

Table Of Contents

- General Principals in Financial Remedy Proceedings
- Introduction
- Powers of the Court
- Specialist Financial Remedies Court across England and Wales
- Matrimonial and non-Matrimonial Property
- Deferred Settlements
- General Tax Principals and HMRCs Powers
- Responsibilities of taxpayer
- Taxable events
- HMRCs current powers
- HMRCs proposed new powers
- Taxpayer safeguards and access to justice
- Spouses, Civil Partners and Cohabitees
- Tax treatment during marriage & civil partnerships
- Capital Gains Tax treatment
- Married couples' allowance
- Joint universal credit claims
- High Income Child Benefit Charge
- Division of property income
- Small companies, division of dividends
- Tax treatment during cohabitation
- Property income
- International Matters
- Jurisdiction of UK Taxes
- Residence and non-Residence
- Statutory Residents Test
- Taxation of non-residents
- Limitation of CGT relief for non-residents
- Impact of (ex)spouse becoming non resident
- Domicile
- Spousal domicile election
- Offshore structures
- Maintenance payments from offshore
- Offshore reporting obligations
- Treatment of maintenance payments internationally
- Capital Gains Tax
- General Principals
- Year of separation
- The family home
- Default treatment
- Principal private residence relief
- Periods of absence
- Elections
- Deferred Charges & Mesher Orders
- Entrepreneurs Relief
- Investment Portfolio
- Holdover Relief
- Family Companies
- Tax considerations in unlocking assets
- Valuations for family courts
- Valuation of shares for HMRC
- Attaching maintenance to dividends
- Winding up/cessation of trade
- Alternative/LGBT+ Family Breakdown
- Domicile of children from same sex families
- Legacy issues
- Legal of status of children prior to civil partnerships/marriage
- Maintenance and secured maintenance
- Types of maintenance
- Maintenance payments
- Secured maintenance
- Instructing an expert for solicitors
- When to appoint an expert and why?
- What to expect from a tax expert
- Reading the report
- Responding to expert instructions from solicitors
- What to expect from an instruction
- What to include in the report
- Supporting Materials
- CGT in divorce – flowchart
- Capital Gains Tax on the Main home – flowchart
- Stamp duty land tax – flow chart
- Determining date of separation – flow chart
- Annotated Form E –highlighting common tax traps
- International Divorces – Checklist
- Capital Gains Tax matters on Divorce – Checklist
- Transfer or Sale of the main home – Checklist
- Transfer of assets – Checklist
- Family Companies – Checklist
- Alternative/LGBT+ Family Breakdown – Checklist
- Instructing an expert – Sample Letter

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