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It pays to be civil

By on July 9, 2023 in Latest News

Mixed sex couples can enter a Civil Partnership and enjoy most of the Tax benefits of being married.

This is a legal relationship which provides some real financial benefit to those who wish to live together without getting married.

The set up costs are nominal compared with a normal marriage

Assets can be transferred to each other without the fear of  a tax charge which could apply to single persons who live together.

On the death of a civil partner the estate which passes to the survivor will not necessarily mean Inheritance tax has to be paid on the second death.        The tax free allowance unused on the first death can be claimed on the second death in addition to the survivors allowance. Not so with two single persons living together.

If one civil partner dies without a Will then the survivor will be able to claim up to £250k of that partners estate together with all of the personal possessions. One half of the remainder will also belong to the surviving partner with the other half passing to children of the partners .

A civil partner can apply for probate for the deceased partner’s intestate estate.

So you see it can pay to be civil and what is more even adultery is not a valid reason for dissolving a civil partnership!

David Dexter

LincolnWills