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PENNY BATES has tax planning points for unmarried couples
KEY POINTS
- What is a ‘couple’ for tax purposes?
- Can the partners’ estates be equalised?
- Beware gifts with reservation.
- Potential liabilities and the role of insurance.
- The complications caused by children.
- The use of life interest trusts and BPR.
An article in The Independent online dated October 2007 suggested that the number of unmarried couples had risen by 65% in 2006. (It is estimated that one in six couples living together do so outside of marriage or civil partnership).
The article went on to say that living with a partner is largely good for health particularly so for older single women! But is it good for tax?
First perhaps it would be useful to identify what a couple is for tax purposes.
Those of...
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