Tax issues for same-sex couples

Key points

• Access to pensions accrued before 5 December 2005 can be restricted on the grounds of sexual orientation.
• Same-sex couples may miss out on the residence nil rate band because of the direct descendant rules.
• Complications can arise on a child’s origin of domicile when the parents are in a same-sex relationship.

A joint event ‘Love death and taxes for alternative families’ hosted by law firm Mishcon de Reya and the Gay Women’s Network highlighted the benefits of tax planning when advising lesbian gay bisexual and transgender (LGBT) families.

The speakers were Malcolm Cuthbert director of Equality Wealth Management; Sofia Thomas director of Sofia Thomas; and Charlie Sosna partner of Mishcon de Reya. However advisers should be aware of specific areas that will be relevant when dealing with such clients.

Pensions

Malcolm Cuthbert started the event by discussing the importance of financial planning an exercise that is particularly...