TAX & CIVIL PARTNERSHIP
Same-sex couples could save hundreds of thousands of euro in tax if they enter a formal civil partnership. Prior to this year, same-sex couples who had inherited a property from their partner would not have been exempt from inheritance tax.
Similarly, unlike married couples, anyone gifting an investment property to a same-sex partner would have had to pay capital gains tax (CGT) on the difference between what was initially paid for the property and the market value of the property at the time it was handed over as a gift. Also, a same-sex partner would normally have had to pay stamp duty if part or all of a property was transferred to them by their partner – even if the couple were living together in that property.
This has now changed – but only if the relationship is a formal civil partnership. Couples in civil partnerships are now entitled to the same tax and social welfare advantages as married couples.
Anyone entering a civil partnership can also decide to pay tax jointly, something that could also save them thousands of euro every year.
Noone Casey are expert in the tax provisions relating to CivilPartnership. Do not hesitate to to discuss your financial & taxation status.