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A-Day is boosting Skandia transfer business

Support services company three-sixty says as many as 275,000 gay and lesbian couples will form legal partnerships from next month and warns IFAs of far-reaching advice implications.

The first same-sex legal partnerships will take place on December 21, the first date that couples can get married bec-ause of the 15 days’ notice required for a ceremony.

Three-sixty says the first adv-ice issue will be the need to re-examine life cover that many couples have taken out to meet the cost of any IHT liabilities because inheritance between spouses is exempt as the legislation has been changed to refer to “spouse or civil partner” in the civil partnership act.

Partner David Ingram says the feedback from advisers is that many couples planning to register their relationships are very unsure of the finan- cial implications.

He says: “Regulators are going to expect IFAs to take account of these changes if they are reviewing the financial affairs of same-sex couples.

“The feedback we have had from our state of the nation forum roadshows for IFAs points to a great deal of confusion in the gay community about their rights under the new regulations and IFAs will play a key role in helping them through what are ground-breaking changes.”

Ingram warns that for couples of different nationalities there may be some tax complications, where one couple is from a country that does not recognise such unions.

He says: “Nine European countries and some states in the US and Australia recognise same-sex civil partnerships but many do not and that could lead to complications and adverse tax treatment.”

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