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‘Gay couples need advice’

Gay couples should seek financial and legal advice before entering a same-sex marriage, says Clerical Medical.

Once the Civil Partnerships Act comes into effect in December, giving legal recognition of gay relationships, the insurer advises couples to consider will planning, inheritance tax, capital gains tax, transfers of assets, tax planning for life and business purposes and pensions.

Of particular consideration are the ramifications of separation when assets have to be divided, maintenance has to be allocated to a former partner and pension sharing may have to be considered.

Senior tax and financial planning adviser Neil Edwards says: “The new legislation has huge implications for the rights of same-sex couples. It is important that those who are considering entering into civil partnerships find out more about how the changes will affect them.”

Compass Independent Financial Advisers director Chris Morgan says: “There are tremendous opportunities for companies to add profitability to their top line if they access the gay community. It is time for providers to look at building a brand in the community.”

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