Changes ahead in capital gains tax rules for divorcing couples

At present, no capital gains tax (CGT) is charged on a transfer of assets between a married couple or civil partners who live together. If, however you are separated or divorced from your spouse or civil partner, then this tax relief does not necessarily apply. The Office of Tax Simplification reviewed the rules relating to separating couples in July 2022 and proposed a number of recommendations which the Government have agreed to implement from April 2023. Robert Bellhouse, Family Solicitor with Ware & Kay in York, Wetherby & Malton explains, ‘The new rules mean that separating couples will be afforded more time to transfer assets between themselves without the risk of being charged CGT. This is a welcome change and will take one financial pressure off, allowing more money to be available to meet the…

Transferring property to your children

Almost one in two first-time buyers receive some financial assistance from their parents, but cash gifts or mortgage support are not the only ways to help the next generation. If you are asset rich and own land, vacant buildings or a second home, transferring property to a child is another option.  People sometimes have a separate outbuilding, such as a gite or annex, which they would like to gift. Alternatively, the subdivision of a farm or large garden could provide the site for a child to build their own home.  However, it is important to consider your own needs, and how these may change over time. Transferring property to a child can also raise different issues to a traditional conventional transaction, so it is important to get the right professional advice especially on the tax issues…

Problems in performance management

‘Performance management can be challenging and time-consuming,’ according to Kalpesh Nakeshree, Head of Employment Law with Ware & Kay. ‘The first challenge is to determine if this is a capability issue that needs to be addressed under a performance management procedure, or if it is a conduct issue to be dealt with under the disciplinary process. As a rule of thumb, capability relates to the employee’s abilities and competence, whereas conduct involves carelessness or laziness.’ ‘It is important to get this right to make sure you follow the right procedure and increase the chances of any dismissal being fair. Kalpesh Nakeshree outlines the performance management process, looks at common problems and highlights some alternative options. Key steps The purpose of a performance management policy and procedure is to give the employee the opportunity to improve…

Our guide on changing your name

  As recognised by Article 8 of the Human Rights Act 1998, everyone has the right to a private and family life, which includes having the right to change their name, without justification, providing that it is not for any frivolous such as a bet or fraudulent reason such as to avoid paying a debt.   There are several reasons why you might want to change your name including (but not limited to): To double-barrel your name after entering into a marriage or civil partnership; To bring a family together, for example, a step-family To reflect your gender; You dislike your current name; or Your name was registered incorrectly.   What changes can I make to my name? The changes that you can make to your name include changing your forename, middle name(s) or surname…