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(London) As American same-sex couples struggle with their income tax the British government has decided to recognize gay and lesbian relationships.
Under new measure announced this week in the Blair government's budget, same-sex couples will be able to transfer assets between themselves with no more tax liability than married couples.
Pension tax legislation will also be amended to include civil partners. They will also be allowed to make gifts or bequests to their partners with the benefits under Inheritance Tax and Capital Gains Tax exemptions.
But, like married couples, civil partners will not be able to get away with dodging taxes by transferring their income to the one who pays less tax.
The changes also cover breakups. There will be a tax exemption if property is being sold in connection with the ending of a civil partnership.
To qualify couples must be registered under the Civil Partnership Act. The changes will take effect in December when the act officially goes into effect.
In the US, because the Federal Protection of Marriage Act prevents Washington from recognizing same-sex couples partners must file separate returns and receive none of the tax breaks accorded married couples.
For couples who married in Massachusetts, the only state where gay marriage is legal, couples are in a tax catch-22.
©365Gay.com 2005
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