By Carole Brennan
There will be winners and losers amongst separating and divorcing couples in relation to the chancellors autumn statement.
Separation often forces the sale of a house, and those who own lower priced houses will be better off. Those who have more valuable homes will pay more stamp duty.Couples need to carefully consider this in reaching settlements and should take some advice from a professional.
How will the Autumn Statement effect ISA Savers?
The changes in the Autumn Statement means that surviving spouse won’t have to fill in a tax return when they inherit Isa savings from a spouse. The Telegraph estimates this will benefit 150,000 couples a year.
The limit on an ISA savings account will also increase to 15,240 and this will help everyone to have the opportunity to have some tax free savings.
With regards to the property point, stamp duty overhaul will mean those buying properties costing more than 937,000 will be worse off in the current regime. Divorcing couples need to ensure this is taken into account upon any settlement.
People using companies to purchase properties will now have further steep increase in tax and again consideration must be given to this on any settlement and expert advice will be needed.