Hurst sets up divorce team
ACCOUNTANCY firm HURST has launched a specialist service providing tax advice to divorcing couples and their lawyers in anticipation of a rise in cases as the economy improves.
The dedicated HURST team is led by partner Rachel Murphy and senior manager Liz Gallagher.
The service is aimed primarily at entrepreneurs, business owners and other individuals as they look to reach settlements with their spouses over the division of assets such as property, shares and pensions.
Ms Murphy said: “Divorce is a difficult time for everyone involved, and tax is probably the last thing individuals think about. Often, they and their lawyers are unaware of the UK and international tax implications of a proposed divorce settlement, but the timing can have a big impact on the tax position of one or both parties.”
Taxes that are directly affected include capital gains, income tax if assets such as shares and cash are being allocated, and inheritance tax.
Ms Murphy added: “We are increasingly being asked to provide expert advice and we have now decided to form a dedicated team working with individuals and their lawyers to plan settlements.
“A year or so ago, many individuals were putting off a separation because, as a result of the recession, company and property values were depressed.
“Now we are coming out of recession, people don’t want to wait any longer and are pressing the button.”
HURST, which has offices in Stockport, Manchester and London, plans a series of seminars for solicitors over the summer as it rolls out the service.
