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LATEST NEWS & EVENTS Conservative tax breaks for marriage 'may have to be revised'  Plans announced recently by the Conservatives under which married couples would receive tax breaks may have to be revised. This is according to shadow chief secretary to the treasury Philip Hammond, who told the BBC that the proposals may have to be more limited than first thought. The party had said it would implement a transferable tax allowance and its leader, David Cameron, stated that the issue is one he feels strongly about. However, Mr Hammond told the broadcaster that this no longer appears to be affordable in light of the country's finances. For this reason, the Tories are looking for alternative ideas, he claimed. Speaking to the Guardian recently, David Willetts, shadow cabinet member responsible for the family, suggested that marriage is in danger of becoming a middle-class institution and more needs to be done to make the practice popular. According to the politician, it is becoming more difficult in terms of time and money to tie the knot. Grant Cameron, head of the family law team at Lamport Bassitt, stated: "Similarly a couple contemplating divorce should consider the possible tax implications regarding the division of their assets. "Any individual is loath to pay tax but in a divorce, where one household must be divided to create two, any opportunity to avoid an unnecessary tax liability should not be overlooked." "Individuals are not likely to marry or divorce for tax reasons but they should be aware of the financial savings they could make when dividing their assets upon separation. "By way of example, following separation the tax advantages previously enjoyed by a married couple will cease at the end of the tax year (ie 5th April) in which the couple separated and decided to live permanently apart. "If the couple separate towards the start of the new tax year this will leave both parties with time to split their possessions effectively and claim tax advantages for almost a year. "In cases involving more substantial assets it may often be valuable to take specialist advice from a tax lawyer or accountant in conjunction with a family solicitor to ensure any unexpected tax demands are avoided, most especially with regards to capital gains tax where there are complex rules relating to the transfer of assets." 
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