Tax
The law attempts to provide a framework to enable same sex couples to have recognition for tax purposes as if they were husband and wife.
Inheritance Tax
Civil partners will be able to make life time gifts and gifts upon death to each other with the benefit of total inheritance tax exemption under the Inheritance Tax Act 1984 section 18.
Life time gifts and transfers at an under value within 7 years of death of the donor are generally liable to inheritance tax however there are certain exceptions for gifts in consideration of marriage and for maintenance for spouse and children. It is anticipated these will extend to civil partners.
Capital Gains Tax
The no gain no loss exemptions in respect of inter-spousal transfers will extend to civil partners and civil partners may well benefit from delaying registration for a civil partner before they realise assets or transfer assets between themselves.
As with spouses the principle private residence does not attract CGT. The same with apply to civil partners irrespective of whether the property is owned jointly or in one of the civil partners sole names and it may well be advantageous for unregistered partners to dispose of the second home before registering.
Civil partners will be treated as connected persons in the same way spouse are.