In today’s budget, the Government made several encouraging announcements that will directly impact our family clients.
Firstly, the Government recognised the impact the COVID-19 pandemic has had on relationships and more specifically those facing domestic abuse. In response to this, on top of current £125m already invested to help victims of abuse, a further £19m will be injected to help reduce the re-offending rates.
The Government will also be piloting a network of respite rooms to provide specialist support for the more vulnerable victims of domestic abuse.
Whilst there was no announcement made about a wealth tax for properties over a certain value, the Government extended the current £500,000 stamp duty holiday to 30 June 2021 which will then be lowered to £250,000 until September 2021 and will return to the previous stamp duty rates the following month. This means that separating couples could each benefit from lower stamp duty and so a good incentive to finalise financial arrangements sooner rather than later.