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Any tax advantages to being married?
wilkies5
Posts: 166 Forumite
in Cutting tax
My partner is adamant there are still tax advantages to being married!
Other than the fact that I wouldn't receive a Widow's Pension when he sadly passes away, I cannot find any financial reason to get hitched!
Does anyone know of any?
Other than the fact that I wouldn't receive a Widow's Pension when he sadly passes away, I cannot find any financial reason to get hitched!
Does anyone know of any?
Wilkies5
0
Comments
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it depends upon your circumstances
Inheritance tax: no liabilty between married couples plus use of the widow/er's allowance on second death
Capital gains tax: can transfer assetts and gain both CGT allowances on disposals0 -
If one of you was born before 6/4/1935 then you may be eligible for Married Couples Allowance, which depending on the size of your income (as individuals) could be worth between £244 to £636.50 for the current year and £254 to £662.50 for the next tax year.Quidco savings: £499.49 tracked, £494.35 paid.0
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is your house in joint names? that is not a tax issue, but it is a financial one which undoes a lot of unmarried couples when they split up when it turns out only one of them has their name on the deeds. Ditto do you have wills in place? Coz if not it is not just the widow's pension you'll miss out on if sadly he were to die before you.0
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Yes - you have to be married or in a civil partnership to take advantage of the allowances on things like inheritance... could make a huge difference if you are reasonably wealthy and one of you dies. But I'm not aware of any day-to-day savings.
Are you looking for excuses??? Did he give it as a reason for marrying you? In which case, I'd tell him to go off and think of something more romantic!Mortgage | £145,000Unsecured Debt | [strike]£7,000[/strike] £0 Lodgers | |0 -
just on the reasonably wealthy point, don't forget that an average house in London or the south east could easily exceed the nil rate band, and that life assurance policy pay outs may form part of your estate for IHT unless they are written into trust.0
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The main tax advantage in our household from being married is that she pays it and I don't. She works and I don't. Brilliant!
On a more serious note, there's also tax on savings interest to be a) shared b) allocated to the non taxpayer. I *think* we are safe in doing that as I have been the recipient of large capital sums now and again which form the basis of our 'non-ISA' rainy-day cash savings, so I argue that that money is 'mine' and therefore non-taxable (as my total income is below the threshold).0 -
......and you can split this between you if you both have independent incomes. We did this following our marriage in 2002.If one of you was born before 6/4/1935 then you may be eligible for Married Couples Allowance, which depending on the size of your income (as individuals) could be worth between £244 to £636.50 for the current year and £254 to £662.50 for the next tax year.
Margaret[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0
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