Tax question for a married couple

Chesnut1

I and my partner have been living together for many years but due to various issues we may decide to marry from a better security position if god forbid any thing happens. But I would like to know if this would make us worse off as we struggle at the minute. I work p/t an earn about £4200 per year and he earns about £23.000 a year, at the minute we are taxed individually i.e he he looses a chunk and I pay no tax. Does anyone know if getting married would make us worse off? We have no children or is their anything else I may have missed that would make us worse off. Many thanks.

Debt_Free_Chick

No difference these days - you will continue to be taxed as individuals

mtem74

no worse but have a joint account (dont think being married matters) or have his wages paid into an account in your name. You can claim the tax on the interst back... upto your personal alloawance of course

benefit to you.

Debt_Free_Chick

mtem74 wrote: »

no worse but have a joint account (dont think being married matters) or have his wages paid into an account in your name. You can claim the tax on the interst back... upto your personal alloawance of course

benefit to you.

Not on all the interest. With a joint account, HMRC assume it's owned 50/50 unless you can prove otherwise. Having said that, if all the money is the partner's, it could be fraudulent for him to claim that only part of the interest is his taxable income.

Tread carefully ....

mtem74

Sorry.. should have clarified my comments

Yes on a joint account the interest is 50/50. It doesn't matter who puts the money into the account. the interest is the earnings for which you are both liable
the other option is possibly avoidance in that the interest being paid is not on your money in the first place.