Tax breaks for married couples?

HowlinMadMurdoch

Hi all, hopefully just a quick and easy question!

I got married in April this year, after having co-habited with my partner for about 8 years previous to this. I'm 34 and she's 30. Are there any "tax breaks" for being married as opposed to single, for both or either of us?

Thanks in advance!

CLAPTON

no
women have now been emancipated in the UK

although there are certain opportunities to minimise CGT and IHT

HowlinMadMurdoch

Thanks for the reply - although I'm not sure what you mean with the "women have been emancipated" line, I'm not sure how that references my question?

CGT - capital gains tax, what's IHT? Inheritance tax?

dzug1

HowlinMadMurdoch wrote: »

Thanks for the reply - although I'm not sure what you mean with the "women have been emancipated" line, I'm not sure how that references my question?

CGT - capital gains tax, what's IHT? Inheritance tax?

Inheritance tax, yes

emancipated means thay have been made responsible for their own taxes rather than being regarded as an adjunct to their husbands. Until mumble mumble years ago (not that many actually 30??) this was not the case.

HowlinMadMurdoch

Oh I see, well that makes sense. Thanks alot for your help guys, just wanted to make sure we weren't missing out.

dzug1

Actually there is one way of reducing tax - if you both totally trust each other. If one of you is a higher rate tax payer (or not a tax payer) then by the one paying the higher rate of tax gifting savings to the other you can ensure that tax on the interest is reduced.

John_Pierpoint

Or simply open a joint account in both names and refuse to let the little woman have the access details. That off loads half the interest into her tax liability.

I still fondly remember my father in law having a row with his wife about filling in her tax return for her, when the independent assessment started..