Married tax

pompeyfan1

Hello

Does the married tax allowance still exist? I am in full time employment and my wife is a stay at home mum currently!

Are there any tax breaks we can apply for because we are married?

Thanks

antonic

Married Couples Allowance was removed a long time ago.

You only get higher personal allowances when you get to 65 & 75 respectively (and these can be reduced if your income is above a certain figure).

getmore4less

antonic wrote: »

Married Couples Allowance was removed a long time ago.

http://www.hmrc.gov.uk/incometax/married-allow.htm

zygurat789

pompeyfan1 wrote: »

Hello

Does the married tax allowance still exist? I am in full time employment and my wife is a stay at home mum currently!

Are there any tax breaks we can apply for because we are married?

Thanks

Yes there are tax credits available to you unless your earnings put you into higher rate tax area.

pompeyfan1

Just read the link, thank you we are 28 and 27 so a bit off the age for it at the moment~!!

dan.date66

...tax is more than just income tax!

There are still advantages to being married for Capital Gains (CGT) and Inheritance tax (IHT) purposes.

For CGT, married couples can transfer assets between each other on a no gain/no loss basis allowing for income producing assets to be effectively allocated between spouses.

For IHT, there is effectively a joint allowance of £650,000 (£325, 000 x 2) (I know a co-habiting couple of many years who got married last year to take advantage of it.)

So still some benefit to marriage within the tax system.

talkinpeace

The other one is to make sure that all savings are in her name so the interest is received untaxed.