Can money I've made be put in husband's name?

bryanb

thenudeone wrote: »

It is perfectly legitimate for legal spouses to swap money and property between each other to save tax. It's one of the benefits of marriage.

Are you saying unmarried people cannot do it as well?

Thrugelmir

atush wrote: »

Yes, but I hope they wont' get into trouble for not paying at the time.

Interest and penalties could be significant. When added to the CGT liability.

atush

bryanb wrote: »

Are you saying unmarried people cannot do it as well?

Yes we are.

Being married is better for your wealth and your children in general. If you stay married that is.

There is a non religious reason we bang on about it. This is a main one.

grey_gym_sock

in financial terms, getting married can be risky. perhaps ppl should have to do 1 of those questionnaires to measure their risk tolerance before they're allowed to get married.

atush

Only if you divorce is it risky. If you don't, it will help you and your finances.

thenudeone

bryanb wrote: »

Are you saying unmarried people cannot do it as well?

Not to the same extent as legally married / civil partnership couples can.

eg:
"you can transfer assets which are subject to Capital Gains Tax between spouses completely tax free."
http://news.bbc.co.uk/1/hi/3472573.stm
which effectively doubles the CGT allowance and could move some gain the lower-rate CGT band if one spouse is a basic rate taxpayer an one higher rate taxpayer.

Although there has been a trend towards personal rather than couples taxation over recent decades, there are still some specific tax benefits to marriage, mainly surrounding CGT and IHT, although it also affects income tax. For example, you could transfer high-yield shares or assets to your lower-income spouse to utilise their personal allowance, without creating any CGT liability.

Further info: http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9324479/The-tax-advantages-of-getting-married.html

grey_gym_sock

atush wrote: »

Only if you divorce is it risky.

yes. but when you get married, there is a risk of getting divorced.

atush

I detect someone burned.

Being still on my first marriage I will retain my neutral glasses and say that marriage, if kept going, is advantageous to both your children and finances.


You are personally responsible for marrying and staying that way. The tax code cannot make allowances for either your poor selection of spouse, nor your infidelities if they exist.

Out of our remit really.

grey_gym_sock

atush wrote: »

I detect someone burned.

no, i've never been married

atush

Someone afraid of commitment perhaps ;-)

Anyway, 2 lots of ISAs each year, 2 salaries to live off, then 2 pensions, 2 state pensions. A lot more comfortable life than 1 of each, and much more comfortable than 1 of each plus maintenance.