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Not married, non tax payer, savings question

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I have been with my partner for 30 years but we aren’t married. He works and is a 20% tax payer. I can’t work and claim benefits.
We have some savings (gift from parents and also saving some from his income)
We have been putting it into a savings account in my name because I don’t pay tax (my only taxable income is contribution’s based ESA)

Is there any reason not to do this? I have just seen something saying it could affect capital gains tax or inheritance tax in the future but I don’t know why
thanks

Comments

  • masonic
    masonic Posts: 27,187 Forumite
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    Your account, your money, which could be a problem for him if you split up or you die. It seems unlikely inheritance tax would come into play, and if the money is in cash savings, neither would capital gains tax. So I don't think the concerns you've seen would apply in your case. Presumably you do have a will leaving it to him.
  • gwynlas
    gwynlas Posts: 2,242 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Is there any good reason that you don't wish to get marriied or enter civil partnership?

    You should both consider up dating wills and preparing LPA for health and finances before life events overtake you
  • Keep_pedalling
    Keep_pedalling Posts: 20,768 Forumite
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    masonic said:
    Your account, your money, which could be a problem for him if you split up or you die. It seems unlikely inheritance tax would come into play, and if the money is in cash savings, neither would capital gains tax. So I don't think the concerns you've seen would apply in your case. Presumably you do have a will leaving it to him.
    That would be a big assumption many unmarried couples don’t have wills and if this is the case here that should be a priority as should be putting LPAs in place especially for finance.

    IHT is only issue for unmarried couples if either of them has assets in excess £325k, and CGT does not come into the equation here.
  • Albermarle
    Albermarle Posts: 27,820 Forumite
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    A neighbours relatives partner has recent died suddenly with no will.
    The living partner may well lose their home, as the dead one has children and with no will all the assets go to them. 
  • DullGreyGuy
    DullGreyGuy Posts: 18,613 Forumite
    10,000 Posts Second Anniversary Name Dropper
    kazzyb123 said:
    I have been with my partner for 30 years but we aren’t married. He works and is a 20% tax payer. I can’t work and claim benefits.
    We have some savings (gift from parents and also saving some from his income)
    We have been putting it into a savings account in my name because I don’t pay tax (my only taxable income is contribution’s based ESA)

    Is there any reason not to do this? I have just seen something saying it could affect capital gains tax or inheritance tax in the future but I don’t know why
    thanks
    If its in your account then its your money, so the risk for him is if the relationship breaks down he loses the money or if you die the money will be subject to your will and IHT (if the estate is big enough) 

    From your perspective if its in your account it will be considered yours for any benefits based on your financial position... not close enough to benefits to know how capital held by an unmarried partner impacts them.

    More generally the IHT will bite heavier if you arent married and intend to leave things to your partner. Similarly they won't get anything if you dont have wills. 
  • poseidon1
    poseidon1 Posts: 1,358 Forumite
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    Confusingly in an earlier post below you refer to your partner as your ' husband'.

    Some precision with regard to your actual  marital status would be appreciated, if you want accurate responses to  queries where this maybe a material factor.

    https://forums.moneysavingexpert.com/discussion/6594534/missed-something-off-original-asset-declaration-for-uc#latest
  • Cisco001
    Cisco001 Posts: 4,138 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Are you talking about huge sum of money?
    He should utilise ISA allowance
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