Marriage

debeast

Do you still get tax breaks if you get married or has all that stopped now ?

Pal

Someone asked this a few months ago in a PM and I ran off a list of about 6 tax breaks you get by being married. Unfortunately I deleted the PM and I can't remember half of them now. These will do for now:

No inheritance tax when one of you dies
Tax free transfer of assets between spouses (useful for doubling up capital gains allowances and utilising capital losses by "bed and spousing" your assets.)

I will add any more I think of in due course.

Of course marriage for tax purposes should probably be frowned upon. ;D

debeast

Thanks for the info any more would be greatly appreciated

unfortunatly Marriage for me definatly wasn't a good money making tip

she loves SHOES

Lawnmower_Man

Pal it was me you sent the PM to and I still have it ;D

Debeast, this is what Pal sent me;

Being able to transfer your allowances to the higher earning partner;
No inheritance tax on death of one of the partners if the estate is transferred to the survivor;
No capital gains if you transfer assets to your spouse;
No potential exemption issues for inheritance tax if you transfer assets to your spouse;
No stamp duty payable if you transfer your house from one name to the other (or from one name to joint names).

You also have to be married to get married persons state pensions (useful if one of you has never earned but the other has), and so on.

Cheers

LM

debeast

Thnaks for the info

JohnBoy_3-2

The above information was very useful.

I got married about 18 months ago and throughout the whole of tax year 02/03 (and indeed up to 1st June 2003) my wife was not employed or earning any money.
I was in full time employment paying 40% tax through the whole of this period.

Does the above mean that some of my wife's unused personal allowances in 02/03 could be set against my taxable income in that year, thereby reducing my overall tax liability (and so meaning I would be due a tax rebate)????

Or have I got completely the wrong end of the stick. :-[

Thanks in advance for any help.

JohnBoy

PhiL_P_3

I was wondering exactly the same after reading the above - my wife is a stay at home mum and isn't earning so can I use her tax allowance against my income?

Anyone?

lisyloo

I don't belive that you can use someone else's personal allowance against your income.

You can however put any savings in the name of your spouse and thereby pay no tax (or a lower rate) on your savings.

mistral_2

Bare in mind the failure of marriage in general and the fact that hardly anyone makes the course .

So In the long run this piece of paper will cost you a lot of money , not only in divorce lawyers but in the loss of your property and pension ect .

It is a shame we do not have good legally binding pre marriage laws to prevent cetain partners of either sex gaining a financial gain with no regard for love.

Note my position softens when children are involved .

I have a real issue with the custody battles and access rights for unmarried couples who split , the dad generally has no rights.

On this basis only, many will marry.

System

I personally think the reason that many marriages don't last is that people get married too quickly without having lived together to 'experience' each others habits they might find disgusting.

I have been living with my fiancee for 7 years now, going steady for 12 and we are getting married next year. The reason? Not money, but a bloody good excuse to have a really long honeymoon touring South America

I'll let you know how we get on

Bare in mind the failure of marriage in general and the fact that hardly anyone makes the course .

So In the long run this piece of paper will cost you a lot of money , not only in divorce lawyers but in the loss of your property and pension ect .

It is a shame we do not have good legally binding pre marriage laws to prevent cetain partners of either sex gaining a financial gain with no regard for love.

Note my position softens when children are involved .

I have a real issue with the custody battles and access rights for unmarried couples who split , the dad generally has no rights.

On this basis only, many will marry.

savvy

"I personally think the reason that many marriages don't last is that people get married too quickly without having lived together to 'experience' each others habits they might find disgusting."


Relationships tend to break down due to a lack of communication and compromise   :-/,  unlike these message boards!!  Its taking me ages to get through all this communication on here!