Do you still get tax breaks if you get married or has all that stopped now ?
-34k to 0 from september '05
Debt Free, Stoozing King, Shrewd spender
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  • PalPal Forumite
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    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
  • debeastdebeast Forumite
    190 Posts
    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 :o
    -34k to 0 from september '05
    Debt Free, Stoozing King, Shrewd spender
  • 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 :)
  • debeastdebeast Forumite
    190 Posts
    Thnaks for the info :)
    -34k to 0 from september '05
    Debt Free, Stoozing King, Shrewd spender
  • 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
  • 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?
    "I am not Geoff Vadar, I'm Darth Vadar"
  • lisyloolisyloo Forumite
    27.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    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.
  • 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.
    'The path of the righteous man is beset on all sides with the iniquities of the selfish and the tyranny of evil men. Blessed is he who in the name of charity and good will shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children. And I will strike down upon those with great vengeance and with furious anger those who attempt to poison and destroy my brothers.
  • SystemSystem Forumite
    177.9K Posts
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    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 :D

    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.
  • savvysavvy Forumite, Board Guide
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    "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!   ;)
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