Having recently got married, I thought it useful to summarise the tax pros and cons of such a happy union.
- a couple can have only one main (tax exempt) residence
- assets can be transferred free of capital gains tax between spouses
- spouses are connected for all sorts of things including the associated companies rules where both of them control their own companies
- assets can be transferred free of inheritance tax between spouses
- jointly owned assets are taxed 50:50 unless unless they elect to change these proportions
Of course, these should not be the only factors when deciding whether or not to get married……!
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A self employed spouse may employ his or her partner, and also fund a pension scheme for him or her. Remuneration must be justifiable and actually paid.
What is the legal position if a couple are married but separated and living in two separate properties. Is only one exempt and which one?
The married couple restriction only applies to couples ‘living together’. The Revenue accept a couple are not living together only if they are separated under a court order or separation deed or they are in fact separated in circumstances where a permanent separation is likely.
Thanks Admin,
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