What are tax breaks?

Since its valentine’s day it would be silly not to tell you about the tax breaks available if you are considering whether to pop the question.

Wedding gifts

If you are getting married then you should be aware that as a wedding gift, each parent can give £5,000 to the couple without tax implications.

Also, grandparents can give £2,500 each to the couple as a gift without there being any tax issues.

Marriage allowance

If either you or your partner earn under £11,850 then you can transfer some of their tax-free allowance to yourself (savings £238 in tax for the year).

This is only available if both couples earn under £46,350 each.

Capital Gains Tax

If you are married or in a civil partnership and you buy or sell an asset together, you can double up on the Capital Gains Tax exemption and make a tax-free profit of up to £22,600.

Inheritance Tax

You should also be aware that if you are married then there is also a more generous allowance for inheritance tax.

Further actions

I’m sure that after reading this article you will be straight to Tiffany and Co to get that ring to pop the question, as the tax-breaks mentioned above is all the persuasion you need.  

If you found this useful, please share it using the icons at the side of the page, or leave a comment below.
Any questions?
If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant
• You can ring us on 0151 380 8080
• You can email us at growth@jondaviesaccountants.co.uk