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