Now we’ve all had a few days to consider the chancellor’s inheritance tax (IHT) allowance decisions and realised that he hasn’t really given us anything, but a different way of giving us what we all should have had before if we had our wills and taxes arranged correctly – that’s the full £600,000 nil rate band tax allowance.
There’s no further help for unmarried people, who are unfairly tax inefficient, so perhaps it’s time for the guys to consider marrying guys via a civil partnership arrangement. This will give both parties the full £600,000 allowance of IHT payments to be balanced between them as they find fit. Ladies, don’t worry; you can also marry other ladies and gain the same benefits.
Seriously, I can see widows and widowers getting together in a marriage relationship also, to make the most of the tax advantages. There could be a boom for the over 65’s getting married for tax reasons. We haven’t heard about getting married for tax saving reasons since a previous government did away with MIRAS, mortgage interest relief at source.
Did our government really mean to put this situation to those who are in the positions mentioned above? It has long been a government focus to sway towards the married fraternity as oposed to the unmarried section. Is this their way of getting unmarried people to the alter?
LUSK Limited won’t be able to offer marriage guidance, but we let you know how this tax change can affect you in a private meeting in your own home. This way you can relax as you consider marrying against your wishes, and to take advantage of a tax break that we (almost) already had.
If you’re still wondering about Chuck and Larry, then you’ll find the movie information on the internet. It’s a comedy about two guys who marry for tax and pension reasons.
Filed under: Legal Advice, News
[…] is an article by Stephen at LSUK’s weblog (http://www.legalsuk.com/blog/chuck-and-larry-syndrome/), which discusses about the things people might do to take advantage of the new nil rate band […]