Individuals are subject to a system of independent taxation so husbands and wives are taxed separately, which might allow some useful tax opportunities. Also, the tax position of any children is important. Finally, marriage breakdown can have a considerable impact for tax purposes.
Do consult the tax specialists at DRG Chartered Accountants before taking any action, as the rule surrounding taxation and the family are complex.
In this fact sheet Taxation of the family read more on:-
Tax planning for married couples
- Income tax allowance and tax bands
- Transferable tax allowance (Marriage Allowance)
- Joint ownership of assets
- Capital gains tax (CGT)
- Inheritance tax (IHT)
- IHT residence nil rate band
- Use of allowance and lower rate bands
- Child tax credit and universal credit
- Junior Individual Savings Accounts (Junior ISA)
- High income child benefit charge
- Maintenance payments
- Asset transfers
If you would like to discuss efficient tax planning for your family, please do get in touch with the team of tax specialists at DRG Chartered Accountants for tax advice that is specific to your personal circumstances and your long term goals.
DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.