The planned married couples’ tax break: how would it work?
The government says it plans to give 4 million married couples a tax allowance of up to £200.
David Cameron confirmed that the marriage tax allowance (as it's called in the announcement), which was part of the coalition agreement, will be introduced from April 2015. The tax allowance will be for married couples and civil partners where one partner either doesn’t work or earns less than the personal tax allowance (which will be over £10,000 by 2015). It will be worth just under £4 a week to 4 million couples.
Most couples don’t get married for the tax breaks(!), but there are some financial benefits to saying ‘I do’.
Marriage has become a bit of a political issue over the years with a number of debates about whether successive governments are doing enough to encourage it and figures certainly show that the number of couples tying the knot are declining. And while most couples have more important things than tax breaks to think about, there are still some financial and tax benefits for married couples and those in a civil partnership that are worth knowing about.
Marriage second time around, how to manage your money.
If you’re getting married for the second time your finances are likely to be more complicated. Make sure you get the basics right.
It may be a second marriage for one or both of you, but it’s the first time you'll have made a legal commitment to each other and it's the start of a new life together. This time round you’re probably a little older and a lot wiser; you know yourself better and understand where you’re prepared to compromise and where you won’t. You’re also likely to be wealthier in your own right and that means you have to think about how getting married may affect your finances.