Find out how Inheritance Tax is effected by whether you are married or not. Read on to find out more.
Our tax laws have some aspects which are not very well known. One of these relates to the most commonly hated tax (as if there is a tax we all like!, Inheritance Tax (IHT).
The current rules allow UK domiciled married couples (and civil partners) to transfer assets during lifetime or death without triggering any IHT liability, irrespective of the value involved. The same benefit is not afforded to unmarried couples. In many cases this results in higher IHT bills although this can still be mitigated but will probably require a greater deal of planning.
We can’t recommend that you should get married for the sake of IHT but perhaps it’s time to give it some greater thought.