Is there any benefit to getting married?

M

mts

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Just wondering if there is any legal/financial benefit in getting married? Will one partner have to pay inheritance tax in the event of the death of the other partner?
 
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Inheritance tax on what? If you have bought a house together and have lived together for more than 3 years then there is no inheritance tax to pay on the death of your partner.

Regards
anthony@advicefirst.ie
 
"If you have bought a house together and have lived together for more than 3 years then there is no inheritance tax to pay on the death of your partner. "

Sorry to contradict, but this is quite wrong. In these circumstances, there would be no inheritance tax to pay on the house PROIVIDED that you own no other house. But there may be life insurance, death in service lump sums, stocks, savings etc. These will all be liable to inheritance tax. The reality is that married couples enjoy a whole range of tax advantages
 
Ya you are right mob i only mean on the house,i.e. the family home! If you were named jointly on the lfe assurance and savings etc would you still be liable for inheritance tax??

Just wondering
anto
 
"If you were named jointly on the lfe assurance and savings etc would you still be liable for inheritance tax??"

Yes, but you would only be deemed to be inheriting a half share, so this would certainly reduce the problem.
 
In relation to income tax where one peron is in the lower tax band and the other is in the higher tax band there is a benefit in transferring allowances, this would be common when children arrive.
 
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