Tax  

Making marriage pay on Valentine’s Day

Lynne Rowland

Lynne Rowland

The laws of intestacy are more generous to those who are married or in civil partnerships, but rather than relying on those laws it is much better to plan. 

HMRC allows generous cash gifts in contemplation of marriage or civil partnership, but these are only tax efficient if made in advance or where there is a binding promise made in advance.

Each set of parents, including step-parents and adoptive parents, can give up to £5,000, each grandparent (or more remote relative) can give up to £2,500 and anyone else up to £1,000.

Planning for a successful financial future together is a successful future together.

Lynne Rowland is a tax partner at Kingston Smith