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Tax advantages of getting married?

  • 20-02-2015 11:21AM
    #1
    Zipppy
    Registered Users, Registered Users 2 Posts: 2,053 ✭✭✭


    For cohabiting couples on decent salaries is there any tax advantages to getting married?


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Zipppy wrote: »
    For cohabiting couples on decent salaries is there any tax advantages to getting married?

    If one of you gets made redundant or pregant or loses their job then there can be advantages. Otherwise no.


  • #3
    MrWalsh
    Closed Accounts Posts: 2,664 ✭✭✭MrWalsh


    CIARAN_BOYLE wrote: »
    If one of you gets made redundant or pregant or loses their job then there can be advantages. Otherwise no.

    Or if there is a vast difference between salaries.


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    MrWalsh wrote: »
    Or if there is a vast difference between salaries.

    Both are on decent salaries (ie both over 33,800) as per the OP. You don't get a benefit after that point from being maried


  • #5
    MrWalsh
    Closed Accounts Posts: 2,664 ✭✭✭MrWalsh


    CIARAN_BOYLE wrote: »
    Both are on decent salaries (ie both over 33,800) as per the OP. You don't get a benefit after that point from being maried

    Sorry I didnt see that in the OP - still dont but maybe Im missing something.


  • #6
    Carawaystick
    Registered Users, Registered Users 2 Posts: 8,779 ✭✭✭Carawaystick


    No gift tax liabilities between spouses


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  • #7
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭Saint Sonner


    I was just messing about with a PWC tax calculator there – I must be doing something wrong? I’m not used to Irish taxation as I have only recently started working here but say if someone earned €55k it looks like once they get married (providing both work) their monthly take home goes from €3155 to €3855 is this correct?


  • #8
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,153 ✭✭✭relax carry on


    Saint Sonner wrote: »
    I was just messing about with a PWC tax calculator there – I must be doing something wrong? I’m not used to Irish taxation as I have only recently started working here but say if someone earned €55k it looks like once they get married (providing both work) their monthly take home goes from €3155 to €3855 is this correct?

    It depends on how much both are earning earning. If both are earning above the standard rate cut off point of €32800 then there will be no unused rate band left to transfer.


  • #9
    Callanutd
    Registered Users, Registered Users 2 Posts: 213 ✭✭Callanutd


    Im getting married next year and my salary is 47k vs my Fiancees 26k. So there could be a benefit to us then?


  • #10
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,153 ✭✭✭relax carry on


    Callanutd wrote: »
    Im getting married next year and my salary is 47k vs my Fiancees 26k. So there could be a benefit to us then?

    Yes, your fiancée is using all their credits but not all of their rate band. You can transfer 6800 of their rate band to yourself which will mean an additional 6800 of your salary gets taxed at 20% rather than 41% as it currently is.


  • #11
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭Saint Sonner


    relax carry on wrote: »
    It depends on how much both are earning earning. If both are earning above the standard rate cut off point of €32800 then there will be no unused rate band left to transfer.


    Ah that's mad ted - don't understand but was excited for about half an hour.

    Tax rates are mad here!


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  • #12
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,153 ✭✭✭relax carry on


    Saint Sonner wrote: »
    Ah that's mad ted - don't understand but was excited for about half an hour.

    Tax rates are mad here!

    Now that's earning above 32800 euro each, not combined. And compared to other European countries we aren't actually that heavily taxed. Link below explains a bit about our tax system.

    http://www.revenue.ie/en/personal/faqs/how-do-i-work-out-my-tax.html


  • #13
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Saint Sonner wrote: »
    Ah that's mad ted - don't understand but was excited for about half an hour.

    Tax rates are mad here!

    Not at all! For low income earners tax rates are extremely low. I earned €1600 a month in Germany and after tax and other deduction eg compulsory health insurance. I had €1150 a month. So tax rates are pretty low here


  • #14
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭Saint Sonner


    relax carry on wrote: »
    Now that's earning above 32800 euro each, not combined. And compared to other European countries we aren't actually that heavily taxed. Link below explains a bit about our tax system.

    http://www.revenue.ie/en/personal/faqs/how-do-i-work-out-my-tax.html

    Yeah we both do (I suppose should count ourselves lucky)

    My effective rate of tax here is 33% where it would be 26% if I was working in UK - It's a big enough difference!


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