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Assessable spouse election form

  • 09-01-2017 12:07pm
    #1
    DeasunK
    Registered Users, Registered Users 2 Posts: 15 ✭


    Hi,
    I'm just wondering what the best options to select on the Assessable Spouse Election form.
    We are both PAYE workers and we both earn 59K and 64k respectively. 1 dependant and no other income
    In our case:
    - Who should I elect as the Assessable spouse?
    - Should we be (a) taxed as a married couple and keep existing tax credits and standard rate band, (b) tax credits and bands divided equally or (c) have tax credits and standard rate band transferred to Assessable spouse?
    Also, we got married in 2014 so can any changes be back dated via Form 12 or otherwise?


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    DeasunK wrote: »
    Hi,
    I'm just wondering what the best options to select on the Assessable Spouse Election form.
    We are both PAYE workers and we both earn 59K and 64k respectively. 1 dependant and no other income
    In our case:
    - Who should I elect as the Assessable spouse?
    - Should we be (a) taxed as a married couple and keep existing tax credits and standard rate band, (b) tax credits and bands divided equally or (c) have tax credits and standard rate band transferred to Assessable spouse?
    Also, we got married in 2014 so can any changes be back dated via Form 12 or otherwise?

    You are both earning over the 20% rate band threshold, so you'd be best keep your credits as they are.

    Generally speaking, the higher earner is usually the one who is the assessable spouse (And revenue will apply this in the absence of an election from you). However, as you are both above that threshold, it really doesn't make much difference.

    That being said, if one of you is self assessed for tax purposes, then that person will automatically be considered the Assessable one, regardless of the level of income.

    Any chances will be backdated to 2015, as there are no real changes in your year of marriage. But again, with you both earning above the 20% threshold, there will be no changes per se


  • #3
    sneachta2000
    Registered Users, Registered Users 2 Posts: 9 ✭sneachta2000


    Hi
    I am in the same boat. My wife earns €46k and €51k myself. Is there any point in is getting our text credits sites and assessed as a married couple?


  • #4
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    sneachta2000 wrote: »
    Hi
    I am in the same boat. My wife earns €46k and €51k myself. Is there any point in is getting our text credits sites and assessed as a married couple?

    On those income levels not really. The benefit is if you are jointly assessed you have the flexibility to share unused credits and rate band if one of your incomes drops dramatically for some reason, unemployment etc.


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