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Any point of being jointly assessed (married couple) if both earn over the cut off?

  • 31-08-2021 3:47pm
    #1
    Wheety
    Registered Users, Registered Users 2 Posts: 5,516 ✭✭✭


    Hi myself and my wife earn more than the standard rate cut off. I'm on around 45k and she's on around 53k.

    When we got married she rang revenue and it seems that she has all of my personal tax credits.

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    It's not a big deal as all of our money goes into a joint account. But as I'm not the assessable spouse I can't register for CGT online. I have some shares and it'd just be easier if I could look after this myself.

    Would it make a difference to our take home pay or affect us any other way if I changed it to being separately assessed? I know with Separate Assessment we can still transfer credits and reliefs if we need to.



Comments

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


    When you make the change, your personal credit will come back to you meaning you pay less tax but your spouse pays more. Credits and rate band won't be able to be shared during the active tax year. No overall difference at the end of the year however. It's too late for the change to be made for the active tax year but you can ask for it to apply from 2022.



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