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Tax Marriage and death?

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  • 16-01-2020 7:00pm
    #1
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭


    Hi

    I understand there is an option to declare (when married etc) with revenue where you declare how you want to be taxed together - when we married i initially contacted revenue and because we were both on highr bands of tax, we didn't qualify for tax credit relief (or something like that).
    However, i believe there is a declaration option to declare where if your partner passes away or vice versa, the surviving partner doesn't get taxed or inheritance tax on the property etc

    No doubt i am explaining this arse ways but if anybody has any idea, i would appreciate any information

    thanks


Comments

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    #2
    Steve
    Moderators, Category Moderators, Entertainment Moderators, Sports Moderators Posts: 22,584 CMod ✭✭✭✭Steve


    Afaik, there is no Capital Acquisitions Tax liability between a spouse or civil partner.

    https://www.revenue.ie/en/gains-gifts-and-inheritance/gift-and-inheritance-tax-cat/what-do-you-not-pay-cat-on.aspx


  • Options
    #3
    Harry 1234
    Registered Users Posts: 5 ✭Harry 1234


    Hi - Got married last year and not sure which option to decide on regarding taxation (Joint Assessment, Separate Assessment, or Separate Treatment) We both earn about 60k each. Any tips ?


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    #4
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Doesn't make a difference if both earning similar amounts.

    Keep the wage details to yourselves around here. Some will have you identified as being "superrich" for having combined over 100k income.


  • Options
    #5
    Chesty08
    Registered Users Posts: 6,083 ✭✭✭Chesty08


    Harry 1234 wrote: »
    Hi - Got married last year and not sure which option to decide on regarding taxation (Joint Assessment, Separate Assessment, or Separate Treatment) We both earn about 60k each. Any tips ?

    Similar question.

    Recently married and my salary is in the higher band, where as my wife is self employed and uses very little tax credits.

    Is Joint Assessment the best option and for myself to take all the credits?

    Thanks


  • Options
    #6
    relax carry on
    Registered Users Posts: 4,072 ✭✭✭relax carry on


    Chesty08 wrote: »
    Similar question.

    Recently married and my salary is in the higher band, where as my wife is self employed and uses very little tax credits.

    Is Joint Assessment the best option and for myself to take all the credits?

    Thanks

    You can't take all her credits. You can opt to be jointly assessed and take some or all of her personal tax credit of €1650 euro and up to to 9000 euro of her unused rate band. This can be done by opting for joint assessment.


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  • Options
    #7
    Chesty08
    Registered Users Posts: 6,083 ✭✭✭Chesty08


    relax carry on wrote: »
    You can't take all her credits. You can opt to be jointly assessed and take some or all of her personal tax credit of €1650 euro and up to to 9000 euro of her unused rate band. This can be done by opting for joint assessment.

    Perfect thanks. When selecting this on myaccount will it give me those options of how much to select or does it automatically put it to the max allowed?


  • Options
    #8
    IRtax
    Registered Users Posts: 25 ✭IRtax


    Chesty08 wrote: »
    Perfect thanks. When selecting this on myaccount will it give me those options of how much to select or does it automatically put it to the max allowed?

    It will give you an option to put in estimates of earnings per year but might be best to either phone revenue on 1890 222425 or put a request via my enquiries stating exactly what way you want the split.


  • Options
    #9
    Chesty08
    Registered Users Posts: 6,083 ✭✭✭Chesty08


    IRtax wrote: »
    It will give you an option to put in estimates of earnings per year but might be best to either phone revenue on 1890 222425 or put a request via my enquiries stating exactly what way you want the split.

    Thanks


  • Options
    #10
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    relax carry on wrote: »
    You can't take all her credits. You can opt to be jointly assessed and take some or all of her personal tax credit of €1650 euro and up to to 9000 euro of her unused rate band. This can be done by opting for joint assessment.

    If one half of a couple earns ~26k (self employed), and the other in excess of 60k, are there credits fo be transferred? I did ask our accountant, who said to stay separately assessed, but sometimes I feel he likes to generate the least possible amount of work for himself. I thought if we were jointly assessed we wouldn’t be any worse off after it?


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    #11
    Chesty08
    Registered Users Posts: 6,083 ✭✭✭Chesty08


    jlm29 wrote: »
    If one half of a couple earns ~26k (self employed), and the other in excess of 60k, are there credits fo be transferred? I did ask our accountant, who said to stay separately assessed, but sometimes I feel he likes to generate the least possible amount of work for himself. I thought if we were jointly assessed we wouldn’t be any worse off after it?

    Surely it makes sense to do a joint assessment here & get some of her unused credits.

    My wife is below thst amount & I am above the other mark.

    I’m going to be doing joint assessment


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  • Options
    #12
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    Chesty08 wrote: »
    Surely it makes sense to do a joint assessment here & get some of her unused credits.

    My wife is below thst amount & I am above the other mark.

    I’m going to be doing joint assessment

    I would have thought so. He told the self employed person (lower earner) that they’d end up paying more tax. But it sounded a bit odd.


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