It’s difficult to ignore the constant stream of articles and reminders that, on the whole, marriage in the UK is on the decline. According to the 2021 ONS report the percentage of adults who’ve never been married or in a civil partnership has jumped from 26.3% in 1991 to a whopping 37.9% in 2021! However, there are some benefits to getting married.

For all you amazing parents out there who are building families without the whole marriage gig – you might be missing out on some serious Financial perks. Marriage isn’t just about love and commitment; it comes with a bunch of cash advantages that can bring both financial stability and some unexpected tax breaks!

So, why should you care? Well, when you officially tie the knot, it opens up a whole new world of options for accessing tax benefits. Ever heard of the marriage tax allowance? It lets you transfer £1,260 of your tax-free earnings each year to your spouse or civil partner if they’re earning more than you. This magic move, aka your personal allowance, is up for grabs for married couples or those in a civil partnership with a combined household income of under £62,840.

Now, here’s the kicker – studies say around 2.4 million couples are leaving this benefit on the table by not claiming it! Imagine the extra cash in your pocket. If you successfully claim, not only does it cut the tax bill for the higher earner that year, but you can also time-travel back four years and claim retroactively.

But wait, there’s more.

Being married means transferring assets like property to your partner in the event of your passing without any tax hassle. Talk about peace of mind and financial security! Plus, if you and your partner sell assets and make a profit, being a couple doubles your Capital Gains Tax threshold to a cool £12,000. More money for family adventures – yes, please!

And let’s not forget about retirement. If one of you isn’t on a full state pension, being married could mean extra payments if the other partner passes away. It’s a bit of a puzzle to calculate, so seeking advice from an expert is a smart move to figure out your entitlements.

I get it – taxes are like a maze, especially with family life thrown in the mix. But fear not, my parenting pals! A trusted claims management company can swoop in like a superhero, handling your tax rebate stress so you can have more quality time with your amazing family! 

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