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How much tax knowledge should the public have?

You don’t know?

Key points

  • Most people assume they know no tax is due when they sell their home.
  • A couple planning to marry must make an election – if both own a property – as to which will qualify for main residence relief.
  • What happens if each spouse continues to live apart in their own home?
  • Lack of tax knowledge and the high-income child benefit charge.

Is it time to update the marriage vows? They are not immutable – after all the word ‘obey’ is now often omitted. What I have in mind is an amendment so that they now read:

I (name) take you (name)

to be my wife/husband

to have and to hold

from this day forward;

for better for worse

for richer for poorer


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