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Issue:
4895
/
Categories:
Comment & Analysis
, gift with reservation of benefit
, marriage
, marriage allowance
, POAT
, transfer of assets
, Inheritance Tax
Love and tax part 3: Inheritance tax
Key points
- A couple is advised to re-write their will immediately after their union as it will be revoked the moment they enter a marriage or civil partnership.
- Transfers and gifts between the couple are exempt from UK inheritance tax.
- Transfers made for the maintenance of family are ignored transfers for IHT purposes.
- There is no gift with reservation of benefit when gifts are made between spouses and civil partners in most instances.
Love and the formation of a civil partnership or getting married affect the couple’s liability to inheritance tax quite significantly. In this third and final part of the series on the UK tax impact of forming a romantic union I will show how failing to consider some of the following points can be very dangerous indeed.
Marriage revokes a will
If a testator creates a will in contemplation of marriage to a certain person or conditional on...
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