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Married persons tax allownace?

nicholab

By nicholab
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teejay

teejay

Posted
Posted
Be a while by the sounds of it, the priority has gone to raising the minimum threshold for tax to £10k. There will probably be some tiny married couples allowance but just as a token jesture atm to fulfill the manifesto pledge.
torledo

torledo

Posted
Posted
Be a while by the sounds of it, the priority has gone to raising the minimum threshold for tax to £10k. There will probably be some tiny married couples allowance but just as a token jesture atm to fulfill the manifesto pledge.

 

the allowance was to be a tiny, token gesture anyway!!

teejay

teejay

Posted
Posted
the allowance was to be a tiny, token gesture anyway!!

 

Yes, but its now likely to be even smaller than the small token gesture!!

teejay

teejay

Posted
Posted
Since the married persons allowance is worth only £150 pa and the average cost of a wedding £11 000, we'll only have to stay married for just over 73 years for it to be worthwhile... :flypig:

 

Followed by the cost of the divorce caused by spending so much on the wedding that you and the parents are saddled with a mountain of debt.

timzim

timzim

Posted
Posted
Married couples allowance will only apply to basic rate taxpayers earning under £44,000 where one partner does not use their full personal tax-free income allowance - i.e. if your wife/husband goes to work as well as you then you both get nothing.
Sarconia

Sarconia

Posted
Posted

11k for the average wedding... *falls over and dies at the cost*

 

I doubt many couples will actually get it though, I dont think I know any married couples where only one of them works... even the ones who have kids, they both work.

mossj

mossj

Posted
Posted (edited)
Its about time single people got tax credits....

 

This.... I understand that £44K is the max allowed but thats still 22K each... and you still get to share utility bills, Council Tax etc etc

 

Why married people need a tax allowance is beyond me...

 

I earn under 20K and pay silly amounts of Tax and my student loan,.... I also pay someone called NIC an awful lot of money :D I'm a single guy so I don't get to share the cost of anything :(

 

 

P.S I'm the first one to admit that if I was married I'd be all for it... I'm very realistic when it comes to which party I will vote for in that I only look at who will save me the most money (unless it's the BNP or the like)

Edited by mossj
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SimpleSi

SimpleSi

Posted
Posted
I'm very realistic when it comes to which party I will vote for in that I only look at who will save me the most money

I think you word you needed was mercenary :)

 

Simon

Gatt

Gatt

Posted
Posted
People could just not spent 11k on a wedding :D

 

Mine was under 900 quid :D

 

Ours was about £500 includuing a weeks honeymoon...

torledo

torledo

Posted
Posted
This.... I understand that £44K is the max allowed but thats still 22K each... and you still get to share utility bills, Council Tax etc etc

 

Why married people need a tax allowance is beyond me...

 

I earn under 20K and pay silly amounts of Tax and my student loan,.... I also pay someone called NIC an awful lot of money, the C U Next Tuesday :D I'm a single guy so I don't get to share the cost of anything :(

 

 

P.S I'm the first one to admit that if I was married I'd be all for it... I'm very realistic when it comes to which party I will vote for in that I only look at who will save me the most money (unless it's the BNP or the like)

 

what you have to understand about tax credits is that it really it is predominantly income dependant, that's

especially true where there are children in the household.

 

A married couple with children and with a 44k combined household income will probably only get a token

amount in tax credits, because of their income. they may get more help in the form of funding for childcare

via tax credits....i'm not sure. But the actual payment of CTC for families with household incomes above 40k is a

token gesture, not to mention an administrative waste of time.

 

i think IDS, the new tory work and pensions secretary, worked it out in one of his reports on benefit

entitlements.....that the system penalised those who lived together and had very modest incomes. Dual

incomes predominate and the previous govt. never provided the financial help for the single income

family on a modest income.....on a very low income, and yes the assistance is there. Via income support

and CTC for single parents, yes the assistance is there. But outside of that, not much help.

timzim

timzim

Posted
Posted
they may get more help in the form of funding for childcare

via tax credits....i'm not sure

 

You get tax relief if your employer can provide you with childcare vouchers. You effectively buy these from your pre-tax wages then spend them on childcare. Your taxable income is therefore less which may well entitle you to more in tax credits (if you're lucky) but, if you can afford childcare in the first place, you're probably earning too much to qualify for any relief at all from tax credits.

mossj

mossj

Posted
Posted
what you have to understand about tax credits is that it really it is predominantly income dependant, that's

especially true where there are children in the household.

 

A married couple with children and with a 44k combined household income will probably only get a token

amount in tax credits, because of their income. they may get more help in the form of funding for childcare

via tax credits....i'm not sure. But the actual payment of CTC for families with household incomes above 40k is a

token gesture, not to mention an administrative waste of time.

 

i think IDS, the new tory work and pensions secretary, worked it out in one of his reports on benefit

entitlements.....that the system penalised those who lived together and had very modest incomes. Dual

incomes predominate and the previous govt. never provided the financial help for the single income

family on a modest income.....on a very low income, and yes the assistance is there. Via income support

and CTC for single parents, yes the assistance is there. But outside of that, not much help.

 

But then why not just call them Children Tax Allowance? I would have no fault about this if it measured the actual need... Also why does a married couple need a tax allowance and an unmarried couple doesn't?

 

From my (limited) understanding this only looks at if someone is married and how much they earn collectivly...

timzim

timzim

Posted
Posted
But then why not just call them Children Tax Allowance?

 

Er, they're called Child Tax Credits - hence the acronym CTC....

penfold

penfold

Posted
Posted
not if you earn over fourteen thousand

 

There is a number of criteria you have to hit before you can get WTC, but it's still there. Granted it's not much, but then thats the whole system as far as I can see. Too much to people who have no chance(or interest) of earning the equivalent to encourage them off benefit's in the first place.....but that's a whole different matter which I'd rather not get into...

mossj

mossj

Posted
Posted
Er, they're called Child Tax Credits - hence the acronym CTC....

 

So CTC's are the same as Marriced Tax Allowances then?

torledo

torledo

Posted
Posted
So CTC's are the same as Marriced Tax Allowances then?

 

no. CTC already exists, the married tax allowance is something that probably will not now happen.

 

your 'child tax allowance' is pointless because it already exists in a fashion, it's called CTC. although because

it's income contingent then child benefit is more universal benefit because it isn't means tested. although whether you could

call CB an allowance, i don't know ? I'd certainly reckon CTC was an allowance.

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