Marriage and Death Flashcards
what are the three assessment types for married people
single assessment
separate assessment
jointly assesed
how many tax returns are there in single assessments
2
when are single assessments used
when couple choose themselves to do so
usually when separated
what can be transferred in separate assessment
credits
which assessment usually has the higher liability
single
what is the marginal rate for jointly assessed couples
45800 of first persons salary plus second persons income up to 27800
relief for year of marriage
tax year can be broken up into two elements
calculate as if married for the full year
calculate the difference in tax liabilities and multiply this by the number of months married/12
what happens in year of death of one of the partners
if the assessable person dies:
2x tax returns
1- beginning of year until death
2- surviving spouse tax return
for partners that make maintenance payments, what tax relief can they receive
reduce their total income by the maintenance payments
for partners that received maintenance payments, what tax implications are there
add these payments to total income - they will be taxable
what is the tax band for married persons, jointly assessed
higher income up to 45800
next income, while total of the two is still below 73600
@ 20 %
remainder @ 40%
in separate assessment, where do unused tax credits go
can be transferred to CP
what happens on year of separation
single assessment -> no change
jointly assessed -> taxed on joint income until date of separation. Taxed on own income after
are separates couples entitled to married tax credits for year of separation
yes
