As Prince Harry and Meghan Markle announce their engagement, we ask a range of financial experts to explain the monetary benefits of tying the knot - even if the royal couple themselves may not need the tips.
One of the financial benefits most commonly associated with marriage are the advantages of inheritance tax (IHT) planning. As Irwin Mitchell Private Wealth partner Kelly Greig explains, there are many financial reasons for couples to marry - one being that those who choose to leave assets in a trust to provide income for their spouses will benefit from the spousal exemption, meaning there is no IHT to pay on these. Married couples can also transfer assets between them during their lifetime without being subject to the ‘seven year rule' - where tax is payable on transfers of assets if ...
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