There are certain practical steps cohabitees who want the same tax advantages as married couples can take, says Stuart Price - although the most sure-fire one does involve wedding bells
The number of cohabiting unmarried couples in the UK is on the rise. The Office for National Statistics has confirmed there were around 3.3m cohabiting couples recorded in 2016. Whether young relationships or later life partnerships, many have no intention of getting married yet are unaware they do not enjoy the same legal rights and tax benefits as married couples. Inheritance tax (IHT) is payable at 40% on death on assets in excess of the nil-rate band (currently £325,000). The full spouse exemption was introduced on 13 November 1974, which allowed married couples to leave their entire...
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